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  • #1,821
  • May 25, 2010 11:27pm May 25, 2010 11:27pm
Lots of pin bars on the daily time frame around but Oil is the only one I'd consider. Waiting until London open to see how the equity futures are looking before starting to think about any trading setups.

With the gradual move to spreadbetting I've got a £100 risk free bet from one of my new accounts so looking for a speculative trade which might have a high %R. Unfortunately with this firm you have minimumsto levels which are relatively high so having a flcik through it seesmthe FTSE daily is the best thing to havea bet on ...minimum stop loss is 20 so I can have a £5 per point bet...when it opens I reckon I'm gonna go long hopinh it can hold 5000 (futures). alternatively going long the dax future above 5750 could be an option as this has the same stop size hmmmmm...any one got any thoughts on this?
  • #1,822
  • May 25, 2010 11:36pm May 25, 2010 11:36pm
Quoting lovejoy80
Lots of pin bars on the daily time frame around but Oil is the only one I'd consider. Waiting until London open to see how the equity futures are looking before starting to think about any trading setups.

With the gradual move to spreadbetting I've got a £100 risk free bet from one of my new accounts so looking for a speculative trade which might have a high %R. Unfortunately with this firm you have minimumsto levels which are relatively high so having a flcik through it seesmthe FTSE daily is the best thing to havea...
Even though it's 'free' money that doesn't mean it's money to be lost. I think you'd better wait for an A+ setup to go with if you want to risk all your money on it.

Going long against the trend, sitting on top of BRN and TL, RSI overbought (I know we don't look at this, but look where it's standing) while EU, GU, oil and everything else fail to rise isn't exactly a good trade imo... But it's your analysis, your trade, you shouldn't listen to anyone but yourself

If you get a chance, read "Lessons from the greatest stock trades of all time" by John Boik. It's an interesting read.
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  • #1,823
  • May 25, 2010 11:50pm May 25, 2010 11:50pm
Quoting neutro
Even though it's 'free' money that doesn't mean it's money to be lost. I think you'd better wait for an A+ setup to go with if you want to risk all your money on it.

Going long against the trend, sitting on top of BRN and TL, RSI overbought (I know we don't look at this, but look where it's standing) while EU, GU, oil and everything else fail to rise isn't exactly a good trade imo... But it's your analysis, your trade, you shouldn't listen to anyone but yourself

If you get a chance, read "Lessons from the greatest stock trades of all time"...
Good valid points there. I only had that TL showing on 1HR and was looking at 4HR chart at the time. I need to take 2 trades by close of play tomorrow in order to qualify for the refund if they lose and currencies have relatively high minimum stop losses so thought it worth taking a risk I wouldnt normally take i.e. more speculative...perhaps thats the wrong way of looking at it.

I still think Dax is a good trade...the overall trend is down but we've had a strong bounce yesterday and overnight in Asia so looking for the short term momentum and thats up.

I'm off on holiday / vacation from next wednesday for a week so will add that to my list of potential reading material.
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  • #1,824
  • May 25, 2010 11:56pm May 25, 2010 11:56pm
Quoting lovejoy80
Good valid points there. I only had that TL showing on 1HR and was looking at 4HR chart at the time. I need to take 2 trades by close of play tomorrow in order to qualify for the refund if they lose and currencies have relatively high minimum stop losses so thought it worth taking a risk I wouldnt normally take i.e. more speculative...perhaps thats the wrong way of looking at it.

I still think Dax is a good trade...the overall trend is down but we've had a strong bounce yesterday and overnight in Asia so looking for the short term momentum and...
It's an easy read with a few valid points (which I guess you know by now) but it tells the story of five great stock traders with all their ups and downs. A good vacation read.

Next up: Trading in the zone. :nerd:
  • #1,825
  • May 25, 2010 11:58pm May 25, 2010 11:58pm
Quoting neutro
It's an easy read with a few valid points (which I guess you know by now) but it tells the story of five great stock traders with all their ups and downs. A good vacation read.

Next up: Trading in the zone. :nerd:
Cool, thanks I'll look into gettting a copy.

I didnt like trading in the zone...found it incredibly hard to read and just thought it went into far too much depth and over complicated simple things. But thats just me.
  • #1,826
  • May 26, 2010 12:07am May 26, 2010 12:07am
Sold Gold @ 1204.50 ([email protected]) via spreadbetting - 1%ish at risk.

Based on confluence of daily PPZ and 50% fib...should have pulled the trigger earlier.

FTA is 1200 then 1196.50
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  • #1,827
  • May 26, 2010 12:10am May 26, 2010 12:10am
Exited E/CAD earlier is I wanted it to push through the 4HR PPZ below and break the BEOB but it hasnt and has started to retrace...end result +0.84%
  • #1,828
  • May 26, 2010 12:16am May 26, 2010 12:16am
Morning

I d like to underline the situation on DJ. 5 daily bars at around 10.000, meaning a lot of pressure at this level. Also the 2 attempts to break up (PBs) failed, price never broke the high of the PB.

All of this to say that if it breaks to the downside than it is going to break fast. IMO
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  • #1,829
  • May 26, 2010 12:19am May 26, 2010 12:19am
Shorted UC...A daily pin formed with divergence and price is testing the first eye whicih also has MA as resistance. Shorted here with stop loss above the next PPZ above. Also Oil has broken above its 4HR falling TL.

2% at risk

If it breaks the dialy pin I'll likely add another position....main target has to be a retest of 1.0540 area.

