Caseynotes
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Posts posted by Caseynotes
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You've had a good run down with this one and it's at an interesting junction, on the H4 price has broken below the May low and looks to be testing the underside as possible resistance so may go lower but also may be about to retrace back up, worth watching closely.
_20190723_09_26.thumb.png.cba261943e2ff3557a8fd6a057e41ed8.png)
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Missed this IG video from 15 July on Dow theory, some history and more recent updates.
20 min.
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1 minute ago, loch78 said:
Hello, I've enabled L2 data in the data-feeds for NASDAQ but I cant work out where this is displayed for a particular stock. Do I need to have the DMA L2 dealer for this? Is it not available on the IG trading platform?
Thanks
Hi, yes you need to be on the DMA platform to see the L2 data.
https://www.ig.com/uk/l2-trading-platform
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BTC tested support at 10044 but still looks inclined to try lower rather than head back up, short term resistance at 10660.
H4 chart;
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Still hanging around 56 looking due to test 57 again.
H4 chart;
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Gold searching for support, may find it here at prior low 1415 otherwise it could be all the way back down to 1400.
H4 chart;
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Dax and Dow already checked R1 and just easing off before the European open so Dow must be thinking of a test of Friday's high around 27333 today, Dax should follow.
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Directional continuation yesterday and this morning with continued expectation of Fed and ECB taking the lower rates line, Asian market most relieved.
Daily charts;
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Is this a problem for UK users this morning. still warnings in place see pic;
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Overnight, Indices and USD up, Bonds and Gold down, Crypto down. Chart Gold.
Today, EU bank lending, UK Tory leadership contest, US housing.
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11 minutes ago, nit2wynit said:
I've got to get back to my video's today, but if anyone can shed some light on how this translates.
Awesome is a momentum indicator and is going to have some lag, the green AW bar is just saying that the downward momentum has eased compared to the previous bar so it's belatedly picked up on the 2 green chart bars detracting from the overall down momentum, another chart red bar or two will see the AW change back to red.
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8 minutes ago, Caseynotes said:
your original stop level was in a reasonable place in relation to the trade idea and hasn't been hit as yet, so lessons from this one trade so far are;
not to get in too early
not to get out too early
wait for validation of the trade idea
be wary of consolidation especially on the lower time frames.
Additional:
5/ don't move my stop unless it's to lock in profit.
6/ remember that spread and min stop values are variable.
7/ Let the trade play out, avoid trying to micro manage during the trade.
to be continued ...
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12 minutes ago, nit2wynit said:
I've proven my point to myself. I got out for -£2.80 I don't care which way it goes. It was a lesson to myself.
Stop buying into Consolidation areas!
Stop buying Slow moving Instruments.your original stop level was in a reasonable place in relation to the trade idea and hasn't been hit as yet, so lessons from this one trade so far are;
not to get in too early
not to get out too early
wait for validation of the trade idea
be wary of consolidation especially on the lower time frames.
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10 minutes ago, nit2wynit said:
i know you're not supposed to move your stops, but would it be wise to move up up to 709? This is a £10 Stop for me. 10points. Let it Fail or Add? Just advice. I won't shoot you if you're wrong lol
no, for the reason I gave concerning the stop previously, you might get away with this time but one day you will be really really sorry.
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2 minutes ago, nit2wynit said:
Hmmm, I moved my Stop to see where it would end up now i can't move it back down. Is this right?
I suppose it's the 6pt minimum.?yeah, probably.
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35 minutes ago, nit2wynit said:
Am I getting in too early before a clear direction is proven?
there is always a case for either direction so look at structure, decide on probabilities then decide what you need to see to validate the decision before entry. The mistake wasn't the call, it was not waiting for validation.
the 11am turned out to be another pause bar so with the entry too early are stuck in a 50/50 situation when you really need probability on your side.
