I'm a beginner trader.

This thread is meant to help me, but the only way that's going to happen is if there's an active discussion, in which case everyone benefits.

What I'll attempt to do:

I will try to read market psychology/sentiment by analyzing TSX indexes. I ask of you to point out my mistakes.

Let's begin.

June 21.

I wrote this about an hour before market close. I don't think I'll have time to do this later in the day. I don't think much will change in an hour though.

From channel top to channel bottom in one day. Awesome.

What I like about the last candle is that it HUGE, on a relatively LOW volume. Meaning that everyone was selling, but no one was buying.

Was this a decline on news? Or are the people uncertain about the end of the week, causing everyone to lock in their profits?

What I don't like about this channel is that it might be a flag, and the huge candle is not helping me overcome that concern.

At the same time though, I don't expect there to be many bears left.

Prediction: If the index doesn't drop below 11,400, I expect a relatively strong bullish candle tomorrow.

TSX Consumer Staples and Discretionary are both not likely to come back tomorrow. After a strong 3 day rally, both have charted out strong tops.

Energy, Industrials, Diversified Metals & Mining, and Utilities will probably not make a comeback tomorrow. All of them are continuing their fall from their respective channel tops.

Financial, Info Tech, Real Estate and Materials will likely find strong support tomorrow.

Health Care, and Telecomm are expected to rise tomorrow.

You are welcome to comment on this. Constructive criticism is highly encouraged. 

Wow. A very old thread resurrected.

Stock King TSX stands for Toronto Stock Exchange. If you have access to it, it might be worth looking into depending on what kind of trading you do.

I only trade indexes (that is successfully, my endeavors into stocks landed me in trouble because I was being a dumbass), so I can't tell how good the stock trading is, but the main index (composite or the 60 http://www.tmxmoney.com/HttpController?GetPage=EquityIndices&SelectedIndex=0000&IndexID=0000&Exchange=T&SelectedTab=QuoteResults&Language=en) seems more stable than the US indexes (I trade only SP500 and Russel small cap).

Now to the ridiculous part.

To anyone asking why in the world would nowwhat resurrect this old thread, I don't have an answer. It's stupid. But I do have an explanation:

A few days ago I posted in the daily thread something between the lines of "can we have a rule against blank charts?". A little time after I received a PM. The following is a conversation that ensued.

I just find it so childish that you (nowwhat) had to find an old thread with a single post in it and try to insult me. 

--------------------------------

nowwhat
Aug 16, 2012 at 3:11 pm

Re: Elaboration :

Technically speaking :

So, the HUI's 400 Level means absolutely NOTHING to you ?......(unless......unless it has been colored red) ?

 

 

 

ankhmor
Aug 16, 2012 at 3:20 pm

Even if it was colored red, it still would mean nothing to me looking at those charts

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nowwhat
Aug 16, 2012 at 3:26 pm

So, what you're saying is......

That you don't understand Support and Resistance Levels ?......

That this 400 Level means NOTHING to you ?

 

 

That Chevron's $ 110 Level would mean NOTHING to you ?

Unless it were "elaborated" upon ?

 

ankhmor
Aug 16, 2012 at 3:29 pm

Unless it were "elaborated" upon ?

 

That, my friend, is correct.

 

 

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nowwhat
Aug 16, 2012 at 3:43 pm

.

Pictures tell 1000 words......(to those who posses any sight)p>

 

What Levels stand out to you here in these charts ?......

Judging from your responses, your answers would be : None !

 

And I'd find that tremendously HARD to nelieve, what given that I could probably train A DOG to recognize such levels.

 

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nowwhat
Aug 16, 2012 at 3:58 pm

If I commented (which I did), that this chart was "Double-Topping" here, would you require further "elaboration" ?

 

 

6 months later , it looked like this :

 

 

It's not enuf to simply just  comment that it's dbl topping, all kinds of "artwork" etc., would be reqyuired, in order for you to comprehend......

 

 

 

 

 

 

ankhmor
Aug 16, 2012 at 3:59 pm

Let me make this crystal clear. I'll make this very logical so you won't be able to argue with it if you possess any.

 

Case 1: I follow HUI, CVX or any other company/index/etc that you post a chart of.

 

What the fuck do I need you blank chart for? I already have those charts in front of me. Plus I know of this awesome feature in charting programs where I can draw lines. Can I get a WOW?!!

 

Case 2: I don't follow HUI, CVX or anything else you post.

 

I could've just went to barcharts or bigcharts or opened up my charting software to see the blank chart. I'm not a lazy fuck, and anyone else on this forum who is won't be trading for much longer.

 

Now when you tell me about the important levels (oh wait you don't I gotta figure that shit out myself). Let me rephrase it: when you assume that I see the important levels, I still have 0 information because I don't follow those indexes/companies.

