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UK Stockmarket 2009 and beyond
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The markets move into September a little nervous, perfect for the Shorters with their rumour and inuendo about another possible bank failure. :eek:'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
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sabretoothtigger wrote: »How about this for an indicator, Ive not really managed to use it or even setup it up
Make any sense to you?
Sounds pretty smart to me in theory, think it needs some fancy trading station to get it to work
Heres one "squeeze" on the iShares FTSE 100 (daily timeframe). This was done on Quotetracker so nothing too fancy
In this instance there was quite a lot of buying pressure until the beginning of July before the bears eventually pushed it down to nearly 410p. So probably not an ideal example.0 -
Actually seems like it might have been of some use as an indicator, I'll have to watch the video back. May 22nd is when I shorted the ftse100, cant remember why now though
Sharescope is one site people are saying might be good to try if you havent already, they do a free trialFree stuff.
Depends on what data you want , Shares , Indices, some bonds, then Yahoo is ok
EOD futs you can use barchart.com , although if your collecting a load of data you will have to parse the data from web pages.
Currencies then use MT4. (I think you can import data into MT4 (yahoo data I'm thinking of), never tried though so ?? )
MT4 will allow you to program custom indicators (yet to look into it).
I use ProSuite. (Edit : which erm isn't free)
SPY is very weak today, its gone through all supports. I figured I would be able to pick up things cheaper tomorrow or later this week as asia might also react
Charles gives a good market stats summary - http://www.youtube.com/watch?v=IxCBAIp67Jk0 -
Yeah I might have a look at Sharescope, thanks
Thinking about the chart above, could it be considered a false breakout to the downside with the real upside breakout (with expanding BB bands signalling an increase in volatility) occurring later on? It almost seems like the pro's or whoever, were trying to sucker people (who would remember March lows well) into selling off cheaply before pushing it up through resistance...0 -
I connect it more to pre earnings season profit taking. So it was more a rumour vs news type dynamic for me. I didnt figure that at the time, should have checked key dates more so I was not thinking :doh:
Chartwise at the time I did think the gradient was flattening out and certainly in the xlf I thought that would go down some which it did but only briefly
The swing traders can sell their holdings and buy back in on the way up while avoiding the majority of the risk so thats the dip I guess, ends up looking like a fakeout
March was about citigroup announcing far better profits then expected and that followed on. GS seemed to do it this time along with intel
Just watching that video back, it would have been a sell on the big red candle mid June then that short signal is cancelled by the two green bars on MO just at the end of June.
That isnt alot of range but hey its something and its true that the ftse really didnt decline that much.
Getting a perfect trade all the way down to July 13th is the extremes
Im not sure he ever intended it for an index or etf even so it seems pretty resilient. Its crazy that video has so few views but discussion and 'tips' on an internet forum like this or iii receive far more attention.
The whole momentum theory in that video is solid stuff0 -
Lots of CHART talk here.
But what do the charts predict for the future??
After all its not much good telling us what happened after the event:rolleyes:0 -
The chart is trying to predict if what just happened will continue to occur so that your safe to buy something which has already risen
I think it helps give some targets anyhow, join the dots see how it looks.
People could always just do it all in their head but I think everyone has to weigh things up one way or another.
This chart I nicked seems to specify 4800 as points of weakness, if 4786 were breached it would be a breakout to the downside and achieve greater velocity
http://img3.imageshack.us/img3/4415/62798d1251917872wallstr.png
Banks weak and gold stronger, centricia rose & uu too so maybe less risky shares will do better now0 -
Lots of CHART talk here.
But what do the charts predict for the future??
After all its not much good telling us what happened after the event:rolleyes:
Indeed. The right edge is the important bit And the most difficult.
The FTSE 100 formed a "hammer" candlestick pattern today, which means bulls managed to pull back the closing price to near where it opened despite bearish pressure throughout the day. This can indicate a short term bullish reversal. I wouldn't rely on it, as so much depends on what happens in other markets after the close. In the next few weeks I do think there will be a correction (downwards) - hopefully just a return to a more sustainable level. I'm trying to learn as much as I can about TA as I find it interesting, but its a wide subject.0 -
short closing turbobob0
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Lots of CHART talk here.
But what do the charts predict for the future??
After all its not much good telling us what happened after the event:rolleyes:
Hehe, the old "Voodoo TA" question. Always near impossible to answer because it is something people either take an interest in, and strive to learn how to use it, or they dismiss it as voodoo, no use, mumbo jumbo. The former will ask a question like that out of genuine interest, the latter will ask the same question to set up a "debate"
To assume that charting is of no use because it shows what has happened, ie price history, would be to dismiss history as any use predicting future events. All a chart is, is a visual representation of where price has been and what it did when it was there last, how market participants responded to it, thus you identify areas of potential supply or demand.
One of the biggest problems people have who are trying to learn TA and how to use it, is the fact that as human beings we are constantly looking for certainty, for "sure things" for "the Holy Grail" Whether we realize it or not, human beings are programmed to be risk averse. Well in trading, as I'm sure you know, there is no "sure thing"
TA simply provides clues to where the balance of probability shifts somewhat, and allows you to implement a framework of risk management around that. At the end of the day you are gambling (no certainty) anything that shifts probability, even by a small amount, in combination with appropriate risk management has a big impact on the top and bottom lineHope for the best.....Plan for the worst!
"Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown0
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