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dmedin

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22 minutes ago, dmedin said:

From a weekly perspective it looks okay.  I moved my limit up as I doubt it will pull back all the way to 521 in the imminent future.

@dmedin

Tomorrow may be a better day to see how things are going, if it drops below £6.00 it could keep on going down but above £6.15 and I would be getting worried if I was short. 👿

 

JD-1-hour.png

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hi @dmedin. I have been reading all your posts with interest. I am not an experienced trader by any means. I spend most of my time demo-ing but now and again I go live for small gains. Should I ever trade individual shares then I tend to stick with weekly monitoring and daily chart for entries because that works for me. I have normal stochastic and normal rsi settings with a horizontal line across the 50mark on each. I use the stochastic to look for buy and sell signals at either cross over on the top or the bottom. I then look at the RSI to see if there is any divergence in the movement. I have attached my chart and although the RSI is showing divergence in the very short term, the stochastic is yet to cross down. The daily timeframe may help with trading earlier rather than waiting until the close on a Friday to see if there is a cross.

JD Sports Fashion PLC_20190711_20.25.png

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Looking at the daily chart, I would have shorted on 5th July as there was small divergence in the RSI from the previous day and the stoch crossed. However, it would only have lasted a small gain because the RSI levelled off with no divergence within a day. Therefore only a small gain from roughly 621 to 603 give or take a spread.

JD Sports Fashion PLC_20190711_20.25.png

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On 22 June 2019 at 13:27, davidbrister said:

From my experience with the RSI indicator, once it gets back down to that 30's mark, it tends to then swing back up.

The high volume sell off in that last volume stick and the price drop in the candle could indicate a move to a short position, personally i use the Parabolic SAR with the Macd as my indicators, havent done too much with the Fib charts.

The problem i see with drawing your own lines on the chart is that you can make them any where you want to fit your narrative, which can screw your chart to suit your mind, not your trading plan, so i would be very careful with that.

with out my normal indicators, im going to say its over sold from the RSI and it will move up not down, but i hope for your sake im wrong.

Be interesting to see where it goes, hope u update it later.

Thanks alot

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