Caseynotes

Dax hit by the change to guidance on rates, not seen so much action from a ECB mon pol statement for a long time. The correction seems over for now but still the presser to go.

not sure how you managed that on the gold trade, your entry looked to be 1335.00 and price is currently 1336.38. Obviously chart structure wise it was a very late entry but that is one of the problems with the larger time frames, things don't always set up at a convenient time of day.

Dax stalled at yesterday's high and awaiting the ECB, Dow stalled between R1 and R2.

But not three straight hits in a row, The TA's not the problem, it's how and when it's applied.

Looks like gold is having another go at 1346 having retested 1324. Daily chart;

This is interesting, here is this mornings Dax M1 chart with 2 indicators matching. The blue/red dots are a MACD cross signal 5,35,10 and the green dots are psar default. All ready decided that longs were the way and a 10 stop and 20 target 3 good entries. You don't need two indicators but it's interesting how they match.

And you think you've got problems! Listen: Neil Woodford, Youtube millionaires and Rich People's Problems. 20 min Podcast report just a few hours old. https://www.ft.com/video/390cc022-6dc2-4f71-bd9b-9f2e6472d276

BTC currently ranging between 7560 and 7905 and has strong support just below at 7424. Looks like it's waiting for someone to give it a pump but which direction. H4 chart;

Dow continued upward overnight and currently pulling back from R1 while Dax struggles with the pivot. Generally pays to assume today will be similar to yesterday until it isn't so first off will be looking for a retest of the recent highs. Is anyone expecting anything from the ECB rate decision today? M30 charts;

Just re-read the post above and 'price popping out either end' doesn't make any sense, I meant top or bottom.

Hi, there are occasionally reported issues with the demo platform but it's very rare to see a problem reported on the live platform. The difference is that the demo is used as a test bed for the technicians to try updates and upgrades before releasing them onto the live platform.

@davidbrister is correct, many indicators are very similar in their calcs and so strategies using them often come out very much the same, a macd crossover, an ma crossover and psar are all closely related. When to actually apply it is often the problem, @dmedin is right to wonder the virtues of all of it but the key is recognizing chart structure before applying anything. Markets are not trending most of the time so randomly applying a trend following strategy won't work. Whenever I see consolidation I just block it off with a rectangle and wait for price to pop out either end, that's generally where new trends start no matter what the time frame.

Hi, see this list linked below, yes NZ is on it. https://www.ig.com/uk/compare-our-leveraged-trading

@Bell, no problem, regarding overnight funding see this page linked below, not sure if IG have added other assets to the list but worth a read anyway. It's always worth playing about on the demo seeing how the platform works, trying new stuff, new markets, strategies, time frames etc, a lot to be learned.

ECB rate decision and mon pol statement at 12:45am and Draghi presser at 1:30pm today. Dow and Dax heading into resistance with Ftse not far behind, seem to have shrugged off the very low ADP nfp number yesterday that's often a pointer to the big NFP data release tomorrow. Interesting S&P weekly chart with 2 trading days to go.

Dow closes over 200 points up on the day; M15 chart;

That's a massive rejection at 1342 (monthly chart resistance purple) and reversal back down to 1324 (weekly chart resistance red), clearly no doubt where the biggest money is standing, not too many will be willing to take that on again in a hurry, expect some consolidation while peeps catch their breath.

Haha brilliant, a DOS attack on the thread, I see you managed to spot a V reversal on the daily chart, well done, you are aware they only come round about every 3 months or so but if that's your strategy you go for it. You are correct in noticing there was an extended battle on the US open (as there was yesterday) and that you just stay out of conflict and wait for direction to be agreed, well done again, see you are learning. But not about having a set of rules though, the actual indicator used is irrelevant, every one of them is used by someone, it's the rules you devise to use them with that makes them work or not.

If I were to show a chart with no time frame label or price reference you would not be able to guess what time frame it was, the same structure patterns are played out over and over on all time frames. Larger time frames just give you more time to make decisions. Very few strategies are genuinely single time frame only, most will work if they are applied to appropriate chart structure and if the rules are adhered to. Reading the thread I'm not convinced that any strategy is being applied, especially strict entry and exit rules, it all sounds very much edge of seat reactions, pull the trigger and hope. Look at some of these simple strategies in the link below, see how they are written up, try a few out, make some changes. You must be able to define your own strategy in basic rules that can be applied over and over, that gives you something you can test over a number of trades to check it actually works before going live. Hard rules not reactions, if this > then that. https://www.earnforex.com/forex-strategy/

Sometimes these odd number MAs have been derived from a larger time frame chart. In the pic below are the M5 and H1 Dax charts, the H1 has a 20 period lwma which is a common use while the M5 chart has a 144 lwma, see how their positions roughly equate to the price on each of the charts. So traders on the M5 time frame charts will be seeing similar signals to those on the H1 charts.

You need to show a chart, I not sure what market or time frame you are looking at. The ftse M5 shows what you say but before the big red candle there was nothing to indicate the pullback had ended. The actual candles are the last word, red must reverse blue and visa-versa, each candle tells you who's in charge, a pullback isn't over til the other side take control.

Gold pushing on to the monthly chart resistance level 1346, currently 1342.

🙂 I thought that chart didn't look too bad actually, there was a nice push up to a new higher high (A) then a 50% retracement (B) and bounce off the MA and continuation onward with an entry around the red line and a stop loss less than 10 tick, price turned back at the new high and retested the entry level before continuing but that often happens.

Indices kick down on the ADP nfp employment data coming in at 27k instead of the 275k forecast, main NFP report comes in on Friday.