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A drop on the hour trading on Sunday but should be an interesting day as price levels still at the recent range highs and a reversal bar on the S&P weekly. This week sees US PMIs tues, Cad rate statement wed,  and US Non Farm Payroll on Friday, also on Friday is Fed chair Powell's economic outlook speech. 

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2 minutes ago, Zoryana said:

If the GBP is tanking and FTSE rising then somebody is loving British exports.......But I would say inflation is a big issue Britain imports so much we cant have a weak pound for too long now

yes the pound is suffering as a no deal Brexit looks increasingly likely and could yet retest the lows that came after the referendum back in 2016 (when everyone thought Brexit meant no deal anyway). We have the quarterly UK inflation report this Wednesday should be interesting though it's been fairly low and steady around 2% for this year so far.

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Pause candle for Dow yesterday, still at recent range high so anticipating a test of Friday's high 26550 otherwise will need to find support. Ftse caught up with the others yesterday and sits at recent resistance while Dax hangs onto the small gain it made on Friday.

S&P sits just below range high needs a spur for one direction or the other, must be about time for a Trump tweet.

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3 minutes ago, dmedin said:

You must know something that I don't, I tried trading Wall St yesterday and got bent over a barrel.  Maybe you're just clever enough to know that analysis is easier than actual trading :D

 

don't trade when high impact news is about to come out, why do you think i bother to look them up and even post them every morning, apart from that it's just a case of tracking price though the levels. 

going back to level 2 data there was another vid which explained quite well using l2 to find support and resistance levels, real orders get clustered at specific zones (coinciding with obvious chart support/resistance levels) , once price breaks through them there is relatively little standing in it's way until the next level. if instead price is rejected at a level it turns and heads back looking for more support (buyers or sellers) if it's to have another go, i have mentioned all this dozens of times before but you know how it is. 

 

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2 minutes ago, dmedin said:

L2 data 'n' stuff ... yikes.  Can't I just get away with a quick Fibo? :D

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fibs are used by some big traders who can move markets sure but nothing like the number who use obvious chart based support and resistance levels which, as mentioned above, also correlate with order clusters on the L2 and also with options futures positioning.

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18 minutes ago, Caseynotes said:

ah right sorry, i thought you were just trying to predict the past. you'd get even better results if you used higher time frames 🤸‍♀️

 

I could always just post a chart everyday and say something along the lines of 'It might go here or here, but this is where it is now' - that would surely be useful :D

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3 minutes ago, dmedin said:

 

I could always just post a chart everyday and say something along the lines of 'It might go here or here, but this is where it is now' - that would surely be useful :D

na, you should do what i do instead, so look at the daily chart, what colour was yesterday's candle,

if it was a directional candle today will probably be the same and same colour, less probable but possible it will be a reversal or a pause bar

if yesterday was a pause bar then today could be either directional continuation or a reversal candle

if yesterday was a directional reversal candle today will probably be directional continuation but may be a pause or a reversal.

Then go down to the H1 chart, he who controls the pivot controls short term direction.

 if price is above the daily pivot look for continuation to R1, expect further continuation until you see a reversal.

Same if price is below the pivot, look for continuation to S1, expect further continuation until you see a reversal.

 

so not really looking too far to the left at all.

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The charts remain bullish to start the week, focus will be increasingly drawn to the will they/won't they Fed rate decision next week (Wed 18th). With the all time high just ahead for the Dow may see a pause candle today in contemplation but the recent trend is clearly up with moderate resistance next at 27060.

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