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That is the 50% retrace for  the Dow and S&P. 

It's the opposite, I don't think I'm cut out for day trading.  I still would have been better off keeping a position open from Christmas, even now.  I zoomed out to the day chart and the overall pictu

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At some stage in the near future Govt Covid aid payments to companies will come to an end and we will start to see just who and how many will actually survive the lockdown, the answer may come as something of a shock.

S&P looking to the monthly R1 and weekly chart resistance (red) 3233.

Dax and Dow H1 heading for the daily R1



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7 hours ago, dmedin said:

And here it is on a five minute chart.  The 200 SMA is clearly useless because price moves up and down and crosses it constantly.   The same thing happens on daily charts of stocks.  Even buying when price > 200 daily SMA and selling when price < 200 daily SMA isn't particularly useful.  In fact, I can hardly spot any 'patterns' at all in daily stocks any more.

why would you automatically assume that a 200 sma would be as relevant on a 5 min chart as it is on a daily? you need the experiment to see what ma might actually be being used on each time frame you look at. 

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On 07/07/2020 at 11:49, dmedin said:

Looks like we're got months of more-or-less sideways price action to look forward to, boys and girls.  Lots of false breakouts and money to be lost :) 



Indices have just taken an absolutely incredible dump.

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Guest California lock down
43 minutes ago, dmedin said:

lol, who knows at this point.

Well California closed down all indoor operations. That is restaurants etc. Breaking news and market responded

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After tagging 3233 S&P falls on news Trump has rejected nearly all China's claims in the South China Sea region.

Dax and Dow find support at yesterday's low.

FTSE and S&P daily charts.

Dax and Dow H!.



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12 hours ago, Guest California lock down said:

Well California closed down all indoor operations. That is restaurants etc. Breaking news and market responded

Yea, I didn't see that until much later.  So much for the 'Twitteratti' being on the pulse.

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Hasn't been able to stay above 200 daily SMA for more than a couple of days ... utterly hopeless]

And now President ****-for-brains is gearing up for war with China, when he's not declaring war on fellow Americans :D 



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There was a confluence of potential resistance on the US indices yesterday, although I only caught a fraction of the move on the Dax and Nikkei.

The S&P clipping its high in the previous quarter as well as its weekly R1 and daily R2.

The Dow clipping its yearly pivot and weekly R1.

As always an evidence based assessment of market conditions is a precondition to opening a trade.


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