dmedin

Yikes 😮 Lots of buying pressure today! Let's hope it dries up

This Anton Kreil sounds like a chancer... why's he trying to make money off providing training if he can make all the money he needs from trading on his own account

I don't actually have a position open, because I'm not totally convinced it hasn't got further to fall. Might be worth waiting for a week or so. Might have further to go - down to 817 :

I believe Ocado has completed a recent, and much-needed, 'blood letting' and looks set for a move back up. I'd probably keep a long position open with a stop just beneath 50% and target something around 1200 - 1250.

Anyway, redrawing triangles/lines isn't so bad. Just keep redrawing them until you get a valid breakout.

At least you won't end up with negative balance.

@davidbrister I will. For better or for worse I suppose I am fitting things into my narrative because I have a strong gut feeling that it's way overbought. Anyway, JD Sports also have U.S. business and it will suffer a bit from the current appreciation of GBP vs USD.

I decided to short JD Sports for the following reasons: 1) Long and overextended bull run with declining RSI peaks 2) Increased volume on second failed attempt to break high of 649 - buying pressure exhausted? 3) Increasing volume on descent 4) 10 day SMA below 50 day SMA and the curve of 50 SMA is flattening 5) Candlestick patterns - can see what looks like an inverted green hammer around June 6th and another hammer near 24th 6) Break of up trend line I am fairly sure the price won't break 649 but I set my stop a bit lower because of the risk/reward ratio. If it breaks my stop I would take the loss, wait to see if it breaks 649 and if it fails a third time I would go short again. Pleasingly, PRT confirms the support and resistance lines I had drawn myself previously on the HTML5 version.

I had hoped someone would pick up on my JD Sports idea (I have an active short on that) but I guess it isn't interesting enough

What if your well-planned rule-based system results in losing lots of money?

What should those rules be?

JD Sports is due a little correction.

Ocado looks like it is turning into a potential long now.

£5 per point, 355 points in 2 months = £1775, for me anyway that would have been awesome if I had held on to my short until the end. Stop loss would have been around 1445 for a max loss of £50 or so.

From what I gather having done a bit of looking into it, it's because IG don't provide a feed for tick volume into PRT. Other people have asked about this years ago but they don't appear to be bothered about it. I notice that they never ascribe importance to volume anyway. This is a real bummer.

@nit2wynit The spread becomes large because so many traders are doing the same thing ... so there is an imbalance between sellers and buyers. I believe SB is based off futures, even for stocks ... it's like trading in 'derivatives of derivatives' ... direct market access might give you tighter spreads but you need to be trading on behalf of an institution or a large fund to qualify for that privilege.

lol no, it's just that I am 100 times more likely to lose £50 in ten minutes than make £50 Ocado has fallen several hundred points, at say £5 per point you would have made a huge return on a £2000 deposit in just a couple of months.

No volume indicator = no use to me!

@nit2wynit I called for a short on Ocado a couple of months ago (after the second bounce off 1435), and you see below how that has been going. (Although I cashed out far too early) It might not be day trading profits, but you can quite easily make reasonable money from swing and position trading in shares. Are you 100% opposed to it?

@Mercury I really enjoy your charts. Do you find EWT helps you to predict the next swing? I have to admit that I find all the nested As and Bs quite bewildering. (But that's a limitation of my brain...)

Some securities such as gold and silver say 'no volume is available' in PRT, but the tick volume is available on the HTML5 platform. Volume/tick volume is important to me, is there any way to see this in PRT?

An IG rep personally phones every new sign-up, BTW. For example, a couple of hours after I signed up someone phoned me and I told them I was interested in U.S. shares and they directed me to fill out the relevant form for U.S. shares. This was actually quite helpful and they also sent me links to get started on the platform. I'm glad they didn't keep phoning me and try to get me to deal - I appreciate being left to do my own thing and ask for help when I want it.

That's something I noticed when I was trying to trade on 5 - 15 min charts on stocks, using the 'Day trading for a living' approach. The spread can become enormous, meaning that you cannot make a profit this way. I believe that that approach (i.e. making money on individual stocks in short time frames) is only viable for people using a U.S.-type system where they are actually buying and selling shares, even though temporarily. With spread betting you can make money, just not enough money to replace the 'day job'.

You reckon you could make a living out of something this risky? It all sounds a lot like BS to me.

I'm still losing money hand over fist with 'day trading'. What a load of utter nonsense ... I guess it really IS for fools!