Caseynotes
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Posts posted by Caseynotes
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China announce trade talks to start early October in Washington and Dow breaks up out of the recent range and drags the others along as well. Expecting directional continuation though watchout for the US ADP nfp and PMIs this afternoon.
Daily charts;
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Increasingly risk on, Indices up Bonds down, Oil up Gold down, USD flat Crypto down.
High impact today US ISM non-manu PMI at 3pm 54 expected @dmedin though watch out for the US Markit Services PMI at 2:45pm. Also the ADP nfp at 1:15 can be market moving if way outside expectations.
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@dmedin & @nit2wynit, fake spikes do unfortunately turn up on demo platforms occasionally, obviously not fraudulent as no money is involved, spreads for professional clients are the same if not worse than for retail because of larger size of deals, are you sure it's not the market that's laggy rather than the platform, it's certainly not on liquid markets or 10s of thousands would be complaining rather than just 1, a spinning cog is usually either a connection problem or there just is no market at that time, tablets and mobiles are prone to connection drop outs that cause gaps in the charts and distorted candles until a restart fills in the back data, and what is 'refresh' the chart, I've never needed to do that or even know how?
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here's another interesting chart, the Copper/Gold ratio and is in a similar vein to the the chart in the post above. Could we be on the verge of the next big rally?
Macro Charts @MacroCharts
Copper/Gold Ratio weekly RSI. All time record low -- one more for the history books. Ratio is correlated with Bond yields, which also plunged to multi-year lows. Could be forming another historic base. Maybe the most contrarian chart ever...
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3 minutes ago, dmedin said:
I could always just post a chart everyday and say something along the lines of 'It might go here or here, but this is where it is now' - that would surely be useful
na, you should do what i do instead, so look at the daily chart, what colour was yesterday's candle,
if it was a directional candle today will probably be the same and same colour, less probable but possible it will be a reversal or a pause bar
if yesterday was a pause bar then today could be either directional continuation or a reversal candle
if yesterday was a directional reversal candle today will probably be directional continuation but may be a pause or a reversal.
Then go down to the H1 chart, he who controls the pivot controls short term direction.
if price is above the daily pivot look for continuation to R1, expect further continuation until you see a reversal.
Same if price is below the pivot, look for continuation to S1, expect further continuation until you see a reversal.
so not really looking too far to the left at all.
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6 minutes ago, dmedin said:
What?
I'm doing 'market analysis'.
It's easy!
ah right sorry, i thought you were just trying to predict the past. you'd get even better results if you used higher time frames 🤸♀️
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Comprehensive Guide to Position Size and Leverage from CryptoCred covering stops, entries, position size, leverage and more with particular reference to crypto markets but applicable to all.
https://www.thedailychain.com/comprehensive-guide-to-position-size-and-leverage/
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Hedge Funds net leverage in US stocks at multi-year lows but right where some of the decades most powerful rallies began.
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3 minutes ago, dmedin said:
Should have gone long on Thursday 29th August and kept holding on to this very day, my bonnie wee bairns.
ah, I can see where you're going wrong, you might be Chinese perhaps but we read the charts Left to Right, not right to left, easy mistake to make.
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If you can chart read and find the right levels you can see ahead, from this mornings post price pushed through R2 for Dax and R1 for Dow, but Dow has been held up at the H4 chart resistance level (blue dotted line) and as Dax is often well correlated to Dow (which is why I post them side by side) Dax is held up as well.
So we await to see if the buyers or sellers are victorious at 26365 Dow.
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2 minutes ago, dmedin said:
L2 data 'n' stuff ... yikes. Can't I just get away with a quick Fibo?
fibs are used by some big traders who can move markets sure but nothing like the number who use obvious chart based support and resistance levels which, as mentioned above, also correlate with order clusters on the L2 and also with options futures positioning.
