Nelsy-Boy

Thanks @Caseynotes. Do you think the time of the daily close bears any significance. When viewing the hourly charts, the volume and movements seem to be higher in GMT "working hours" and then slow down overnight. Therefore, are other countries trading on GMT I wonder?

I am always using the daily candle charts for trading and recently started using some indicator tools on Tradingview. Strangely, their daily charts close at 11pm GMT, unlike IG's which is midnight. This gives a different perspective as I tend to attach a lot of significance to the the daily closing price. I would be interested to know what the community thinks of the importance of the daily close price and if so, would they prefer midnight or 11pm GMT. I would appreciate all feedback. Many thanks.

Hey @dmedin. That news piece is something I long suspected. If anyone can move the market with just one tweet then why shouldn't the cronies profit from it. I'm just surprised this has taken so long to get to the "news".

Hi @dmedin. It doesn't sound sad to me. Sounds pretty normal for someone who hasn't settled in to a comfortable strategy or timeframe. I have been there on more than one occasion. I personally find the 15m charts way too fast. I only trade dailys but if you are able to monitor/trade throughout the day then I found the 1hr charts the easiest to follow. Most of the time, checking the close on the hour, depending what I am monitoring. Alternatively, using the alerts are quite helpful. What do you think about that?

@dmedinLooking at the daily, I note three days of downward movement followed by the last three days of upward which has only just about covered the movement of the last day down. Therefore, I think the next move is down. Not sure by how much though.

@dmedin don't forget the gap on the daily chart around 1804. Looks like their is a good chance it will reach that. Least I hope it does.

@TheGuru12 If you have a decent strategy based on the daily chart for spread betting. Do you think you can obtain a decent strategy based on say a weekly or monthly chart that you can use to physically buy shares based on chart TA alone?

Based on my daily chart strategy, I see divergence on RSI and Stochastic. Therefore, I should trade this long right now. On this occasion though, I feel a bit nervy. Anyone thinking the same?

@nit2wynit I say graphs but I call them charts as well just to confuse me. I only asked as I have seen your posts on spread betting and wondered if you used the same principles as betting as you do when you physically buy shares.

Hi @nit2wynit May I ask if you use your IG graphs and indicators before physically purchasing shares?

@dmedin the stop loss I set could be as much as £50 but that is the max I will go to. Therefore at 50ppp I am limited to waiting for the right entry point. For example, in the attached US Tech, there is good divergence in the RSI and small divergence in the Stoch and the stoch has crossed up. However, to enter a buy now would be too risky based on the level the price has moved up as my stop would have to be set below the the prior red candle. I like the daily charts because I can spend time on reviewing my positions in the evening and pretty much the whole days trading is reflected on the graph and indicators.

That is an interesting point. Isn’t it weird though that if I forget the news and concentrate on the market price and indicators, a minor pull back is the same suspected result.

@nit2wynit on that US dollar deal, the stop loss would have been above the most recent high. I don’t tend to focus on ratio-ing my stops and limits. I might have a target that is two or three times greater than my stop but you never know if you are going to get there. Therefore, I always review my trade at the end of each day, usual time. If I don’t think it’s going to reach the target, I will close out for the profit. If it’s really taken off in the right direction, I will move the stop to small profit and see what happens the next day. If it goes against me but doesn’t hit my stop, I might wait and see but if it’s glaringly obvious it’s a wrong-in I’ll close it for a loss before it hits the stop. Some will say that my strategy is wrong but that doesn’t matter. It’s working for me with the limited funds I have.

I only trade using the daily chart and usually put the deal on about 8pm. I always use stop losses and I only trade FX and Indices where it's 0.5 a point. Sometimes when I'm not overly confident, rather than risk my money, I put the deal on in the demo to keep me interested. I don't get many opportunites to trade as there are not many options at 0.5 a point but at least it keeps my risk low which suits me. Here is a trade on the demo, which I have set up the same as live but was a bit hesitant. I saw divergence in Stochastic and divergence in RSI so sold down. I don't look at the news feed anymore for announcements and this has not affected my trading. It seems that the price is moving with the expectations of the market and as such, the TA can be followed. It is when something unexpected happens that can affect the outcome of my strategy but there is not a lot you can do about that other than use your stop losses without fail.

@StormChaser reviewing the daily, I see divergence on Stochastic, divergence on RSI. Could 218 be the top for now with a possible small correction down to 209 the next move I wonder.