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3 minutes ago, nit2wynit said:
Is this proof why I keep failing? Am I getting in too early before a clear direction is proven?
Regardless of the direction on this one, it was necessary to prove what I keep doing wrong. Guessing instead of following. This will be the last time I enter a trade until the direction is clear. possibly another £6 lesson.yes, the H1 chart players halted the 11am bar going down further right at the 9am bar close level, they stepped in to prevent a reversal pattern showing up indicating they are still in control of price.
The stop is fine because if hit the idea behind the trade would be invalidated, but the entry was before it was clear the bears were actually in the driving seat.
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1 minute ago, nit2wynit said:
Thanks. and as a trade, where would the Buy'Sell position be? Or am i doing it wrong again by anticipating the direction? Am i too early?
What Time frame should I be considering when looking to Place?you are anticipating this pullback to roll over, wait to see if it does.
two ways to play it but the H1 chart looks key so you could play it straight off that, so a close below 696 and entry on the 12pm bar continuation down or switch to the lower time frame and wait for a pullback to enter short.
This 11am bar is crucial, after an inside bar the next bar should be directional, either continuation up or reversal back down, don't really want to see continued uncertainty with another pause bar but it's looking like that may happen, see if someone steps in in the last 15 min.
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15 minutes ago, nit2wynit said:
How's this for a Trade Idea folks.? Back to DB.
Any thoughts on it.There was a strong bullish open with a test and acceptance of support at 682 so need to be a bit cautious shorting, the H1 chart looks to be the give away one with the last candle (10am) an inside pause, the next candle could be either a continuation up candle or a reversal candle. A close of this 11 am candle below the 9am candle would seem to signal the reversal scenario was in play.
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1 minute ago, dmedin said:
All true ... I still have my fingers crossed
I think one of the most valuable tools for saving time is a simulator, you are able to run a weeks worth of system checking in a few hours on a Saturday afternoon with a read out stating plainly if the system is likely to be viable or not, yes it would still need to be checked out live but you have a head start in saving yourself a week on demo.
Sure you can do similar with just straight manual back testing but it's too easy to con yourself using that method.
With a sim you can slow fast forward to find the set up, stop to set the orders, then fast forward to see the result which is recorded for you, run 20 - 30 trades and see the aggregate score, throw away and start again or refine and retest.
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19 hours ago, dmedin said:
Always remember that you can have the most perfect education, the most complete plan in the world, and you could still lose money. That's the nature of trading and that's why you will almost always see every trader that 'makes' it stops making trading their main source of income and starts selling training courses and books instead. Because it's a steady, stable income - something trading can never be.
but, but, there are some 10 million fx traders alone, that must make for a pretty cramped educators market and so probably not a steady stable income at all except for the very few, if the above was true.
And if you are trading the longer time frames you do have the time to do both, why would you 'stop it' if you have 'make it'.
And though you could lose any single trade, if your trading system is not profitable you're not going to last long anyway. If you have a history you are going to be nagged constantly to give tuition.
The real problem is that systems are personalised, it's unlikely you could just pick up someone else's system and instantly make it work, the skills are not really transferable but rather need to be learnt by each individual. Probably the biggest benefit to a learner would be to have someone point out the dead-ends in advance, that would save an enormous amount of time/money.
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Still capped above by 11083 and below by 10310 and looking content to travel sideways, needs a push one way or the other.
H4 chart;
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US Oil capped at resistance 56.47, key support below at 55, looks trapped waiting for the Indices to make a break.
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Gold finds support at 1420 and now legging up to find resistance but making hard work of it so far.
H4 chart;
_20190723_09_26.png.bb9ae8022a75ff3df390b52eb21fb1ea.png)
TA - Technical Analysis
in General Trading Strategy Discussion
Posted
yes, it's worth checking these 2 IG sites at the weekends for content;
https://community.ig.com/igtv/
https://www.youtube.com/channel/UCwvras8SRKKhx_cboj2p1nw