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3 minutes ago, dmedin said:
You must know something that I don't, I tried trading Wall St yesterday and got bent over a barrel. Maybe you're just clever enough to know that analysis is easier than actual trading
don't trade when high impact news is about to come out, why do you think i bother to look them up and even post them every morning, apart from that it's just a case of tracking price though the levels.
going back to level 2 data there was another vid which explained quite well using l2 to find support and resistance levels, real orders get clustered at specific zones (coinciding with obvious chart support/resistance levels) , once price breaks through them there is relatively little standing in it's way until the next level. if instead price is rejected at a level it turns and heads back looking for more support (buyers or sellers) if it's to have another go, i have mentioned all this dozens of times before but you know how it is.
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Dax tags R2 on the European open, Dow already past R1 having been climbing steadily since 2am.
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The Indices are pushing up strong this morning after yesterday's disappointment at the US manu PMI, non-manu PMI coming up tomorrow expected at 54 should be interesting. Ger PMI at8:55am and EU PMI at 9am today.
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Indices up Oil up, Gold and Bonds down, USD currently flat after the drop yesterday.
High impact Largarde speaks at 8am, Cad rate decision 3pm,
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1 hour ago, nit2wynit said:
How do I Transition? Where do I start? Does IG offer all above?
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Seeing people drawing attention to the US indices A/D line as in the pic below and also the NYSE A/D line are all making new highs.
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27 minutes ago, nit2wynit said:
How do I Transition? Where do I start? Does IG offer all above?
yes IG does it all, and you can use it for cfd or non leveraged share trading, have a look at the dma user manual pdf , check which exchange you want a feed from, see this page and the link to the shares dma page from there. If you don't like it it will have only cost you £8.
https://www.ig.com/uk/l2-trading-platform
there might be some youtube vids on it too, will need to search.
nb/ the professional requirement is only for forex trading.
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4 minutes ago, nit2wynit said:
However, it's clear I need to change what I'm doing, or more specifically, the Platform or tools to Day Trade Small Cap Breakouts.
That is the point, it's a different tool, you're not going through IG, you can see in advance if there is liquidity on the buy and sell side or not, and you are better off paying tax on profits than not paying tax on er no profits.
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45 minutes ago, nit2wynit said:
Tell me, does this info help you help me Day Trade Small Cap Breakouts with IG?
right yes, and welcome back by the way, it seems like only yesterday we said goodbye. I think we did talk about the DMA platform a while back but did you ever give it a try? It's only for cfd accounts but it does give you direct access to the market and you can see the level 2 depth of market data so you can see available liquidity in advance rather wait for the platform to respond, it's easy to move account balance across (I think you need £1000 in the cfd account) but costs nothing to download, I think the LSE exchange data feed is about £8/month but check, and you could see how it operates for a couple of weeks. I you didn't like it you could just move the money back.
https://www.ig.com/uk/l2-trading-platform
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25 minutes ago, nit2wynit said:
I went live again about a month ago with £2k
no, I was referring to your first live account, it's the constantly revised history I find difficult to follow.
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8 minutes ago, Karowu said:
Dear all,
As I want to withdraw my fund to a bank in Hong Kong and my account is in USD, there is a warning screen asking me to use currency consersion tool..but I can’t find the tool at all. Anyone encounters this problem ?
Hi, the converter tool is in the 'My IG' page > Live Accounts overview, see pic.
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9 minutes ago, nit2wynit said:
Oh and @Caseynotes the £170 pp was the Demo... Guess you missed that detail in your quest to be Forum Champion!
oh ok, how much was it on the live account that was making you throw up, just curious.
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@nit2wynit, actually you put us on trial when you said you only started losing when you started taking advice from other forum users. You were losing money when you came onto the forum as your early posts show, you told us that you were literally throwing up because of the anxiety caused by the size of risk you were taking on with a such a small account (£170/point) and the advice was don't bet so big, simple so far but not the solution you were looking for as the goal was to learn how to earn a living trading off a small account there and then before you blew the account. And then your account blew up. That's more or less it.
Is spread betting for fools?
in New to IG Community
Posted
sure I have used the web based platform, if the problems you describe above were platform based there would be 36,000 people on here complaining but 1 or a few would seem more likely to be something on your computer is interfering with the running of the IG app, i did mention this before but you dismissed it out of hand.
I go on the web based platform every day and never once have I ever felt the need to press the reload page button.