Short @ 1.0726 SL@ 1.0785
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  • #1,830
  • May 26, 2010 12:28am May 26, 2010 12:28am
Quoting ogeid
Morning

I d like to underline the situation on DJ. 5 daily bars at around 10.000, meaning a lot of pressure at this level. Also the 2 attempts to break up (PBs) failed, price never broke the high of the PB.

All of this to say that if it breaks to the downside than it is going to break fast. IMO
There has not been enough buying power to take it back up as sellers keep coming in to force it back down...but also look at how fast and quick any move below 10000 has been rejected...3 times it has broken below and yesterday it hit PPZ @ 9788 and look how much buying strength has come in to force it back above 10000. Thus sellers are stronger than buyers above 10000 but buyers are stronger than sellers below 10000.

We also have divergence on the daily.

I also see that the last two dips below 10000 have occurred during European morning session and the move back up has been after US open.

Overall it is winding up for a decent move in either direction once buyers or sellers overcome each other above or below 10000.
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  • #1,831
  • May 26, 2010 12:45am May 26, 2010 12:45am
Quoting lovejoy80
Good valid points there. I only had that TL showing on 1HR and was looking at 4HR chart at the time. I need to take 2 trades by close of play tomorrow in order to qualify for the refund if they lose and currencies have relatively high minimum stop losses so thought it worth taking a risk I wouldnt normally take i.e. more speculative...perhaps thats the wrong way of looking at it.

I still think Dax is a good trade...the overall trend is down but we've had a strong bounce yesterday and overnight in Asia so looking for the short term momentum and...
Got in @ 5735 @ £3 per point with SL (minimum SL level) @ 5714.

A hard break above 5750 all the way to 5865 PPZ would be nice.
  • #1,832
  • May 26, 2010 12:48am May 26, 2010 12:48am
Quoting lovejoy80
Got in @ 5735 @ £3 per point with SL (minimum SL level) @ 5714.

A hard break above 5750 all the way to 5865 PPZ would be nice.
What are the rules to get your money?
  • #1,833
  • May 26, 2010 12:55am May 26, 2010 12:55am
Short Gold, short UC (essentially long oil) and long Dax....hmmmm gold short is a contradiction to the other 2 and is close to SL.
  • #1,834
  • May 26, 2010 12:58am May 26, 2010 12:58am
Quoting lovejoy80
Short Gold, short UC (essentially long oil) and long Dax....hmmmm gold short is a contradiction to the other 2 and is close to SL.
Nice continuation BUOB engulfing 6 prior bars on oil.

Look at the spread I got on FxPro, 20p... The bastards. (Just kidding, got in last night) I think I'll add a little bit and move stop below the bar.
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  • #1,835
  • May 26, 2010 1:00am May 26, 2010 1:00am
Quoting lovejoy80
Cool, thanks I'll look into gettting a copy.

I didnt like trading in the zone...found it incredibly hard to read and just thought it went into far too much depth and over complicated simple things. But thats just me.
Difficult book for me too. The first 150 pages are overlong. The real message I got out of it was: stick to your plan. May be I am too stupid for it LOL.

Another good vacation reading: Adventure of a Currency Trader - Rob Booker. so funny ! The first part when I speaks about the Amazing Forex software is simply fantastic. Each one of us has been there at least once.
  • #1,836
  • May 26, 2010 1:03am May 26, 2010 1:03am
Quoting neutro
What are the rules to get your money?
I've opened 2 spreadbetting accounts.

Account 1 - credit account with £100 and place 2 trades before 30th May and get refunded any net losses on the two trades up to £100.

Account 2 - place 5 trades (non shares) before 30th May (having funded account with at least £100) and you will get £100 credited into your account to trade ...cannot withdraw £100 for 3 months etc etc.

Dax trade is on account 1 and is first trade

Gold trade is on account 2 and is 3rd trade (Took a winning silver and gold trade so far on this and trading as I would normally).

Hence my thinking why not use account 1 to take 2 trades that have potential for high %R but are too risky that I wouldnt take normally...not shotgun trades but just slightly too risky for me...hence the dax trade @ £3 per point...wouldnt have taken that trade and wouldnt have risked that much normally...and if it can hold above TL and 5750 and we get some more buillish momentum, like we got yesterday afternoon we could quite realistically go up a 100pips or so and that would be worth a very decent % to my account (its worth around 2% of my account as it currently stands).
  • #1,837
  • May 26, 2010 1:05am May 26, 2010 1:05am
Gold SL hit -1.09%
  • #1,838
  • May 26, 2010 1:08am May 26, 2010 1:08am
Quoting neutro
Nice continuation BUOB engulfing 6 prior bars on oil.

Look at the spread I got on FxPro, 20p... The bastards. (Just kidding, got in last night) I think I'll add a little bit and move stop below the bar.
Yeah that looks good to me...Ive' got 2% on UC short so wont take it..but be willing oil to rise! Could have also got in on pullback to TL if that fits with setup criteria etc.
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  • #1,839
  • May 26, 2010 1:09am May 26, 2010 1:09am
Quoting neutro
Nice continuation BUOB engulfing 6 prior bars on oil.

Look at the spread I got on FxPro, 20p... The bastards. (Just kidding, got in last night) I think I'll add a little bit and move stop below the bar.
Did you enter on the break of the daily pin.
Can t really see your chart too dark and too much sun in here LOL
  • #1,840
  • May 26, 2010 1:10am May 26, 2010 1:10am
Quoting lovejoy80
I've opened 2 spreadbetting accounts.

Account 1 - credit account with £100 and place 2 trades before 30th May and get refunded any net losses on the two trades up to £100.

Account 2...
If you can get a runner with 0 loss and high GBP/pip why not go for it, I got your point form your first post. I was just saying that there are trades with good odds and trades with not so good odds.
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