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Is this just profit taking Or has Sentiment returned that global econmies are facing tough times?

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Electrox
Super Contributor
Honestlty I think this recent run up was just to make a quick profit and give those a chance too get out at decent levels before the s??t really hits the fan.
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12 REPLIES 12
asylum
Super Contributor
Hi electrox yeah maybe up to quickly and just a bit profit taking at mo just holding imp short.
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Electrox
Super Contributor
Asylum, Now why did we go short to early on IMP?.... Cause we were prdicting and not following the facts.Im defintely not going to call tops and bottoms anymore, just ride on facts and direction.I went in a day after u @ R270. unfortunately didnt have enough funds to had to my short position b4 yesterday. 295-305 would've been much more juicy. I thought U closed all posiitons?
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asylum
Super Contributor
yes except imp i even sold out my long term ACL could not resist the huge up trend of the last few days, took to many beatings on the short side so i thought a bit of a rest was in order, just playing spreads on gt247 at the moment less stressful and more enjoyable.
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Not applicable
It looks like a fall to me. Europe is also falling down. I just wonder why.BHP story?. Australia maybe by increasing interest rate. Time will tell.
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Electrox
Super Contributor
By the way, hows that going? are u making some nice virtual moola there? :) But I think spreads/cfds are a better option than SSF on this platform. Took a look at dwt, but seems a bit more complicated for me right now. waiting for my IG account to be opened that Chartist recommended. U should check it out. My short term theory holds true that K&k weather = RED days. ( holds true for this month so far ) weird.
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asylum
Super Contributor
Electrox im not trading on the cfd platform just the spread platform have been running with it for a couple of weeks now i dont trade the top 40 futures contract because i find the margins to be very high, i like to trade the DJ and FTSE, have been playing the DJ more and have sort of got a plan which seems to be working, what i found and you can try it yourself and it seems to work most of the time, have a look at previous day High and low of index to give you and idea of trading range also keep an ear open for any news that may upset the market, try and trade on a quiet day on the markets, look for an enty point on confirmation of a break of the 100 min ema the entry is confirmed when the price pulls back towrds the 100 ema and the goes in the direction of the break out, dont exit the trade if the price is +- 20 point of the ema take profits at will and only exit if the price drops 20 points below the ema, use momentum and rsi indicators for some guidence dont enter a trade if RSI is less than 20 or greater than 80, give it a bash you will be quite suprised.
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Electrox
Super Contributor
Thanx. I will try it out. Dont really find the chart on GT247 as useful, compared with GCI trading platform(use the charts there instead). But yes , great way to work with ur trading plan and stradegies here. Imp is falling hard today.. almost break even now... target @250 then im out.
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asylum
Super Contributor
yes i was in at 258 so still some way to go. took me a while to get use to the charts on gt247 but im ok with it now actually their not bad once you get your head around it, oh and by the way i use the 5 min chart to trade on and also bring up the 1min chart of which ever index im trading i find having the live chart also helps.
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Electrox
Super Contributor
I Just cant figure out how to view a chart on a wider time frame( eg: a chart showing u 3 months data..)
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Not applicable
Look at the FTSE right now. I think that answers your question. Methinks the ***** just hit that proverbial fan.
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asylum
Super Contributor
Electrox they said they were having problems with the longer time frame charts dont know why, but if you need those just use the ones available on this site.
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duke_vest
Frequent Contributor
you don't have to worry about anything hitting the fan in south africa, because the fan she aint working
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