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Nelsy-Boy last won the day on February 16

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  1. I agree with @davidbrister. As a beginner I have found indices far more favourable to trade rather than individual stocks. May be there are a lot more people driving the market price on indices and so more distinguishable patterns show themselves. Choose one and get to know it.
  2. @Caseynotes thanks for your insight again and appreciate your comments on price action along with @TrendFollower. I have read a lot about these patterns becoming self fulfilling, in that so many traders recognise them and they all, on this occasion, buy the index. I have certainly tried to cut down on indicators and lines on the chart because I have put myself off from dealing due to conflicting signals. I mentioned divergence in a previous thread that you helped me with. I’ll keep learning and will put questions on the community as and when they come up.
  3. Thanks @Caseynotes. Can you please advise if the line I have drawn is the neckline.
  4. Is the FTSE showing an inverted h&s pattern on the weekly. If it is and it's broken the neck line of that, what is the likely target?
  5. @Caseynotes You are right about the extent of the stop required when trading daily charts. Deal ratio is one of the main things I have really tried to improve but it isn't easy.
  6. @Caseynotes and @TrendFollower many thanks for your insight. Much appreciated.
  7. Thanks @TrendFollower. Not sure if the Momentum indicator is classed as an oscillator but I have found it useful when the line crosses the mid point line in terms of a trend reversal. I have also found divergence quite an interesting benefit but at the same time, it has stopped me from entering trades only to find that the divergence was false and the market was just consolidating prior to the next leg up. Do you bother to pay attention to divergence when trendfollowing?
  8. @Caseynotes and @TrendFollower Really appreciate your input on this thread so thank you. I am only trading using the daily charts on FX and some indices and more recently commodities. Due to margin constraints, I am only sticking to those markets valued less than 10,000 and on those, the lowest size per point possible. That rules out Orange Juice and Lumber but they are loaded on the demo. I'm still finding my way but feel most comfortable dealing just on SMA's. Cross overs or price crossing over. Ichimoku helps and sometimes the Momentum indicator, but I have found that I can be put off by too much information. Therefore trying to just peel it back to HH HL support and resistance and of course only trading with the trend. When I am looking at the daily chart towards the end of the day, I have not found it useful to drill down to pinpoint entry. I only deal based on the TA of the daily chart. I would be extremely interested though, in how an Oscillator can help with your entry point @TrendFollower if of course you don't mind sharing that. Obviously, if that's too much information to share I completely understand.
  9. Thanks @Caseynotes I hope my next question is my last, I'm sure you do too!! The recent lower high is only confirmed as a lower high because of the rather large red candle today. If that is correct, then would we only go short on this confirmation candle. And, if we do, why would we think that because todays red candle has not passed the close of the red candle on Monday, that it would indeed continue down to at least the more prominent support line?
  10. Thank you @TrendFollower. I was hoping you would add to this thread. Would you or @Caseynotes or like minded people within the community please share your insight into a period on the gold daily chart. I am interested to know about what a higher low looks like. So starting from point A, is point B considered a higher low and the same for C and D. E is lower than D and level with C so how would you describe that. Lastly, as point F closed higher than the last higher high at X. Having bought at Y, would you have added to your position, and if so at which point? By the way, I appreciate your input @Kodiak but that is well beyond me at this stage in my trading life-line.
  11. If the price stays the same on the daily chart today and I know it's a big if, has that formed a double top?
  12. Thanks again @Caseynotes. That is clear. One more question please. Just how important is it to look at the low as the bottom of the wick of the candle rather than the close?
  13. Thanks @Caseynotes I understand the HH and the resistance. I'm not totally clear on the HL though. Which low is that higher than and why is it significant when there has been three red candles prior to that point after the A and B candles? Really appreciate you spending time to answer this.
  14. Could the community please share their insight on the following graph. If A is a new high and B is a lower high then what is C described as? Is it a new high because it is higher than B? If it is, why do you think the large red candle came into play the day after followed by an even larger green the day after that which is now a new high or is it?
  15. Thanks @Caseynotes. I understand divergence, but just how far back from point to point is acceptable for it to be relied upon as a decent signal. The one above is about 16 periods, i.e. days in this case, with a lot of peaks and troughs in between the two possible divergent highs.