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Gird up thy loins, Samwise Gamgee, and keep fighting the good fight 🤠🐮🤓

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The FTSE 100 looks like it's hovering with its breeches down around its ankles, about to take an enormous dump.

 

FTSE 100_20200902_19.04.png

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It's a melt-up, Tom!  🤓

 

 

US 500_20200902_20.47.png

Edited by dmedin

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S&P pushes up to the monthly R1. Dax sits above the weekly resistance level (red).

FTSE and S&P daily charts.

Dax and Dow H1 charts;

image.thumb.png.e1d527c6191184d2e389ae936049c481.png

image.thumb.png.6b7e00d925708adfb9216f8e34735a90.png

 

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13 hours ago, dmedin said:

The FTSE 100 looks like it's hovering with its breeches down around its ankles, about to take an enormous dump.

 

FTSE 100_20200902_19.04.png

False alarm :)

 

FTSE 100_20200903_08.04.png

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4 hours ago, dmedin said:

False alarm :)

 

FTSE 100_20200903_08.04.png

 

The Footsie has done a poopsie and is nearly a candidate for shorting again :(

The long wicks of rejection:

1277279748_FTSE100_20200903_12_51.thumb.png.42f5761b109bcefcb2d9be810f538332.png

 

Edited by dmedin

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Well Tom, the indices are selling off now but it was to be expected.

FTSE 100 is already below its 200 EMA on the hourly chart and I'm short; Nasdaq is nearly below its 200 EMA on the hourly chart so I would only sell on a rally beneath 200 EMA followed by a turn.

But in general, wait for a bottom and then buy.  😘 

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Forgot to check the 1 min chart when there was a high velocity move and so added it to my trade management rules.

SPX500M1.jpg.c9eb248ae43798be308d341aff9a9e78.jpg

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13 minutes ago, AndrewS said:

1 min chart

???????????????

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29 minutes ago, AndrewS said:

my trade management rules

Very good.  Essential to have these and keep them up-to-date.

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24 minutes ago, dmedin said:

???????????????

When there is high velocity a 1 min chart can have more consistency than the price levels I look at in that price can go through those levels like a hot knife through butter.

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The Volatility Index is one of the few instruments where volume is still useful.

(It doesn't seem to have much relevance any more in stocks, indices or forex that I can tell.)

 

Volatility Index_20200903_19.21.png

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S&P stopped at the monthly R1 and retraces down to the monthly Pivot.

FTSE and S&P daily.

Dax and Dow H1;

image.thumb.png.9292f87ab37112b63793198e51c31665.png

image.thumb.png.46628313596e202edf5072dcc0919472.png

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19 hours ago, AndrewS said:

When there is high velocity a 1 min chart can have more consistency than the price levels I look at in that price can go through those levels like a hot knife through butter.

I guess I'm just not clever enough to 'see' it.  In the same way that EWP people can see complex corrections and waves within waves within waves, I just see lines wiggling up and down.  These people say they have success with plain charts and no indicators and I wonder how they do it.  (Actually, my brain is telling me that they are complete chancers who are using already-completed chart patterns and hindsight to make themselves look good ... the question is, why?)

https://www.forexfactory.com/thread/369763-richard-demille-wyckoff-method

Edited by dmedin

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6 minutes ago, dmedin said:

I guess I'm just not clever enough to 'see' it.  In the same way that EWP people can see complex corrections and waves within waves within waves, I just see lines wiggling up and down.  These people say they have success with plain charts and no indicators and I wonder how they do it.  (Actually, my brain is telling me that they are complete chancers who are using already-completed chart patterns and hindsight to make themselves look good ... the question is, why?)

https://www.forexfactory.com/thread/369763-richard-demille-wyckoff-method

Perhaps the best strategy is to just bet on near term continuation especially after a landmark breech (PP, Fib, S/R).

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