27 April
Technical Analysis
HOPE YOU HAD A GOOD BREAK!
Holidays are a good time to refresh the brain. Now you'll be ready to tackle our secret weapon: Daily Robo System2. We've included a video so the concept is easy to grasp!
Want to know more about ElliottWave? Want to know more about Gold?
We've got you covered: this week we feature our ElliottWave counts for Gold as it moves around the US$1500 with 4 Charts and analysis!
WANT TO GET BETTER TRADE RESULTS & IMPROVED TECHNICAL ANALYSIS?
Trailing our service is easy and so low cost. Make time to improve your trading Now! Don't take our word for how good it is. See our Members feedback
Bye for now, Pete.
PS. Call anytime: 0434 288 367 or 02 4448 6020.
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01 ASX TRADES – Our Robo CFD/Share Daily Trading Systems Video »
Daily Robo Trading System
This is a simple trading system that has all the trading rules build it, that is, entry, stop, trailing stop and exit.
If you wish to refine the method then watch the video on the TradingLevels and reading volume.
The main trick in using the Daily Robo is finding a stock that moves in a smooth manner, not choppy. They are out there, so happy observations!
Here's the Video:
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02 INT'LCOMMODITES – Gold: featuring our ElliottWave counts around the US$1500
Gold 1 Hour Chart - Technical Analysis Elliott Wave
Wednesday, 27 April 2011 at 12:58:00AM AEST
Gold reached a new daily low, but nothing has changed really! We still believe this leg lower is part of some larger complex correction that is unfolding in wave 4. Waves (b) and (c) still to come. Would not be surprised to see a choppy ride between 1480 and 1515 through the next few days..
All what we want to highlight is to be patient and wait on a solid, recognizable correction, before you attack bulls again...
Gold 4 Hour Chart Technical Analysis Elliott Wave
Tuesday, 26 April 2011 at 4:55:00PM AEST
Finally, gold reverses from the 1518 highs, exactly after the prices reached 161.8% Fibonacci extension level of wave 1 measured from wave 2 low. Correction is now unfolding, labelled as a black wave 4, which must be structured by at least three sub-waves with potential pull-back even down to 1480 region. However, keep in mind that larger trend remains up, so we favor uptrend continue once wave 4 will be seen. Critical/invalidation region is at 1447!
Gold Daily Chart Technical Analysis Elliott Wave
23 April 2011
- wave (5) underway
No change!
Gold reached new highs in recent week as expected within wave (5) which is still far away from completion. In fact, we believe that a recent move lower from the highs was only a temporary corrective pull-back, wave 2) of wave (5), which means wave (3) is now fully in progress, targeting 1500/20 region. We know that five wave (5) is a motive wave, so we need five sub-wave structure, before bullish trend can be finished.
Gold Weekly Chart - Tecnical Analysis Elliott Wave
2 January 2011
-fifth wave extension targeting 1470 and 1540
Bullish price action from 680 area is counted as a five wave move, so a significant bull market may finish in 2011, since we believe that the final, fifth wave of an impulsive structure is in process, targeting 1470 and then maybe even 1540 area. However, keep in mind that only a five wave move from the top will confirm a bearish reversal.
Want to follow more of our Forex and Gold/Oil/S&P500?
We have Intraday, 4Hourly, Daily and Weekly charts posted for Forex 6prs, Gold, Oil & S&P500
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04 INTERVIEW - Graham shares some of his CFD trading experience!
Leverage from each others’ experiences.
For this weeks' Member Interview, we kindly thank Graham for taking the time to tell!
INTRODUCING GRAHAM, TRADINGLOUNGE TECHNICAL ANALYSIS MEMBER FOR 2-3 YEARS
What's your trading experience?
Up to three years ago, work and travel commitments meant I just dabbled here and there in trading.
Settling back to a more relaxed lifestyle gave me the opportunity to dedicate some real focus on my desire of creating an income stream from trading. However, I had a realistic attitude and didn't expect instant success.
Was Graham unlucky in getting seriously into trading around the start of the GFC? In 2007 I only traded CFD s using my trend following systems and I made a modest profit trading long. By February 2008 the stops on my long systems had taken me out of the market and I had very few trading signals from my systems until I started receiving shorting signals in September 2008. From September 2008 to December 2008 I did well trading short using market maker CFDs. Trades were around 60-90 days duration. So for someone not so experienced in trading it was proving beneficial. The frustration during this period was dealing with the long periods of no trading but the upside was that my capital was not eroded.