 

If you were to elaborate and tell me if you think those levels are going to HOLD/BREAK/etc and WHY that would give me a heap of useful information. Knowing your opinion as to these important indexes/companies HOLDING or BREAKING these important levels, either supports or refutes my analysis of the general market.

 

I don't want to see those goddamn blank charts ever again. They just clutter the thread that otherwise contains useful info contributed by useful people.

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nowwhat
Aug 16, 2012 at 4:38 pm

I point out the key levels (every time)

 

And you can make your own freaking call on them man

 

Take this Hang Seng's 20,000 Level.....

 

 

Which way do YOU see it going man ?

Do you NEED to have MY opinion ?

I don't need YOUR'S so freaking why do you NEED mine ?

 

 

Or this Frankfurt 7000 Level SEXTON ?

Is EVERY reader on the site freaking ACUTELY aware of it ?

As acutely aware of it as you (and I) ?

 

Would NO ONE on the site find zooming up on it perhaps, USEFULL ?

 

 

You're a sick freaking Republican man.....Try to GROW UP !

 

 

A SQUELCHER of Free Speech.......

 

 

 

Yes......Frankfurt 7000 Baby......Frankfurt 7000 !

 

With our OEX being tomorrow

 

COINCIDENCE ?......

 

 

 

 

 

ankhmor
Aug 16, 2012 at 5:03 pm

 

Which way do YOU see it going man ?

Do you NEED to have MY opinion ?

I don't need YOUR'S so freaking why do you NEED mine ?

 

See this is where you go completely wrong. If you can answer this question, I'll make sure that the daily thread will become a blank chart fest.

 

WHY POST IN THE FIRST PLACE THEN? IF I HAVE TO FIGURE OUT EVERYTHING MYSELF WHAT'S THE POINT OF YOU POSTING ANYTHING?

 

 

 

Or this Frankfurt 7000 Level SEXTON ?

Is EVERY reader on the site freaking ACUTELY aware of it ?

As acutely aware of it as you (and I) ?

 

Yes they are. It's clear from blank charts that they can see anywhere. Why do you have to put them in the thread?

 

Would NO ONE on the site find zooming up on it perhaps, USEFULL ?

No. As I said no one will find it useful. People aren't lazy fucks who can't press the zoom button

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nowwhat
Aug 17, 2012 at 2:28 pm

 

Quote:

Originally Posted by nowwhat 

Simply Ruler-Line the lows .......

 

 

nowwhat 2012

 

18 dollar zone must hold......

 

 

 

nowwhat 2012

 

 

ankhmor
Aug 17, 2012 at 2:33 pm

much better

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nowwhat
Aug 17, 2012 at 2:39 pm

WHY POST IN THE FIRST PLACE THEN? IF I HAVE TO FIGURE OUT EVERYTHING MYSELF WHAT'S THE POINT OF YOU POSTING ANYTHING? What's the point in me posting, displaying, sharing, reporting on, broadcasting, exposing and yes, even ridiculing, some of the most significant stock market chart levels in stock market history ? Especially when EVERYONE AT the site is already ACUTELY aware of things like, the awe inspiring importance of say, the Canadian banking sectors $22 Level ?......

 Yes EVERYONE'S already quite PERFECTLY attuned, to the Canadian banking sector...... So they don't need to be informed of it's 22 level :

 

ankhmor
Aug 17, 2012 at 3:04 pm

do you trade with actual money? It's hard to believe you haven't run out yet.

 

don't reply to this. it'll be a waste of your time. i'm done.

To add something constructive to this thread I'd like to say the following.

This thread was started in the beginning of my intensive participation in the markets.

I've done some trading before. It was plain gambling, but as a complete novice I didn't know that.

$100 invested into forex disappeared quickly. And the 3 option plays I've done put me below the minimum balance required to trade options.

Until the end of June I've forgotten about trading. And then I started day trading or rather gambling.

Now after two months I've gained enough knowledge and experience that I'm not gambling anymore (at least I think so). I seem to be able to predict the market with decent success.

I'm still green as grass or maybe even greener, but at least I'm not gambling.

Returning to the topic of this thread, the single biggest contributor to my growth as a trader has been the ability to read the psychology of the market.

I think that is the number one thing a novice trader needs to learn. The ability to read the supply/demand aka psychology of traders/market is a must before putting any real money down. 

I find it unsettling that such topic as market psychology has so little openly available information regarding it. There are tons of information about indicator trading, and other such things that make the market look easy to play. Candlestick patterns and what not. They are all there to attract the noobs in my opinion. It makes trading look WAY TOO EASY.

The information that gives you an actual insight into the market is hard to discover, and even once discovered hard to find solid amounts of.

For example, where the hell was Volume Spread Analysis this whole time? Type in "Volume analysis" into google and you'll get nothing about Volume Spread Analysis or Wyckoff. Just some misleading stuff or a driblet of useful reading. 

Wow what an asshole. Complete disrespect towards Stockjock-e

nowwtf you know that he's a moderator right?