Tullow oil - TLW

My chart shows that TLW broke the RSI trend line on the 26/11/15, it then retested on the 30/11/15 and now is above, however, the price hasn't broken the trend line yet though.

It couldn't close above the 50sma.



It seems to be struggling today.

Hi Longterm.
Hope your well.

I make the RSI break out yesterday. According to my chart anyway!
You are correct this is struggling today....
Ideally would have been a nice to have a rise on the open which did not happen, and yep, this did not close above the 50 day.
It did close above the 20 day, if it fails to close above the 20 day today, i will close this trade..
ATM my stop is around that red line on the chart at 194p.
Let see if it can bounce back and respect that RSI breakout

Regards,
Trendfriend.

Trendfriend,

I'm good, hope your ok? still trading I see.

I'm trying to trade more, the hardest part is making money consistently.

I am doing the 1,2,3 low method. It seems to work, but i'm around 50/50 w/l, trying to improve how i do it?

I am just starting to read the ramki book on elliots wave to see if it helps.

I notice that not many people are posting nowadays, are they on the chat, or are people not trading anymore?

It would be nice to discuss methods of trading. I've gone through the chartsviews trading section but nobody appears to discuss methods.

LTV

Hi Longterm,

i'm good thanks...
In terms of trading techniques, i can only speak for myself.
I just really simple methods...just the basics really tbh.

Trendline, rsi breakouts, supports. Support and resistance levels, bull/bear flags. moving ave's etc...
I find the simple indicators and methods work best...off course get them wrong at times! Glen for example

If you find too many trades going wrong, look at the chart in longer time frames, weekly and even monthly.
Avoid trading against the trend imho....as that's harder to win....
I would say is keep going....i think you know quite a lot more about technaical's than your making out...lol we must keep looking to improve, you will winning ways eventually.. just make sure you have stops for protection, and don't get tempted to gamble, discipline is vital imho;)
ATB, and btw i replied to your mail... maybe you did't see it...

Regards,
Trendfriend

LTW/Trenfriend/Remo and others

I hope you dont mind me asking this rather silly question.

I'm a novice as some of you may have gathered

How do you guys screen your stocks? using software or do you stick with ones you have traded historically?

Chief

I use FxPro Ctrader as my main charting platform and execute my trades through CMC. With regards to trading I'm almost exclusively FX these days. I have several watchlists with the major pairs that I'll look at each morning. Screenshot below:



dl.dropboxusercontent.com/u/24866576/Dec...0-16-12%20Layout.png

The strategy I've been using this year is an Ichimoku one and uses the 5M and 1H chart. Price below the cloud on the 1H = bearish, then when price crosses beneath the cloud on the 5M you take the short with a stop above the last swing high. I use the RSI as a sense checker e.g don't take the short if the RSI is oversold and use common sense when looking at the chart i.e. 1H below the cloud but price is making higher highs then I'll tend to avoid them.

Key is not to over trade and not to get greedy. Set realistic targets (i usually go for the last swing low on the 1H if short) and this is sometimes "optimistic"

As for Tullow... perhaps a cheeky order above that last swing high at circa 219 with a stop below 187.



dl.dropboxusercontent.com/u/24866576/Dec...3_20-49-22%20TLW.png

Some inverted hammers/doji on the longer term monthly chart.

All the best
M