Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

[london_lad]

Papak. I just finished reading the book I posted myself about how not to trade on adernaline. I am not taking any positions today (busy work-day and all that). However, I really appreciate your feedback. One thing i realised, is that I am more gambling than actually trading. Can you give examples of a few setups?

Things that confuse me are:

MACD, ok i know how it funamentally works, but its different on a 10min, 15min and daily and weekly chart. Which one to follow? Same for all other tech indicators really. Any book on trading setups, you'd recommend?

 

[papak]

If you get the time can you post some of your trades so we can see how you view the market? Currently Im still neutral and waiting for this monster up trend to change direction.

I trade only FTSE, SP500 and Gold.
That is more than enough for me. I cannot do more markets or I lose focus.
Yes I will post my trades. But typically only 2 trades per market in a week. I am aiming for swing trades open 1 to 3 days max.

My position at the moment is as follows:

FTSE and SP500: waiting for a down move. We had 4 days up. Given the strength of the market I expect a pause/small pullback that could be very messy. Wil probably wait for this to pass and then step in for the next ride up. Bigger timecycles are pointing to a lot more upside.

GOLD: paused yesterday. Will buy if we break yesterdays high. But could well go down further today.

 

[SuddenDeath]

adrenaline a problem then read this..

A trader is suing his former hedge fund for forcing him to scour the black market for female hormone pills in hopes they would make him a keener, more "feminine" trader but actually they just made him into a gay cross-dresser who couldn't have sex with his wife. And seriously, I'm torn as to what to tell you next. Should I start with the fact that the hedge fund in question is SAC Capital, which regularly accounts for 3% of all the trades on the New York Stock Exchange i.e. is BIGGER THAN GOD (and more secretive than the ahem Vatican?) Or the fact that the hormone-popping boss in question lives next door to Yoko Ono? And makes an estimated $100 million a year? And that this is his secret: making men take estrogen? (Hey, interruption for a service announcement: SafeSearch on when Googling "eunuch"!) Anyway there's more!
Back when the crazy case was filed and then sealed on grounds of bat**** craziness (and also: Steven Cohen=ever-so-slightly terrifying, at least until we knew he was maybe just a frustrated drag queen), a suit implied they also made traders wear... fishnets? Evening gowns? Not clear!

 

[papak]

Papak. I just finished reading the book I posted myself about how not to trade on adernaline. I am not taking any positions today (busy work-day and all that). However, I really appreciate your feedback. One thing i realised, is that I am more gambling than actually trading. Can you give examples of a few setups?

Things that confuse me are:

MACD, ok i know how it funamentally works, but its different on a 10min, 15min and daily and weekly chart. Which one to follow? Same for all other tech indicators really. Any book on trading setups, you'd recommend?

The first question you should ask yourself is:
How do you want to trade? Scalping? Day trading? Aim to run a trend all day? Swing trading?
For example if you aim to become a swing trader then train yourself to think that way and stop taling scalps as it will take away your focus. Its hard enough to do one. Let alone combining several trading styles - thats only for the masters under us (not me

The tools I uses are: Time cycles, Fibonacci Retracements & Extentions, Fibo Time, Basic pattern setups, trendlines. Indicators dont do it for me, but that's just me. I prefer to look at the actual price action.

 

[bw81]

Here you go BW

http://www.trade2win.com/boards/forex-strategies-systems/59448-5m-channel-scalping-100pips-week.html

I think you just expand the window to maximum, and the toolbar appears - but I am using pro-realtime. Not sure it's quite the same with IG charts - can't remember.

As mentioned, probably better to read this one first - as the setups will occur more often. http://www.trade2win.com/boards/for...55-phil-newtons-range-break-out-strategy.html

Ahhh yes thats it Thanks for that Geo.

 

[masnachu]

everybody enjoying settlement ? 10.10 was bit of a giggle

got to go out for an hour soon, so not doing much.

