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11 minutes ago, AndrewS said:

You probably don't remember, but you have asked me about six times in this thread about my finances.



Yeah and you can't answer it.  If you're not making money then your trading is failing and you shouldn't be doing it.  You can make money from buying an S&P 500 tracker and doing precisely f*k all.

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fair go, the failure to break through the blue rectangle was crucial for further downside. Now looking for resistance (sellers to step back in) and the most likely area is just before the red 29400 de

That is the 50% retrace for  the Dow and S&P. 

Interesting S&P daily shaping up 👇

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7 minutes ago, dmedin said:


Yeah and you can't answer it.  If you're not making money then your trading is failing and you shouldn't be doing it.  You can make money from buying an S&P 500 tracker and doing precisely f*k all.



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3 hours ago, AndrewS said:

Well, since you are in a good mood, could this thread be reserved for a discussion about Indices?

Sure thing bubs, enjoy posting your oblique little charts that nobody will read or understand.

Have a nice life!

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14 hours ago, dmedin said:


If you have the patience to stick to it, and the patience to not take any trades for an extended period of time.

Who doesn't log in to IG first thing in the morning and spend all day looking for trades?

That's like spending all day in a house of ill repute and waiting till you think you've found one that doesn't have an STD.

I think the reason people don't listen is not because they were born hard of thinking but rather that they just don't like to hear anything that rubs against their prejudices.

So when I said all charts are the same what then if that 1 minute chart was a daily chart instead, should it have been played differently - and of course the answer is no.

It's only a personal preference to want to spend the day looking at one low time frame chart or spend time on many higher time frame charts looking for trades, it all comes down to the same thing in the end because all charts are the same.

 Looking at why the majority fail is an important exercise but many would rather just blame the system (whatever that is), it's easier. We already touched upon types of traders, those who create a repeatable system that has positive expectancy verses those who prefer to rely on patterns and feelings and luck, but what of types of trades?

There are really only 2 types of trades, dip buying or major reversals. Dip buying might be buying on the pullback or waiting for the breakout, a pullback might be the classic zigzag or a pennant or a flag or any area of consolidation where price was halted before continuing the trend.

Others try to trade major reversals but most don't know how to anticipate them. A chart might be in a year long up trend and retail will be net short the whole time, I have pointed this out many times. They are continually jumping in and getting stopped out until the account is gone, That's not the fault of any system, that's purely down to poor judgement of the trader.

So trying to trade major reversals or random patterns because of a feeling looks to be a recipe for failure, 75% of retail traders fail for a reason. New traders should concentrate on dip buying in major trends and eliminating bad habits.

Trader Dante use to promote what he called the demon finder, you make a list of 5 to 10 faults you repeatedly make, each time you repeat the fault you tick the box and count up the score for each fault at the end of the week. To have such a graphic display of the things you do wrong over and over again is a real motivator to do something about it, obviously the aim over time is to be able to strike your bad habits off the list until you are left with none.


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1 hour ago, elle said:


Capture spx.PNG

How do you see the Dow trading this week? We have seen the expected pull back which was quite sharp. Think this could maybe recover over the course of the week? 

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8 minutes ago, dmedin said:

Cripes Eileen, it doesn't look good :(


only if you bought and are holding, otherwise the direction is irrelevant, what is important is the degree of angle of the sloping MAs and any support/resistance directly ahead such as here where price is held up at S2. Don't trade directly into support or resistance, wait to see what price does, either push on through or reverse back up. 

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The same market viewed from three angles.

Daily: possibility of a hammer which implies price goes sideways or up from here.

Four hours: still in an uptrend.

Hourly: in a downtrend.







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4 minutes ago, AndrewS said:

Daily pivot marks about 1000 points off the days low and the top of the gap.


You obviously keep the good stuff (that makes you profitable 1700 out of 1900 times) to yourself :D 

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6 minutes ago, dmedin said:


You obviously keep the good stuff (that makes you profitable 1700 out of 1900 times) to yourself :D 

Most of those were small scalps, this is more of a hope for a short swing trade, but the stop is so close I can afford to be "wrong".

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Can anyone help, a very basic question, about trading indices.

Say I buy 50 contracts at a $1 a point, either way, I profit $400, what are my fees owing ?

Thank you 


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