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

[SuperDriveGuy]

Hi Geofract
I am learning a lot from this thread.Please can you elaborate on this point... How do you pinpoint the divergence?

--------
Lots of divergence on the RSI notice
-------

Thanks

 

[RennieAMR]

I've taken the 80 points on that. That'll do for the day.

Best of luck and see you tomorrow.

 

[RennieAMR]

Hi Geofract
I am learning a lot from this thread.Please can you elaborate on this point... How do you pinpoint the divergence?

--------
Lots of divergence on the RSI notice
-------

Thanks

Quick answer: Price is rising while the RSI is falling shows that the momentum behind the price move is fading. That can alert you to a possible change of price trend. The MACD can give you a similar heads up.

 

[romzilla]

Hi RennieAMR!
Sorry for the dilettante question, what parameters do you use on RSI and MACD?
Till this moment I used exponential moving average 15 and 89 to determine ups and down.
Thank you in advance!

Quick answer: Price is rising while the RSI is falling shows that the momentum behind the price move is fading. That can alert you to a possible change of price trend. The MACD can give you a similar heads up.

 

[Geofract]

Lots of divergence on the RSI notice

Hi SuperDrive,

I've attached a 4hr SP5 chart, with divergences between price and indicator marked.

Just be careful if you use indicators on small timeframes, well at least I think they're quite unreliable, and not much use for entry/exit. More useful for an overview, and a suggestion of what might happen.

Hope that helps.

 

[Geofract]

Hi RennieAMR!
Sorry for the dilettante question, what parameters do you use on RSI and MACD?
Till this moment I used exponential moving average 15 and 89 to determine ups and down.
Thank you in advance!

He's not using MACD rom... have a look at the chart he posted for settings.

 

[romzilla]

OK I missed out on that Just a big dark forest for me yet. But I am learning!
I will try to monitor the market.
Maybe you could share some tips what to look for?

He's not using MACD rom... have a look at the chart he posted for settings.

 

[Geofract]

OK I missed out on that Just a big dark forest for me yet. But I am learning!
I will try to monitor the market.
Maybe you could share some tips what to look for?

Learn about price action, fibs and TA - well they are all the same thing really, all parts of TA.

I know WS would recommend this link - YouTube - inthemoneystocks's Channel - there's some excellent TA vids on there.

I went indicator crazy when I started, gradually I'm chucking them away, as I understand more fibs/price action stuff. It takes time to understand it all though - or maybe I'm just slow

 

[romzilla]

I will watch it and try to get something out of ot Thank you for support!!!!
If something will come up today on SP please spread the news

Learn about price action, fibs and TA - well they are all the same thing really, all parts of TA.

I know WS would recommend this link - YouTube - inthemoneystocks's Channel - there's some excellent TA vids on there.

I went indicator crazy when I started, gradually I'm chucking them away, as I understand more fibs/price action stuff. It takes time to understand it all though - or maybe I'm just slow

 

[Dentalfloss]

ftse getting into a tight range.looking like it is going to break down
hourly data

 

[RennieAMR]

Learn about price action, fibs and TA - well they are all the same thing really, all parts of TA.

I know WS would recommend this link - YouTube - inthemoneystocks's Channel - there's some excellent TA vids on there.

I went indicator crazy when I started, gradually I'm chucking them away, as I understand more fibs/price action stuff. It takes time to understand it all though - or maybe I'm just slow

That answer is spot on.

I'd also suggest a look at Brian Shannon's nightly videos at AlphaTrends. His book is well worth getting as well.

It's all about putting together a tool kit that you're comfortable with.

Another thing is to spend time watching the market and determining how it structures itself. e.g. The S&P is could move quite fast either way here. Double bottom or bear flag on the 5 minute?

 

[Dentalfloss]

triangle forming in the ftse..which way will it break.?
bracket orders...i think
5 min data.a high box size ..28 points by 3 reversal
triangles have 5 columns and usually breakout in the direction of the last signal.in this case,it was bullish

 

[Dentalfloss]

triangles.
p/f traders are always on the look out fo these.direction is unclear ,but the breakout,either down or up is usually good.if you get the dirction wrong,then double up on the other side and you usually get youre losses back with the profit you made
this an opinion only

 

[romzilla]

Good call dentist007!
But what are your suggestions? It seems to me FTSE100 will go down, so will the US markets. But I am not sure.

triangles.
p/f traders are always on the look out fo these.direction is unclear ,but the breakout,either down or up is usually good.if you get the dirction wrong,then double up on the other side and you usually get youre losses back with the profit you made
this an opinion only

 

[RennieAMR]

triangle forming in the ftse..which way will it break.?
bracket orders...i think
5 min data.a high box size ..28 points by 3 reversal
triangles have 5 columns and usually breakout in the direction of the last signal.in this case,it was bullish

We might just get a load of chop from now to the close. Too many conflicting signals out there for my liking.

 

[wallstreet1928]

Thank you for the support! I had some shock from losing now starting to get my confidence back thanks to you guys. Nice coverage of index market
I am in with small amounts, but it is nice to have some profit at the end of the day for a change. Maybe there will be a possibility to catch up or down today!

welcome, welcome my new friend

we are all glad to be of service

your contribution along with everybody else is highly appreciated

we seem to be setting up a little masonic society here...haha!!

 

[Dentalfloss]

triangles.the orders are put at the extreme ends.ie the spot where the chart is bullish /upside.vice versa for bearish.i have no idea which direction,but when they break all hell is let loose..for about 4 boxes plus.tighter the range/the better

 

[romzilla]

Hello wallstreer1928!
I finally met the master of the thread! My compliments
I think it is great to have a place where to share thoughts with friendly and helping people!
I would suggest having a live chat to be in all trades from the beginning, but thats my IT devil speaking

welcome, welcome my new friend

we are all glad to be of service

your contribution along with everybody else is highly appreciated

we seem to be setting up a little masonic society here...haha!!

 

[RennieAMR]

Short FTSE. Tight stop!

 

[Dentalfloss]

s500.minor support broken.retrace back into the shorting zone