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Caseynotes

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3 minutes ago, HPbrand said:

Doesn't feel good to be stuck in a draw down. I give till Friday on this one. If passes historical high, I will accept to be wrong.

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 defending their initial stops.

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2 hours ago, Caseynotes said:

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 defending their initial stops.

image.thumb.png.a6ab5542fde9ff19eaa8d90b93766d5a.png 

My target yesterday to aim for is close to your purple support. If it does drop, I may have to settle for a smaller retracement for the time being. The most important word is "IF". 

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8 minutes ago, dmedin said:

Looking for a nice wee bouncy-bouncy off a Fib/support level and/or the EMA.

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The 100 ema is quite a long drop on the intraday, also consider having 2 MAs because when they spread apart or converge towards each other is useful information but whatever, the actual candles need to be the actual trigger.

On the HA chart look for the Doji to stand by and then next bar colour to go.

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Dow still has higher to go from here. I cut my losses drastically and hedging the remainder.  Can't be too attached with wanting to be right 😄. Need to live longer to fight more battles to win the war.

I expected Dow 30000+ later this year after a correction first but seems much sooner now which I am caught by surprise. The retracement will come when more trader's money like myself is taken first.  

@dmedin - trading against me may be a good strategy going forward 😂

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Oh dear the top pickers are out again, these markets don't have a top, in 50 years and price at 50,000 still won't be the top. They been calling the top for the last 100 years. To think if price is high on the screen then it must turn and head for the bottom is well , ... just no. You'd have to be a dooms dayer who's willing to miss out on every run up for years on end, oh wait, they do.

There are occasional corrections for sure but why would anyone sit on their hands for months waiting for those.

 Longer time frame traders join trends and move their stop, if approp, at the end of each day, sorted, they don't stay out of trends expecting a reversal each day, again just no.

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NFP today sees US indices at their ATHs, Dax getting aboard though Ftse still languishes in uncertainty.

The Dow held up yesterday afternoon by the weekly chart resistance level (red) even though it had broken it in the morning, on lesser time frame levels that usually means the stops have gone but on the big time frame levels the big players will still use them to reload.

The ADP nfp on Wednesday was a big beat may hint at today's figure, don't always correlate but have done well for the last few months.

Daily charts;

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