In the first quarter of 2009 when the market started to retrace to the upside the momentum had not run long enough for my trend following systems to trigger any signals and I found myself floundering and frustrated trying to find other ways of entering the market. I had by this time started using a mean reversion system, both long and short, and the long system has to date, performed very well but the flow of signals is erratic and very few signals actually trigger..
With a need to find ways into the shorter and shallower movements I started looking at other methods ie pattern recognition, but I never formulated anything clearly in my mind.
What do you trade?
CFDs short term. I have not traded in shares lately because all my trades are relatively short term at present. I have accounts with a Market Maker provider and a couple of DMA providers. I generally use the MM provider to place mean reversion system trades and if I want to hedge a trade that I have placed with the MM, I place another trade with a DMA. Most of my trades are done through DMA providers.
How do you utilise the Trading Lounge?
In August 2009 I received an email from Trading Lounge outlining the concept of Trading Levels. I was interested and followed the links to the TradingLounge website. I was then able to attend one of Peter’s Workshops soon after receiving the email. After working through the online educational material on the website and attending the presentation by Peter at the Workshop, I could see how both TradingLevels and the Robo method could be of immediate benefit in helping me with my trading.
After delving into the Forum and attending a Workshop I gained a better understanding of the TradingLevels and started trading with them. My results were quite good; not all of the trades were right but I got up and moving in the right direction. Now I'm experimenting using TradingLevels to help me qualify signals from my trend following system. It is still early days but so far I have had some very good results. I know I haven't been disciplined enough in applying the strategy, yet in many instances this strategy has worked well: it's kept me out of some bad trades I would otherwise have gone for and, secondly, set me up to exit trades more efficiently.
I have still a long way to go before I see myself as proficient with TradingLevels. To me the real opportunity lies in the fact that TradingLevels has provided me with a clearly defined process/platform from which I can make discretionary decisions that are practical and pragmatic.
I have also looked back over trades I have done using TradingLevels on it’s own over the last 3 months, and now I see that in a number of those trades where I didn't do so well, that if I had applied, my now deeper understanding of the TradingLevels, I would have had more successful trades.
Please share your golden CFD trading rules?
In my earlier days of trading trend following systems I stuck rigidly to my trading plan rules, but even though later on, I became slack in applying this discipline, I never lost my focus on risk management.
My basic risk management rule is I only put in, to each trade, a very small percentage of my cash float – I start at 1%, often less, and never exceed 2.5%. In addition, I never allow my market exposure (trading CFDs) for each system’s open trades to exceed 3 times leverage.
What about past trading experiences?
WORST: A trade I did way back with Zinifex, now Ozminerals. It was triggered by my trend following mechanical system and then went through the stop loss. I decided to stay in as I thought it must turn around. I got locked into the ride from $18 to 0.55c and now to $0.98
What did you do wrong?
I broke all the rules and hung onto it just believing and hoping it would turn around. That trade underscored for me the consequences of hanging on with hope, the "its got to turn" deathknell.
BEST: Quite a few good ones: with BTA recently I got in at the beginning of the run up (with swine flu in the news). I picked BTA with a trend following mechanical system and I had also started to use the TradingLevels to guide me as to where to get in and out. The risk amount on the trade was $650 and I made $4500 profit.
What did you do right?
I didn't stick rigidly with the trend following system rules, after entering the trade as a trend following, I then used the TradingLevels to move in and out of the trade 3 times over about 2-3 weeks. I used TradingLevels to trigger exits and lock in profit and then after retracement and re-emergence of support, to re-enter the trade for the next upward movement.
Any parting words of advice?
Mechanical systems require a very high level of specificity and definition; there is no room for discretion. Mechanical systems require rigid discipline, but as long as you stick to applying the predefined rules, the discipline is built in. The problem for me in this was that because the system was so specific, working the system became very routine. I personally did not have to make decisions beyond processing data and entering trades. The upshot of this for me was that I became careless about what I entered in the trading journal as everything relating to the systems was predefined, I did not stop and focus on the broader market issues or how I felt trading on any particular day etc. I did not review my performance beyond system statistics.
When I started trading using TradingLevels I quickly realized how critical it is to maintain a trading journal properly to record the reason for each trade, to check how you reacted entering or exiting the trade. This information is critical for me to assess on a regular basis, how I am tracking in relation to being consistently disciplined in what I do.
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