dmedin

On the weekly chart ... who would be taking a long position based off this picture?

Question is, will you 'put your money where your mouth is' and place a bet on it going to 1280? 😁

Okay thanks. I didn't think to draw a Fib from the flash crash low. 😁

That's interesting, can you explain? I saw this from Reuters and don't understand.

I recently found that when drawing Fibs, the percentage lines are excellent support/resistance points, better than I could do myself without them. Interesting that they can be used independently of full-blown EW which I find difficult to get my head around at this time.

I'm sorry I think I misunderstood you, but can't remove my post or edit it

You call this a bear market? How so?

Yes - we can make a neat profit from more death and misery in the Middle East.

I have to admit that I personally find the Fibs essential! If it works, does it matter whether it's a 'legitimate' theory or not?

Caseynotes, I would love to know what you think about this statement? (Apropos of mass psychology, self-fulling prophecies etc) The Elliott Wave Principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method's loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong.[37] https://en.wikipedia.org/wiki/Robert_Prechter

I'm sorry. Was being a bit presumptuous there. 😂

If you're asking whether it's worthwhile to swing trade by buying and selling actual shares, then I would not really recommend it. You probably know about CFDs and spread bets where you can bet 'per point' in price movement (which makes up for the slower pace), which is where the action is really at. This is what most of us are interested in. You need to be super careful though and do a lot of reading up and testing first.

Not yet ... only been at it for 9 months!

I'm buying at 1291.5 😎

Why not compromise and only buy the 43" monitors with profits you make trading while hunched over your 14" laptop? Spending all that money upfront isn't such a good idea.

Gold broke out of a down channel yesterday and you'd want to wait and see if it re-tests the breakout point before going long I think.

Well okay, maybe 6 - 8 hours. $200 for 12

Good Lord, I would be willing to slog 10 - 12 hours a day if I could be net $100 up every single day.

Be careful not to lose all the profit later on.

Looks like a strong breakout today 😎 Need to wait a day or two to see if it has legs.

PIA First gave a nice signal last Friday. Since the down move has retraced > 70% it's likely to retrace all the way and then some. It gave a good recommendation to wait for a slight pull back before entering a trade and I agreed with it and committed to it on this occasion. (See my humble graph) Today however PIA First is recommending buying at 11010. That's going in completely the opposite direction to the trade they recommended before the weekend. Dodgy?

There seems to be a slight element of, 'since most retail investors are losers, go against the majority' lol! I had a good experience of this lately speculating on Intel, which was over 90% long at one point and has been selling off heavily.

Where do you get access to data on net retail clients positions?

I don't know how anyone can be successful day trading unless they start with a big balance and can make meaningful profit from just a few points/pips movement.

🤣