Is spread betting for fools?

[Is spread betting for fools?]

33 minutes ago, nit2wynit said:

You've mentioned Academy.

Is this the best place to start from scratch?

The Academy is good and won't take long to get through (recommended 1 month ago).

The Cred Study Guide is better and will take a little longer (recommended 2 weeks ago). do the guide first watch the videos later.

https://docs.google.com/document/d/15c3rN15rkXldY8Te3GDG4NG7noaaoikydOoZQlElwXw/preview?pru=AAABaf3_sQE*PXVDTaKtvm5VtQcvpBug2w

[Is spread betting for fools?]

4 minutes ago, nit2wynit said:

@Caseynotes to the chart above that is my Ascending wedge. the diagonal yellow line from the lowest point to the spike.

Yes you are framing the chart to see what you want to see rather than just what's there, you can't see a wedge by just ignoring the prior peak ( 2).

The chart structure is saying;

1 tried to break lower from S1 - fail.

2 tried to break higher from S1 to the pivot, got a good distance then failed and fell back to S1.

3 tried the same move again and even worse failure.

4 try again, dismal.

the next most likely move was another try lower towards S2. But then came the news flash and the sudden move up, as usual it was overdone and price has since retraced 50% (white line).

If you look too hard at a chart you will eventually see whatever you want.

From the book of Cred verse 19.  After enough screen time, you should be able to look at a chart and within a very short time ascertain if there’s a trade there. It should scream at you. If it doesn’t, there’s probably nothing there.

[Is spread betting for fools?]

30 minutes ago, nit2wynit said:

@Caseynotes  So what does work for you then?

Tis not scoff, I'm not keen on patterns on lower time frames, if you look hard enough you will see them everywhere though can't really see your wedge at all. I stick to dip buying between significant levels.

Price was moving sideways along S1, I was waiting for a pullback on the way to either to the pivot upwards or S2 downwards.

Price did move up and there was a pullback but without much continuation, price fell back to S1 when the news sent it parabolic upward. These moves are usually overdone and a steady correction is the most likely move to follow.

I see from your more recent post you mean a channel and are jumping around on the time frames to find it, on the start of the impulse move there was no channel or wedge, only a trendline of sorts (2nd chart) with a lower high failure before the news. I am reminded why I don't like patterns on lower time frames.

 

[Is spread betting for fools?]

39 minutes ago, dmedin said:

I agree, day trading (minute trading) is based largely on luck

And the init2winit cried "Oh Dear God!  Help Me!"

And the demin cried Oh tis "based largely on luck."

And God looked down and took pity and spoke thusly "A system means an actual system. Rules, diagrams, flowcharts. Not platitudes." From the Book of Cred verse 18.

https://www.crypto-world.gr/en/trading/cryptocreds-70-trading-advices/

[Is spread betting for fools?]

9 minutes ago, nit2wynit said:

Found a perfect setup on German 30  Got in at the perfect spot.  Shot up and took £25 profit.  Gave it all back and some with a trade running that might take another £5 off me.

Sorry to disappoint as usual but an impulse move on news is not a 'set up' (EU to recalc inflation targets Euro down  index up). It's just luck with fomo.

 

[Trade Planning and Testing]

5 minutes ago, dmedin said:

I made a boo boo again.  Should always respond to what the charts show and not go on feelings, huh.

yes, it turns out that the market really doesn't care about your feelings apparently 😢

[Trade Planning and Testing]

9 minutes ago, dmedin said:

The advantage of spending so much time planning and organizing that you don't have any time left over to actually trade is that you will lose less money.  The organization skills you develop might even help you get a real job.  Genius.

Once you've done the planning what's left to do but pull the trigger. nothing. better that way round than scrambling to cobble together some kind of a plan after you're already in it up to your neck 🙂

[Does anyone know why IG had taken $50 off my trading account?]

11 minutes ago, Michael0717 said:

deducted $50 from available to deal

Was there not any kind of description given, was it a quarterly inactivity charge? 

[Trade Planning and Testing]

Recently CryptoCred did a 70 tweet thread on trading tips, someone has kindly reproduced them all on a web page.

70 short, sharp, hard hitting truths, tips and general advice. 

https://www.crypto-world.gr/en/trading/cryptocreds-70-trading-advices/

[Bitcoin halving event]

Finds support at 9061 then checks resistance at 9966, recent short term support overnight at 9628 and looking now at another test of the resistance level, failure should lead to a test of 9061 support.

