Caseynotes
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Posts posted by Caseynotes
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This was posted by IG on Sunday;
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@nit2wynit, a better question to ask would be how many years do you think it would take to learn how to trade successfully?
Some might say 3, some might say 6 and some might say even more.
Some people do get lucky and happen to hit the right strategy at the right point in the market cycle and get off to a great start but they always give it all back when the market changes because they didn't know the market would change.
That many years is a big investment to gain an edge, would you then risk destroying it by just giving it away to everyone?
But during the learning curve of course you have only spent time and not real money because you wouldn't take a strategy to a live market without fully testing it out on demo first anyway, would you 🙂
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Gets away on the second attempt;
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Ftse tags R1 ahead of dax and dow on the back of a declining gbpusd.
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Still in the red though BTC mostly sideways.
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Bit of a drawn out battle for control of the pivot today but looks to be away and heading for R1 and yesterday's highs.
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Tariff war turns into a tech war.
https://moneyweek.com/507266/huawei-us-china-the-trade-war-tech-stocks/
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Didn't know this had come round again, I remember posting a comment from the then head of SEC over a year ago that as he saw it there could be no approval for bitcoin etf because of a fundamental concern that wasn't going to go away anytime soon, but I can't remember what it was 😳
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7 minutes ago, Guest rare earth said:
can't see it to trade but found REMX which is American etf and news stories on it https://www.etftrends.com/tactical-allocation-channel/remx-etf-betting-big-rare-earth-strategic-metals/
Lynas Corp LTD mentioned in the article are an Australian company and are on the spread betting platform at least;
https://www.ig.com/uk/marketanalysis/ig-shares/lynas-corp-ltd-LYC-AU
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Still red but not too much change overnight;
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Dow has drifted up over the daily pivot overnight so we may see a retest of it before longer term direction becomes clear. On large ranging days like yesterday the S&R pivots are stretched so prior highs and lows increase in importance. Don't forget that if you are using IG's web based platform Monday's pivots are distorted by the 2 hourly Sunday candles so you need to find them from another source and put them in manually but Tuesday's are fine.
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The markets not sure which way to go at the moment so feeling out in both directions before drawing back to the start. Still 3 weeks to go of this hiatus in the trade war, will the future hold a increased tariffs to 25% on everything and the inevitable subsequent China retaliation? If so, China will need to expand the battlefield because they've run out of things to tariff so that will mean a radical escalation.
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1 hour ago, dmedin said:
Presented with this picture in hindsight. If you think you've identified a bottom, would you just aim for a 30 - 60% bounce back?
@dmedin the weekly chart would seem to indicate that the move down was the pullback and the subsequent move back up was the trend continuation. There are many ways to read a chart which is just as well as that is what makes a market. If everyone thought the same there would be no one to take the other side of your trade, who will be proved right depends as much on future events as anything else.
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@dmedin, the best approach is to think the way the market works and that's by levels. Both bulls and bears want to control the market and know they need to act as a team to achieve that. So they set up orders at obvious target areas.
The 5 min dax chart from yesterday. There was the early morning battle for control of the daily pivot (blue), the bears won and so aimed for S1 (first green line) where they found the bulls waiting for contracts to buy, the bears won again so aimed for S2 (second green line), the bears won again so aimed for S3 but the move was interrupted by the arrival or reinforcements onto the battle field on the US open.
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Coming up to the US open and dax has pushed down through 2 levels of support while dow is hanging around Friday's low. Recently we have seen the US market lift price after the London session has pushed them down.
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6 minutes ago, dmedin said:
I guess I'll wait. It's an interesting idea.
It is, so instead of picking out individual companies you would be taking a position on the industry as a whole, and considering it's still early stage there should be quite a bit of upside.
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Could be interesting, this chemicals company is apparently moving into cannabis oil with a view to breaking down the oil into constituent parts to be used as additives to beer and soft drinks for the US market, I'm presuming that's as a pain control product? This is just mutterings on twitter, can't find anything official though they are raising money for a new production facility.
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Still 100% red but some improvement;
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6 minutes ago, dmedin said:
Well, would you recommend jumping on the cannabis index at this time?
The chart seems to have broken down, lots of gaps and saying market not open to trade;
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Dax, dow and ftse keeping in step after a fail to push higher after the open saw a test of support, now waiting to see if they can bounce up from here or needing to find stronger support lower down.
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ok @dina the order type input box is on the old spread betting platform, go to your 'My IG' page and select 'Open New Platform', the new platform will choose the order type automatically.
The margin requirement is the amount of free balance in your account needed to open the trade.
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no difference @TrendFollower, just a convenience.
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@dina, you might find those levels are too close to the current price unless you use an at market order, (use the Deal, not Order ticket). The limit is your profit target 12236.
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