Caseynotes
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Posts posted by Caseynotes
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11 hours ago, TrendFollower said:
I do not trade FX so I am afraid I cannot assist you.
That's no excuse @TrendFollower, tell us which one of the reasons you list below applies to you and your 'secret' strategy?
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Similar situation to dow and dax, again not checking the pivot but homing in on S1 where it waits for market open, more substantial support below at 7267.
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An unusual and interesting move sees dax and dow not bothering with the pivot and head straight down overnight to S1 in the case of dow, dax got half way before the pair bounced. Expecting an early retest of the recent low and then probability says lower to test more substantial support but the EU market open coming up at 7am and the London open at 8 will reveal all.
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Ger and EU flash PMIs at 8:30 & 9:00 am, US PMIs at 2:00 & 2:45 pm. The consolidation of the last few days continues with lots of rumour and speculation as to trade war developments, will it escalate into a tech war, when is the next meeting.
Dow is bouncing between 25555 and 25956 with key support below at 25214. Dax moving sideways within it's rough channel. Ftse looks to be starting a down leg with the Times announcing May will resign on Friday while Nikkei hovers just above key support at 20870.
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Unconfirmed reports PM May will be resigning tonight.
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9 minutes ago, dmedin said:
Some of these patterns seem to work quite well in a really short time frame.
Yes, there are thousands of traders on each time frame who all have the same understanding of TA and they are all looking for those same patterns, levels on their particular chart and so helping them to play out. Most all systems and patterns work on most TF charts, it's just a difference of scale.
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@johnt4917, you forgot to mention how much you were offering, or you might choose a pay for signal service, that would be easier, or you could check the review site mentioned earlier in the thread, they also review pay for trading systems some of which actually do get a good rating;
https://www.tradingschools.org/trading-systems/
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ok @nit2wynit, you'll need to start testing scanners, if you type 'scanner' into the search box there are probably a dozen that have been suggested on the forum over the last year or two.
Or, use the WT chat room ($200/month), but that was what the reviewer joined and reviewed.
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Dax tagged R1 then fell in line with Dow, seems to be connected with increasing rhetoric about decreasing trade deal prospects coming out of China.
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BTC looking unsettled and unsure of support at 7766, may be about to try lower.
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38 minutes ago, nit2wynit said:
As no-one has actually confirmed yet if they know who I'm talking about, he started 2 years ago with $583 and made 100k in 2 months. He's recently just broken 1m in two years with this account;; all confirmed
Warrior Trading review, looks like you might need to take those confirmed claims with a very large dose of salt.
https://www.tradingschools.org/reviews/warrior-trading/
There is no reason why you can't trial any system for yourself on demo, that is what takes up a lot of time in the learning process.
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4 minutes ago, dmedin said:
Not looking for turning points etc sounds like advice for day traders, with that video being very emblematic of day traders in general. (Short, cryptic - pay money to learn more.)
I know of plenty of traders who pick major turning points trading for a living, it's just that I don't know any with less than 10 years trading experience. If you are just starting out stick to the basics, BTFD, otherwise you will bleed to death by a thousand paper cuts.
Not too many people are just going to start trading full time with no experience, not too many people are going to start anything full time with no experience. As I said earlier, think years not months. One of the main problems is that TA looks so simple and it is but TA is not trading, it's only one small facet of the skills set needed to succeed.
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audusd and iron ore chart divergence;
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4 minutes ago, Berno said:
Hi, where do i find my IG login details to log into my mt4 platform as i do not want to make use of the IG platform/app? Thank you
Hi, did you open a mt4 IG account from your 'My IG' page (see pic below). (mt4 account is separate from web based platform account, you can easily transfer funds across).
If so then on mt4 link it to IG by clicking File > 'Open an account' and follow the instructions.
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Looks to be setting up for a retest of resistance at 7358 after a bounce up off the pivot.
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7 hours ago, dmedin said:
There's a contrary opinion to everything because of course some people find indices too volatile and prefer to trade on stocks. lol.
The ftse is not usually too volatile and usually tags along with the others, worth a trial.
@nit2wynit, consider these basic guidelines;
- don't trade breakouts (see vid), wait for the first pullback after a successful breakout.
- look to trade when price is leaving a significant level, not when price is about to test it.
- look for trend continuation entries not major turning points.
The vid below shows a 'pro tip' on what to do when your trendline gets broken 🙂
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17 minutes ago, Carlosfpp said:
What is maximum leverage?
Since the new esma regulations the margin rate on indices is 5% which is 20:1 leverage.
FX majors is 3.33% margin which is around 30:1 leverage.
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Still red as BTC continues to consolidate about 8000.
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Dax looking about to retest the pivot (12134) this morning, confirmed resistance overhead at 12177 and S1 below at 12082. The China company blacklist news overnight may cause a stir on the market open.
Dow in a similar situation, looking to retest the pivot around 25830 having retested resistance above at 25900. S1 is at 25760.
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Minutes from the last FOMC meeting released today at 7pm may give more insight as to interest rate movement probabilities which is the second biggest market mover after trade war news at the moment.
The saber rattling gets louder as the US threatens to add 5 more Chinese tech companies to the blacklist.
Added for interest to the daily chart is MACD with divergence as the Mac has turned up and looking to cross the signal.
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3 minutes ago, nit2wynit said:
@Caseynotes Yes, I'm starting to see that I often try to pre-empt a change in direction.
Was just looking at the H1 chart and sure it may turn down sometime but not really shaping up for it just yet and be wary of using too small a time frame for trying to pick the tops and bottoms that you shouldn't be doing anyway.🙂
Let the market turn when it's ready and then look to be getting on board at the first pullback, that's the time to drill down to the M5 chart.
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Ok, I've pulled up the chart and can see the context on the 1 hour but it doesn't change my mind, price was down trending but went into a range, that move on the 5 min is a strong attempt to reverse that trend.
Need to go with strong candles with strong volume not against them.
Use the 'export chart' function to send a copy to your download folder to post. You've got into some bad habits 🙂 , you should have started posting earlier.
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@JamesIG, can you crop the pic? too much personal information.
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43 minutes ago, nit2wynit said:
What can you see?
The basics; why would you be shorting this, price has just exploded out of a range on high volume and now it's pulling back hopefully getting ready for a second leg up. So you've gone countertrend, why would you be expecting price to fall to 600. I would be expecting price to reverse about there to continue upward.
Buy the failed dip in an up trend. Sell the failed rally in a down trend. Keep it simple.
The way to play that is to look for a candle reversal pattern in the pull back to trigger a long trade. Stick with the basics, picking tops and bottoms is not for beginners.
Keep bet size small untill you are sure of your system. Get good at just one or two set ups (BTFD)
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Crypto Roundup
in Cryptocurrency and Blockchain
Posted
No big moves, still red, BTC minus 2.6%