H4 chart;

[US OIL]

US Oil tries to bounce up off 56.34 overnight, stronger support just below at 56.08. As gold traders Oil will be watching the indices closely for direction.

[Gold Weekly]

Gold topping at 1429 on this recent rally and will look to test that if indices continue to slump.

H4 chart;

[Dax & Dow]

Dow will be trying to hold here after falling back having failed to make gains yesterday and showing something of a triple top on the H1 chart. Dax put in a strange 1 minute 70 tick fall at 1:15am that was immediately bought back up but is looking to test that low now.

[Indices]

All starting the day looking for support, from the daily chart Dax has a recent low at 12166 and Ftse at 7482.

Dow has some support here at 27130 or below at 27030.

Below on the S&P daily and of particular note to this sell off is the low volume which is more indicative of profit taking rather than a strong uptake of new sell entry orders. 

 

[Daily Dashboard]

Overnight Indices and USD down, Bonds  and Oil up, Gold down Cryptos up. Chart Caterpillar down 2.6%.

UK retail sales 9:30, US jobs data and Philly Fed 1:30pm.

[Make it Complete: Add Heiken Ashi and Renko Indicators to the web platform]

13 minutes ago, dmedin said:

 

Yes the chart loading seems to be much faster on PRT Java client than the HTML5 platform.

Might be related to the number of charts you have up on each platform, in spite of overall computer cpu and memory, do you have a lot more running on the IG platform?

added: and the overall number of indicators running on each platform.

[Make it Complete: Add Heiken Ashi and Renko Indicators to the web platform]

3 minutes ago, dmedin said:

 

That's interesting.  IG will charge us £30 per month if the value of our trades are 'very low', I presume that means under £30 a month.  Does IG need to get more than £30 per month from you in spreads to make it free?

The irony is that PRT lacks some features of the web platform, in particular tick volume which is an absolute dealbreaker.  Overall PRT is much faster and fully featured, but again, placing orders isn't quite as intuitive as the web platform.  We need 'one platform to rule them all'.

That was written long ago and IG have tightened up since then, I think PRT from PRT is around £40/month though IG will be getting a discount job lot price.

Not sure what you mean by 'faster', I doubt the actual price feed latency is better on PRT though maybe chart loading might be?

[Bitcoin halving event]

BTC trying to break lower again passing through the recent low 9226.

H1 chart;

[API use for Share Dealing]

2 minutes ago, TheGuru12 said:

Not actual share dealing (Only IG Internal Politics would know that) as such but it works perfectly fine for Spread Betting, I have created a lot of examples for this and released the code. Check my profile if you want. 

Thanks, I wondered about that after I wrote it as I didn't remember seeing it on the IG Labs list.

[Heiken Ashi on Web platform]

19 minutes ago, Guest tehka said:

Hello, 

Hows everyone doing? I am not sure if this questions been asked before, but how need my price to display as Heiken Ashi sticks instead of regular candlesticks. Any idea how to do this?

Thank you

 

hi, not available on the online platform as yet and yes this has been requested before and put forward for consideration but additional requests will add weight.

Currently for HA or Renko charts you would need to use either the MT4 or the Prorealtime platforms.

[Dax & Dow]

Dax pirouetting around the pivot testing the recent high/low 12395 and 12430 while Dow sits over the pivot but as yet unsure which direction to take.

H1 charts; 

[Bitcoin halving event]

BTC drops below the June low which may now act as resistance (9626) while 9226 is recent support.

H4 chart;

[US OIL]

Yes a big move down sending RSI into oversold (doesn't mean buy) with support found at 57.16 and is back in a small consolidation range from early July, stronger support further down at 56 but may pause here before testing higher or lower.

H4 chart;

[Gold Weekly]

Still tracking sideways, has reached down to retest recent support so currently ranging between 1400 and 1418.

H4 chart;

[Chart to show overall trade performance]

32 minutes ago, Gohodoshii said:

Hi, 

Is there a feature where you can grab a chart to show your overall performance through certain period ? Other than downloading your trade history and doing it manually yourself.

Thanks

 

Goho

Hi, not on the online platform though there was talk a while back that performance metrics could be added. You can get this on the MT4 platform, not sure about the Prorealtime platform.