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Indices down after Dr Fauci (Gates lackey) tells the US they will have to go back into lockdown.

Dax and Dow trip down to S1.

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Posted (edited)

Indices were hovering around down sweet f*k all since the middle of June (except bouncing up and down like a jogger's t!ts), as I said before, unless you have magical scalping skills you weren't making money from trading the indices for over a month.  The 'recovery' has stalled and there's no money to be made, but plenty to be lost.

Edited by dmedin

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Cue AndrewS to chime in and say that he's made good money from scalping ...

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41 minutes ago, dmedin said:

Indices were hovering around down sweet f*k all since the middle of June (except bouncing up and down like a jogger's t!ts), as I said before, unless you have magical scalping skills you weren't making money from trading the indices for over a month.  The 'recovery' has stalled and there's no money to be made, but plenty to be lost.

Well if someone is trading off the four hour charts looking for a trend move over many days they may be better off scanning many securities.

For me a pure scalp is buying the bid and selling the offer which I am not profitable in so I use the word scalp to refer to opening and closing in about 15 minutes. I would call a move of 100 points in 2 hours a swing trade and not a scalp.  

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5 minutes ago, AndrewS said:

I would call a move of 100 points in 2 hours  

Do such trades occur regularly for you?  Are you able to watch your charts all day long, every day, to catch them?

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Who all is in scalping heaven today? :)

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27 minutes ago, dmedin said:

Do such trades occur regularly for you?  Are you able to watch your charts all day long, every day, to catch them?

For those moves glancing at the charts every 15 minutes is probably better while you don’t have an open position. I set price alarms around areas of interest and sometimes use a chime when the 5 minute candles close. Catching two 100 point moves a week is achievable.

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3 minutes ago, AndrewS said:

For those moves glancing at the charts every 15 minutes is probably better while you don’t have an open position. I set price alarms around areas of interest and sometimes use a chime when the 5 minute candles close. Catching two 100 point moves a week is achievable.

On DJIA?  I bet at minimum (20p per point) so 100 points is only £20.  Not a great return.

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8 minutes ago, dmedin said:

On DJIA?  I bet at minimum (20p per point) so 100 points is only £20.  Not a great return.

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9 minutes ago, dmedin said:

On DJIA?  I bet at minimum (20p per point) so 100 points is only £20.  Not a great return.

When the frequency of my trades increased in late February I was only trading 50 cents a point. Obviously that was not going to continue, I was planning to trade larger amounts or go back to the drawing board.

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Whenever I've tried short-term trading I get stopped out continuously, hence the reason I stopped doing it :)

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27 minutes ago, Caseynotes said:

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If you want to make a 3% or even 6% return, go ahead and buy and hold an S&P 500 ETF.  Put a regular amount in every month.  Little work involved.

At least 78% of traders (this is likely to be an understatement) LOSE money.  They can't even make a 3% annualized return from their magic scalping skills.  Instead they LOSE money.  When they could have made money by doing pretty much f*k all.  What a bunch of idiot losers :D:D:D

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Dax reaches the pivot, Dow heading that way.

H1 charts;

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2 hours ago, dmedin said:

Whenever I've tried short-term trading I get stopped out continuously, hence the reason I stopped doing it :)

I started trading very short term when the market was falling hard and I had no confidence in the longer term and I was immediately profitable in it. Being profitable from the first trade has only happened to me previously in the GBP/USD. I had this thing looking at the GBP/USD, EUR/USD and EUR/GBP and waiting until 2 or 3 of them were bouncing into support/ resistance. I transferred this approach over to Indices where it works better. So maybe the 78% of traders you are referring to only need to identify a sweet spot.

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1 hour ago, Caseynotes said:

Dax reaches the pivot, Dow heading that way.

H1 charts;

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And?

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10 minutes ago, dmedin said:

 

 

And?

It reached the daily pivot and fell to support at its highs during the early European session and bounced up to the pivot again.

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14 minutes ago, AndrewS said:

It reached the daily pivot and fell to support at its highs during the early European session and bounced up to the pivot again.

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So, in hindsight.  How did you trade it 'in the moment'?

 

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2 hours ago, Caseynotes said:

Dax reaches the pivot, Dow heading that way.

H1 charts;

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Just plaster half a dozen more lines on your charts and you'll be giving the 'expert analysts' over at Dailyfx a run for their money.  :)

 

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Look, Wall Street has a big stiffie!

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15 minutes ago, dmedin said:

 

So, in hindsight.  How did you trade it 'in the moment'?

 

The potential support/resistance is on the charts and that much is not hindsight. I have sort of taken the day off and am watching a TV show and have only traded the Dax today. I don’t think I can give a running commentary on what I am doing without it adversely affecting um what I am doing.

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9 minutes ago, AndrewS said:

The potential support/resistance is on the charts and that much is not hindsight. I have sort of taken the day off and am watching a TV show and have only traded the Dax today. I don’t think I can give a running commentary on what I am doing without it adversely affecting um what I am doing.

 

Short term charts make no sense to me, you can get an extended run after breaking a resistance/support/MA or it can oscillate or turn the other way.

Seems like a question of luck to me.  And since most of the time it isn't trending, you get whipsawed constantly meaning you have to make a lot of profit on the very few occasions you get it right :)

 

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Well, another unprofitable day in an unprofitable week in an unprofitable month, so far!  

Here's to next week :)

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S&P storming into a very bullish Friday close, strong sign of confidence going into the weekend.

Daily chart with monthly levels.

(what's bi-polar boy been ranting about, run out of meds again?)

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On ‎09‎/‎07‎/‎2020 at 15:40, elle said:

Retested

both ways !

Capture ukx.PNG

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1 hour ago, elle said:

both ways !

Capture ukx.PNG

 

Huh? 😕

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1 hour ago, elle said:

both ways !

Capture ukx.PNG

clearly a level to note

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noticed this on twitter

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16 hours ago, elle said:

noticed this on twitter

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Does this “Inner Practitioner” have a twitter mind reading certificate?

Am I jealous or angry that they received 931 likes for that post?

I reckon that maybe I am primarily just talking to myself.

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This is an example of where I would have taken a trade on the four hour time frame (15 June).  Looking for a 2:1, stop is where the little box is and the big box is where the limit is.  As you can see the trade would still be open right now, nearly four weeks later.  (The other indices are pretty similar, except FTSE 100 - and I can understand why nobody would want to invest in BoJo's Britain.)

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Posted (edited)

And here it is on a five minute chart.  The 200 SMA is clearly useless because price moves up and down and crosses it constantly.   The same thing happens on daily charts of stocks.  Even buying when price > 200 daily SMA and selling when price < 200 daily SMA isn't particularly useful.  In fact, I can hardly spot any 'patterns' at all in daily stocks any more.

 

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Edited by dmedin

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