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JJbing

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445
I've just got an email from IG saying that...
The FCA has ruled that cryptocurrencies are ill-suited for retail traders, due to the possibility of sudden and unexpected losses.

Therefore, as of 6 January 2021, you will no longer be able to trade cryptocurrencies using derivatives like spread bets and CFDs if you’re classified as a retail trader.

Professional traders can continue trading cryptocurrencies as usual. They are also eligible for lower margin rates, monthly rebates and credit facilities, amongst other features. However, professionals forgo many of the protections automatically given to retail traders – like leverage limits and negative balance protect ion.

Anyone else had this?

Yes, just had the same.
I’m not in crypto anymore so irrelevant to me anyway, reluctant to join in when it’s this high.
 

Froddy

Member
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1,072
Yes, just had the same.
I’m not in crypto anymore so irrelevant to me anyway, reluctant to join in when it’s this high.
JJ, are you still in DKNG?

Notice how it held support perfectly at the volume shelf (circled below) and the volume point of control (the purple line) - it still looks good for now, despite today's rollercoaster:
78867

We need to be vigilant over the coming days - the S&P has certainly reacted upon reaching that Fibonacci extension/upper broadening formation trendline and these markets move fast!

78868
 

JJbing

Member
Messages
445
JJ, are you still in DKNG?

Notice how it held support perfectly at the volume shelf (circled below) and the volume point of control (the purple line) - it still looks good for now, despite today's rollercoaster:
View attachment 78867

We need to be vigilant over the coming days - the S&P has certainly reacted upon reaching that Fibonacci extension/upper broadening formation trendline and these markets move fast!

View attachment 78868

I moved my stop loss to around $50 which was triggered for all my positions at open. Could’ve got higher as news broke RE legalisation in NYC.
As mentioned previously I just couldn’t shake the feeling of impending doom in the market!
Currently in no positions and feel great to be honest, I love trading (only started this year) but it is incredibly stressful and time consuming.
I think I’m going to take some of my profits out of my account soon.
 

Froddy

Member
Messages
1,072
I moved my stop loss to around $50 which was triggered for all my positions at open. Could’ve got higher as news broke RE legalisation in NYC.
As mentioned previously I just couldn’t shake the feeling of impending doom in the market!
Currently in no positions and feel great to be honest, I love trading (only started this year) but it is incredibly stressful and time consuming.
I think I’m going to take some of my profits out of my account soon.
Great stuff! Going flat (cash) is a position in trading, despite what people think, and now is a great time to do it as the markets may be about to get lively - you’re locked and loaded and ready to pounce now that you’re flat.

My trading hero (John Carter) encourages frequent withdrawals as he believes it’s really important psychologically. You’ve smashed that DKNG trade, and should be proud ...
 

JJbing

Member
Messages
445
Great stuff! Going flat (cash) is a position in trading, despite what people think, and now is a great time to do it as the markets may be about to get lively - you’re locked and loaded and ready to pounce now that you’re flat.

My trading hero (John Carter) encourages frequent withdrawals as he believes it’s really important psychologically. You’ve smashed that DKNG trade, and should be proud ...
Thanks, appreciate your charts and help throughout this thread, really helpful to someone like me.
Im in various discord’s and can’t believe some of the stuff posted/traded, which explains why the market is this crazy!
 

Froddy

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1,072
Thanks, appreciate your charts and help throughout this thread, really helpful to someone like me.
Im in various discord’s and can’t believe some of the stuff posted/traded, which explains why the market is this crazy!
OMG those sites are hectic - adds to the stress! Do you have any scanning software/platforms? Tradingview and trendspider are excellent for charting and scanning, and vantagepointsoftware.com offers very powerful (but very expensive) software too ...

Sometimes you just need clarity and silence to make these decisions!
 

JJbing

Member
Messages
445
OMG those sites are hectic - adds to the stress! Do you have any scanning software/platforms? Tradingview and trendspider are excellent for charting and scanning, and vantagepointsoftware.com offers very powerful (but very expensive) software too ...

Sometimes you just need clarity and silence to make these decisions!
I use trading view and try to chart, still learning from YouTube and looking to do a course perhaps over Christmas.
I’ll have a look at your other recommended sites, thanks again!
I don’t use them for advice, perhaps this is evidence we’ve been in lockdown but I enjoy reading the anarchy... shows how exciting my life is!
 

Wattie

Member
Messages
8,640
Great stuff! Going flat (cash) is a position in trading, despite what people think, and now is a great time to do it as the markets may be about to get lively - you’re locked and loaded and ready to pounce now that you’re flat.

My trading hero (John Carter) encourages frequent withdrawals as he believes it’s really important psychologically. You’ve smashed that DKNG trade, and should be proud ...
I've been sat with a lot of cash since mid October.....waiting to move.
 

Froddy

Member
Messages
1,072
I'm going to watch Nvidia (NVDA) at the market open for a potential daytrade bounce - it's ideally placed at the bottom of this broadening formation on the 15 min chart, and momentum looks ready to shift to the upside (yellow bars at the bottom of the chart). Targets would be $525 and $535 as the algos machine-gun the shorts' stops.

78880
 
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Froddy

Member
Messages
1,072
Terrible US employment data just released: will this fan the flames?

Not sure I'll be going long anything today after all!

78884
 

Froddy

Member
Messages
1,072
CNBC's headline at market close:

78953

Not quite as sexy as:

S&P falls for a third straight day to close out losing week as price hits 1.272 fibonacci extension and broadening formation upper trendline :saifi:
 

Froddy

Member
Messages
1,072
Further to earlier posts, I still really like the look of Nvidia (NVDA) - 78 minute chart below ....

79033

And Netflix (NFLX) has got my attention too, although it’s not as clean ...
 

Froddy

Member
Messages
1,072
I have my eye on Alibaba (BABA) - targets $260 and $265.
Nice move today. We are $262.50 and it may be a good idea to take profits if you are in this trade (or scale out if you hold multiple positions). The reason I say that is that the markets have a tendency to fall following the Fed press conference which is happening right now, and we are heading into options expiration on Friday ...

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Froddy

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1,072
Bullish cup and handle formation on the US dollar index (DXY) hourly chart.

If the dollar rips higher, this will hurt stocks ...

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