RE: CHARTS -T LINE TIPS18 Feb 2017 11:40
Good morning UltimateRage. If you read my first blogg on this board I say ' I strongly recommend that everyone should educate themselves and become familiar with candlesticks terminology and formations' and 'I do not propose to teach the art of candlestick charting as I am still a student' I have also stated from time to time that no one should follow what I do. I don't get it right all the time about 70 per cent approximately. Lack of DISCIPLINE and not doing what I preach is my biggest bugbear. A classic example is my trading of CTAG. Charts below. Several mistakes, Timing of entries, not cutting my losses short , not locking in profits, not following T line strategy. In addition I did take the view on this board that CTAG was a gamble yet I still went ahead and committed funds.
http://content.screencast.com/users/LEFKOSIA/folders/Default/media/ee3dd083-9985-418d-acd9-131c3a69aa4b/CTAG%20FEB16chart.png
http://content.screencast.com/users/LEFKOSIA/folders/Default/media/09d3eb71-af5d-4f9b-908f-635e37f8efef/CTAG%20FEB%203%20chart.png
Everyone has their own attitude to risk, different fund sizes and whether they can day trade or not so you will have to develop your own trading style to suit your own particular style and circumstances which may be completely different to mine. That is why I say don't follow me, use the tools provided, 12 candlestick reversal patterns, exponental moving averages 3,8, and 54, stochastics 12,3,3 , fibonacci, horizontal support/resistance, point to point lines, money management, setting stop losses and develop and practice your own trading strategies that you feel comfortable with.
In answer to your request to elaborate on my trading of Wall Street yesterday I only took 2 trades made just over £1k in three quarters of an hour and quit for the day, partly because I had other things to do but also because autocharts' prediction was for a retracement to where I had entered my short trades which put the frighteners on me hence bird in the strand decision. Each trade was for £50 a pip. Stop loss was set at 11 pips =£550 being less than 2 per cent of fund used for trade i.e fund size more than £25k BUT dependent on your attitude to risk and fund size you may arrive at different values. I set my stop profit limit at 20500 purely because the 500 is viewed by me as a psychological support/resistance so too 20400, 20600 etc. On the latter figure wall street had powered on to 20600 plus inviting a retracement which had begun. It was Friday the end of the trading week so my view was profit taking would set in crystalising the gains of the bull run. Chart showed close below T line had already begun at 3am prior to opening of London. I got in late simply because I overslept and missed the open. Price subsequently bottomed at 20528 and reversed the retracement when New York opened at 14.30 and ended the NY session back at 20600 see chart below. I have found that stock market opens/closes quite often result in direction changes eg 7, 8 am, 14.30,16.30,21.15 also 11am 13.00, 13.30, 19.30 some of which coincide with major news items especially 13.30 1st Friday of each month usa non farm payrolls.
http://content.screencast.com/users/LEFKOSIA/folders/Default/media/cbfb23f5-d5b2-4106-bcbb-3873a3b23b41/wall%20st%20feb%2018%20reversal%20chart.png
Hope this helps.
GLITA
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