Hi Iam looking for a MT4 broker that offers the South African ALSI top 40 index . Iam currently useing Forex Place but i need a back up broker . I am allso keen to start a thread discussing this unique product .
Ok, i mostly just try scalp the alsi on its gap closes, hell its the most volatile instrument ive ever seen, 3/400 point moves in a day on average. BRICS ??
Yes today we had about 370 P , get on the wrong side of it and you will get a real arse wipping sending you crying back to mamma. Remember it might be an emerging mkt but we have some of the worlds largest companies in its top 40 ie anglo. Very sweet for the gap close,almost every day.
uncleit do u have a link for that , i use forex place http://www.4xp.com/en/ use JSE JUN 12 chart. Ye those gaps are awesome, allmost every day ,a lot of SA traders bread and butter, just gotta learn how to trade them. Alsi mostly follows the ftse 100 in the morning then starts to follow the dow when the yanks wake up , but its not a given.
Louis best bet is to head off to Realchartist.com ,its a site dedicated to the SA alsi ,the guys sit in the chat room and trade it,. also look at Simon Browns '' Just one lap'' , some good shit there on how to fade the alsi gap , webinaars. as for indicaters, all squigley lines are out the window with open of gaps , just be carefull of bull or bear traps when fadeing the gap , but if it doesnt fully close and u get stuck on the wrong side ,the alsi allmost allways comes back to close that gap evan if its a week later ,so dont overleverage. Allso watch for the ftse open ,they have a gap as well that the alsi follows. Best is to just have a 50 point stop and get out.
Keep in touch as iam still learning as well.
At the moment I'm trading the 5 min ALSI.
I use trendlines and support and resistance to get a trade. For confirmation I use the stochastic.
Sometimes I use the RSI divergence.
Any better strategies you know?
uncleit do u have a link for that , i use forex place http://www.4xp.com/en/ use JSE JUN 12 chart. Ye those gaps are awesome, allmost every day ,a lot of SA traders bread and butter, just gotta learn how to trade them. Alsi mostly follows the ftse 100 in the morning then starts to follow the dow when the yanks wake up , but its not a given.
Ignored
i am not using any broker for this, I had a friend program the prices for me for Metatrader. I find that it is easier to work with compared to other softwares.
Hi Louis ,sorry for late reply but had some issues to sort out and work.I am reg. with them but dont use them , as iam not one of the paying members . some very clever traders there and i picked up a few things when there free chat room was running. maybe one day i will join. thing i dont like about c/rooms is u dont know what idiot is on the otherside and u are prone to picking up pre concieved ideas instead of useing your own discretion so i try stay away.Hope u caught some of the move on wed last week ,i managed 450 points off the 600 odd for the day. one of my best for a long time. thurs i did only 50 pip as i was to nips to trade with hols coming up. I try to avoid indicaters as they all lag so i watch the dow ,s&p 500, ftse100 open in morn. dax and e/u for direction. i will only open atrade if there is a gap unclosed in that direction ,also i look for gaps in the dow . the alsi will allways follow at some stage . allso news releases especially the US ones. Think about it ,how can an indicater on our alsi have any impact on its direction when we follow the bigger picture??I also prefer to use the 30 min chts as this gives me beter visuals on when the mkts open ,especiall the Dow. If iam wrong with my entry i then simply hedge it after say 100 points , then close the hedge at end of day for its profit, but nevr the original trade as it was in the direction of a gap fade ,next day i will reopen the hedge if need be . any sugestions please let me know as i am no master ,but we need to keep it as simple and boring as possible.