 

[papak]

A trader is suing his former hedge fund for forcing him to scour the black market for female hormone pills in hopes they would make him a keener, more "feminine" trader but actually they just made him into a gay cross-dresser who couldn't have sex with his wife. And seriously, I'm torn as to what to tell you next. Should I start with the fact that the hedge fund in question is SAC Capital, which regularly accounts for 3% of all the trades on the New York Stock Exchange i.e. is BIGGER THAN GOD (and more secretive than the ahem Vatican?) Or the fact that the hormone-popping boss in question lives next door to Yoko Ono? And makes an estimated $100 million a year? And that this is his secret: making men take estrogen? (Hey, interruption for a service announcement: SafeSearch on when Googling "eunuch"!) Anyway there's more!
Back when the crazy case was filed and then sealed on grounds of bat**** craziness (and also: Steven Cohen=ever-so-slightly terrifying, at least until we knew he was maybe just a frustrated drag queen), a suit implied they also made traders wear... fishnets? Evening gowns? Not clear!

hilarious!

 

[dr.blix]

i had a sleep in this morning as i'll be working til late in my studio tonight.

miserable bloody weather ey?!

nice FTSE ride around 10.00, hope all you're accounts are intact my little virtual trading ninjas :shuriken:

btw, read your feedback papak...HOW DARE YOU!...(kidding!!!:cheesy...seriously, thank you for taking the time to point those things out papak.

i must be the only legendary member that doesn't have the slightest clue what they're doing, but i will persist and i appreciate the input of everyone on the thread, as i am in no doubt the most clueless among us (apart from h_a) :cheesy:.

 

[kaisen]

I was looking through the posts from yesterday to see how people traded.
As some of you mentioned already it looks like some serious overtrading?

I am just new on the board (not to trading - doing this 5 years now) so dont want to lecture you guys but if you look back you can learn a lot from it.

Yesterdays trades:

lapalabra
short 4349: BE
short 4342: -13
short 4349: +10
short 4356: BE
long 4366: BE

Looking for a short all day and things are not working. Can happen. My rule is that after 3 attempts I stop trading if things dont work.

DrBlix
short 4331 -20
short 4344 +10
long 4348 +10
long 4356 +10
short 4362 +12
long 4370 -10

A lot of direction changes throughout the day. Scalping for a few points.
Not sure what your goal is? If you want to scalp you need to be a lot more agressive (if it works take 10-20 pnts and exit, if it doesnt work get out at -10 max or BE the moment it turns around)

If you want to take a position for the day then you need to give the trade more room.
London Lad did this well, although his emotions were running high at some point he kept his nerve all day until he was back in profit.

Its damn hard to pick the exact high or low of a day. So chances are you will go in red for a while.

Please dont take this as a critisism, it is meant as constructive feedback. I am not trying to pick on anybody.
I was trading like this for a long time until one day I had enough and got serious (and started trading bigger sums).
Ask youself this: if you were playing with big money, would you place all these trades? My guess is probabaly not. If that is the case then why take all these trades? Just be patient and wait for the right setup. Otherwise you are just gambling riding on adrenaline.
These days I place a lot less trades. I am definitely not a scalper. The big change for me was to be a lot more patient.

Hope this is of any help. If I offended anybody then please accept my apologies.

Excellent input Papak. I have learnt (hopefully) some big lessons this week. I moved out of good positions on Monday which ultimately cost me. I wasnt chasing the market but got in good positions and then, I guess, lost my nerve before the move came.
On Tuesday I cut my profits! I stayed with a position from Monday which went into the red. The move came Tuesday and I jumped out 200GBP up. The stock then went up and up..... and up and I could have made more than 4x what I took! Furthermore I was then so annoyed I traded the profit i made away!!
I have learnt a number of lessons which hopefully will make me a much better trader in the long run. It has certainly cost me in lost profits big time after this monster move up!
The experience has taught me that I had no real exit plan/target price and did not have sufficient indicators to understand when to stay in trades and when to exit.
I still struggle with when to leave a losing trades and would welcome any imput you could share. I understand when makes sense, ie the other side of the trend line etc, so hopefully this will improve when my entry and reading of indicators improve.

