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fair go, the failure to break through the blue rectangle was crucial for further downside. Now looking for resistance (sellers to step back in) and the most likely area is just before the red 29400 de

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

Interesting S&P daily shaping up 👇

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58 minutes ago, THT said:

Trade what you SEE not what you think - markets can be irrational far longer than you can be solvent

the 76% retail traders holding short positions during a bull run for the big indices is fairly typical and roughly equates with 75% of retail traders who lose money.

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1 hour ago, Caseynotes said:

the 76% retail traders holding short positions during a bull run for the big indices is fairly typical and roughly equates with 75% of retail traders who lose money.

Yep I hate to say it but its nice to see the retail crowd the opposite of my positions at times

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Witnessed this phenomenon in the indices for years and written several threads on it, the keenness with which retail traders try to second guess the start of a correction, no thought to wait for any confirmatory signals, just get in there and wait.

But the thing that's always bugged me is where on earth do these guys hang their stops? If the chart is continually making new highs there is no prior chart structure to lean it on. Do they even bother with one?

It's not a loss until you book the trade.

image.png.f96e2172a1898c7ffa2c40567b46a2ee.png

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1 hour ago, Caseynotes said:

Witnessed this phenomenon in the indices for years and written several threads on it, the keenness with which retail traders try to second guess the start of a correction, no thought to wait for any confirmatory signals, just get in there and wait.

But the thing that's always bugged me is where on earth do these guys hang their stops? If the chart is continually making new highs there is no prior chart structure to lean it on. Do they even bother with one?

It's not a loss until you book the trade.

image.png.f96e2172a1898c7ffa2c40567b46a2ee.png

LOL - I think most traders have done that before I certainly have until I learnt not to guess

 

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Charting the Markets: 23 April

FTSE, DAX and Dow on the back foot after Biden announcement. Dollar weakness continues to dominate FX markets. In commodities, gold looks primed for another leg higher, as Brent crude shows signs of potential impending weakness.

 

16 minute video here

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