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- Redben replied Feb 21, 2013
Dropped some as expected but being held by the weekly TF support, which (for now) kind of proves my reasoning not to take the short. 230 - 270 a corridor of uncertainty, as tired football punditry would put it, so will wait for movement outside this ...
- Redben replied Feb 21, 2013
Squeezing a short-term upward triangle here, with 272 as the top. 30 and 60 technicals still look short. Tempted to short but having to stay neutral because of that weekly TF support line at 245-50.
- Redben replied Feb 21, 2013
And we're back
- Redben replied Feb 21, 2013
Well that's disappointing. Moved before I could get in.
- Redben replied Feb 21, 2013
Yep, interesting doji is that. My bias is short but that weekly S/R level is messing with my clarity. Wait for this hourly bar to close and then reconsider.
- Redben replied Feb 21, 2013
No, it's bearish. A higher high with the oscillator not matched by price is (theoretically) bearish. Quick guide attached. Current situation seen on bottom right picture. As it happens, cable reacted well off bullish divergence this morning (top ...
- Redben replied Feb 21, 2013
And to you! Quick chart to describe what I mean - based on 14,3,5 stochs (new to this posting charts gubbins so this will probably go wrong). Hidden divergence (HH on the stochs not matched by price) is bearish so would normally look to short around ...
- Redben replied Feb 21, 2013
Sorry, no time to put the chart up now - off for lunch. Just a slow stoch and MACD on the 30 and 60 TF. You're right though: price action first and foremost. Indicators are like condiments: season to requirements.
- Redben replied Feb 21, 2013
Looks overbought on 30 and 60 TF but struggling to find entries for shorts due to it going back above 5245-55 S/R. 5280 possible shorting area but too close to news to risk it. In a nutshell: clueless.
- Redben replied Feb 21, 2013
Change of tack: closed at +20. Quick and easy gains and that spike low this morning coupled with the divergence is muddying the picture.
- Redben replied Feb 21, 2013
Short at 225. S/L 240, target 5175. Not pushing for a continuation to LLs due to bullish divergence.
- Redben replied Apr 3, 2009
This is a very good post. I like a SL that is just above res or just below support where possible. I typically have 30-35 pips s/l but always try and incorporate that into the strategy. For instance, I got a short signal on cable today at 4789, but ...
- Redben replied Apr 3, 2009
A 5 pip s/l?! Wow, that is close. No right and wrong, just plus and minus. Whatever makes sure you're a + when the week is done
- Redben replied Apr 2, 2009
How so, paromi? As others have said, you need to have good money management in place: risking only a small percentage of your account on each trade (1-3% - and even 3% would be far too high for some) and ensuring a decent risk:reward ratio are two ...
- Redben replied Apr 1, 2009
Poor souls. And since they've squandered all of our money, they'll only be able to afford single glazing.
- Redben replied Apr 1, 2009
It depends, as with everything, on the trader. I use stochs as a pretty integral part of my system (along with s/r, PA and sometimes bolls) and it works well for me... so far. As a stand-alone item then no, but as a confirmatory piece of analysis ...
- Redben replied Apr 1, 2009
Out for +30, ten minutes before news so who knows what might happen. Good luck for all you other shorties!
- Redben replied Apr 1, 2009
I did the same as you My stop to b.e. as well. I'm such a copy cat.
- Redben replied Apr 1, 2009
I'm short from 273 on the same negative divergence off resisitance area. News at the close of the hour means a tight s/l, and will move stop to b.e. soon.
- Redben replied Mar 23, 2009
Nice bounce off 530, with 515 support below - fingers crossed it holds. Would have gone long myself with some pos divergence, but none to be found at that level.