YM Advice

[$piddly]

Hi,

I have been trading YM for a few weeks. Starting to get into it now, just wondering if anyone has any pointers of trading it. Please ?

I have been using basic resistance and support till now, seems to have been stuck around the 10k mark, now its trading well above its gone off... Whats next to look for ?

Any help appreciated.

PS. First time I have traded properly really, tried a year or so back but just getting back into it. Having fun....

[$piddly]

***bump***
or does anybody have any nice charts with some bollinger lines (i think thats the right term) painted on. i had a massive loss today since i was trading around the 10000 and its gone of the scales now!!!!

[greygoose]

Not a glorious day in YM

[$piddly]

how do i know where to draw the lines on the chart is there a set distance between them always no matter what volumen range im working in. what rules are there for setting the lines how do i know? or should i just read the chart daily and see where the highs and lows are?¿
or am i just barking up the wrong tree here?¿
no it was a nasty day today in ym i watch it rise and my profits just drop i was down nearly 2000 by the end of the day!!!!!! not a happy chappy....

[Bon]

You are barking up the wrong tree, you do not manually draw the lines on there.

I would suggest reading this........

http://www.bollingerbands.com/

Depends on your Trading Platform how to apply the Bollinger Bands, but they are self correcting, you do not draw them based on highs and lows... you can determine and change some parameters, but I would suggest using the platform defaults, and take it from there.

Just add the study and read more about it.

[MonkeyTrader]

barking mad more like.

i hope your account is large to take a 2k loss like that, after only a few weeks trading ? you need to do some reading up my friend, and not just on bollinger bands.

one step at a time ?

and talking of basic resistance and support, didnt you think the consistent trading back to and then above the 10k would lead to these higher prices ? holding short through that was possibly not the greatest idea, but then you probably already see that, maybe you are a long term trader, maybe it will come back down below 10k - dont like guessing games.

good luck

[$piddly]

Luckily my account is paper at the moment. Thanks for the advice though Moneytrader. Im not a long term trader, i am just a new trader.

Thanks.

[$piddly]

Not a glorious day in YM

Hello Greygoose. Thanks for your chart, you seem to have a few things set up on there. Do you have any recommendations for a noooooob like me to get some money in the paperbank ?

Thanks.

[greygoose]

We can see from the chart that L2 support (heavy blue line) stopped the move up from the 1998 low.

We are now at L2 support (heavy red line) from the 2002 low. This price time currently and interestingly also coincides with the 61.8% retracement.

[Bon]

That chart is pretty cool Goose. )))))))))))))))

We can see from the chart that L2 support (heavy blue line) stopped the move up from the 1998 low.

We are now at L2 support (heavy red line) from the 2002 low. This price time currently and interestingly also coincides with the 61.8% retracement.