I think you will find that nobody, certainly the regulars on here, will mind constructive even "tw!t alert" guidance and feedback.

So, again, welcome my friend and drench us with your knowledge as we are all thirsty people!

 

[lapalabra]

everybody enjoying settlement ? 10.10 was bit of a giggle

got to go out for an hour soon, so not doing much.

If SD hadn't reminded us of the options expiry I might have seen it as a b/o - then it might not have been much of a giggle...

 

[dr.blix]

just a reminder for myself and everyone else...(but really myself), don't be so quick to spot a reversal around every corner...give a continuation pull back just as much credibility until your signals/indicators give you permission either way.

 

[lapalabra]

I've taken two trades this morning and got out at just above breakeven on both. Not very easy, is it?

I made a potential profit of over 12 points on my last one but let it drop back because I was trying for a trend.

What is your plan on this? I see that you took 4 points, which was 3 more than me.

I think I see where you may have made the trades - I was short on opening which ended up as b/e. There's no room in this range and the trend has become so shallow.

The range is making me a bit loopy - the way I see it either trade the channel or look for a breakout. I'm not big into breakouts, but the range is too tight to make trading it really worthwhile, imho - hasn't stopped me losing money trying to, as Papak pointed out. Patience until things open up, whenever that is.

The doji on the daily keeps winking at me!

But I'm assuming the last two days were very profitable for you?

 

[papak]

Hi kaisen,
I only made two trades this week: LONG FTSE and SP500 on Monday, they both hit the profit target the same day. Money in the bag, job done. Yes I could have had much more if I held on but who knew that it would fly like this?
I have been patiently waiting for next trade to come along since.
In this game you can always do better (hold on longer etc) but I think the key is to learn to be happy with what you make. If you made a profit then you did well. Look back at your entry technique and say that was a good entry! Then look at your exit and see how you can improve it next time. But the real key is to manage your emotions. In your example if you didnt get upset you would not have traded your losses away.

When I post my trades you will see I have my stops quite abit away (am trading on Daily charts!)
hope this helps.

 

[SuddenDeath]

if ftse doesn't fill gap then 4435 looks most certain (4381(low) +55)

 

[kaisen]

Hi kaisen,
I only made two trades this week: LONG FTSE and SP500 on Monday, they both hit the profit target the same day. Money in the bag, job done. Yes I could have had much more if I held on but who knew that it would fly like this?
I have been patiently waiting for next trade to come along since.
In this game you can always do better (hold on longer etc) but I think the key is to learn to be happy with what you make. If you made a profit then you did well. Look back at your entry technique and say that was a good entry! Then look at your exit and see how you can improve it next time. But the real key is to manage your emotions. In your example if you didnt get upset you would not have traded your losses away.

When I post my trades you will see I have my stops quite abit away (am trading on Daily charts!)
hope this helps.

Cheers papak.

 

[dr.blix]

long @4395 stop 4384 target 4417

 

[london_lad]

Guys, we should organise a meetup. Discuss trades / indicators / trends / retracements, etc over a pint / cocktail and some finger snacks.

What do you reckon? London, Canarywharf next Friday around 6:30ish?

 

[dr.blix]

Guys, we should organise a meetup. Discuss trades / indicators / trends / retracements, etc over a pint / cocktail and some finger snacks.

What do you reckon? London, Canarywharf next Friday around 6:30ish?

hehe...i love the fact that you assume everyone on here lives within the m25 mate!

 

[SuddenDeath]

premiums on ftse options are very low,

Aug 4400call price 100 36days remaining
Aug 4400put price 127 36days remaining

 

[dr.blix]

long @4395 stop 4384 target 4417

closed for +10 pts, could have moved my stop to BE, but i'd prefer these pts in the bag as i'm only looking for another 10 to hit my target.