studyolic

Anyone here trade stock index futures? When I saw the "swing trading" forum come up, I thought I might find a few buddies, but it seems most here trade individual stocks / options. Just to clarify where I'm coming from, I use hand - drawn one-day bar charts which I convert to 2-day swing charts, so I'm using relatively long time frames, and Gann-style analysis. I chart the FTSE, Australian ASX and DJ euro Stoxx50, and also gold and copper. Just thought I'd see if there were any longer-term traders out there.

AbeSmith First, I have to congratulate you on your honesty and willingness to learn from the good people here. It would be easy to become frustrated, and think that these folks are "having a go" at you. As you are obviously aware, they are all trying to help, in their own way. Here is my 2 cents worth. I think you should invest some time reading "Reminiscences of a Stock Operator" by Edwin Lefevre; this is ghost written account of the trading life of Jesse Livermore, one of the old greats, who had many faults and demons to deal with in his trading life. Also, read one of Jack Schwager's books about some of the big traders. It gives an interesting insight into different personalities and trading styles. Then, have a think about your own trading style. Do you really have to be a day trader? Have you ever considered using longer time frames? There are many traders who feel that the big profits are in the big moves, ie over days and weeks. You have to find out what suits your personality. If you feel that using longer time frames may be more to your personality, may I suggest looking at the trading techniques of Safety in the Market, an australian firm specialising in teaching the methods of WD Gann, who was active around the time of Livermore. The web address is; http://www.sitm.com.au/ they have offices in the U.S., I believe. Above all, be cautious. The primary objective of any trader must be to stay in the game. If you blow your capital, you're out. Best wishes, PS I have absolutely no commercial connection to Safety in the Market, other than being a satisfied customer.

Mal, I enjoy your posts and your market analysis. I do not use Elliott nor Fibonacci in my own work, but I often find that your market view of the DAX agrees with my view of the DJ Euro Stoxx50 and FTSE. Like you, I got out of my long positions at the close on Friday 18th, and am watching for indications for a short position until Friday 1st June/Monday 4th June. Then I see an increased chance for more upside action.

Brownsfan, sorry if I gave the wrong impression; I'm not calling a final top in May, I'm just saying that I think there are some signs of the FTSE100 and EU Stoxx50 making A top around the 17th. In my opinion, these markets could then trade down for a few days, maybe even to the end of May, before heading up again. I didn't want to start World War III about tops/bottoms and technical indicators, I was just throwing in my 2 cents worth in response to the original post.

Not Fibonacci, just a number of other time cycles all coming out around that time.

Friday 20th saw strong upwards movements for the FTSE100, Euro Stoxx50 and ASX200. I think there's more room on the upside, at least until mid-May. JMHO. (NB. my trades run from 3 - 10 days, so I have a longer timeframe than a lot of the folks here).

I don't follow those markets, but on my charts for the FTSE100 and the DJ Euro Stoxx50, I think mid-May, around the 17th, could be a top. Maybe.