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Dax & Dow


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Dax back up to the high of the day while Dow back up to the pivot and the only word to come from the trade talks was that the two sides would meet again in Beijing some time in the future. The rise in tariffs for a new tranche of goods is up from 10% to 25% and we wait for China's response. 

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Dax and Dow very much in step today, both held up at R2, not expecting any further news out of China in the short term, they don't have much left to impose a tariff on, and the US are going to wait 3 - 4 weeks before a possible further tightening of the screw.

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Sorry did not get back to you been obsessing over a position.

Reason I trade etf rather than cfd is the margin requirements.

Read the gubbins on Cfd's and did not like them.

Dax at bottom of range should get a small bounce before breakdown. Strong Bearish engulfing pattern

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1 hour ago, Bell said:

Looking at a move to 11400 for the dax. That is my key support level

May do @Bell though it's got a lot of support levels to work through first.

Took an age for dax to push through 11960 today, frustrating. 

M30 with daily pivots and the daily chart with weekly pivots.

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Yes @Roadrat,  Dow did fall to 25337 as predicted but there is no trick to it, price must obey the rules and can't just wander about the chart at will. Once the sellers overwhelmed the pivot Price was forced to go in search of buyers, and the last place it found them was the most recent low at 25473 and if sellers over ran that level the next level down was S1 at 25337. Sometimes buyers in haste will intercept price along the way but they weren't that keen, and then the Trump announcement changed everything.

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Dax and the Ger car manufacturers were the big winners with price leaping from S1 to R2.

Also posted below are the demo options trades I've been toying with lately for yesterday and today and though winners I can't say I'm taken with them, there's just no control, the first was just left till expiry and the second one I closed during the high vol but both spent most of the day in the red. I think I'll stop until I understand them better. 

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I know it dos't make any sense based on the news, but I think the bulls are back in control. I noticed before the news broke the H4 footsie was well above the market and the DAX wanted to follow but everything was lifeless until the news broke, this combined with the support levels on equities gives me the feeling that overnight will blossom. If not then Thursday will probably go south very quick.

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No reason why the bulls shouldn't regain control, it's a hundred year bull market after all and there is a 3 - 4 week  pax on re trade wars and the US economy continues to flourish, so long the wheels keep turning there will be growth and that is always bullish.

Edited by Caseynotes
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1 hour ago, Caseynotes said:

No reason why the bulls shouldn't regain control, it's a hundred year bull market after all and there is a 3 - 4 week  pax on re trade wars and the US economy continues to flourish, so long the wheels keep turning there will be growth and that is always bullish.

You are so right about that. So many people have bearish personalities even after 100 years of history they find it hard to get bullish after a correction, just one reason why around 80% of trades loose their shirts dealing on the markets, but let's not get to far ahead of ourselves, I'm looking forward to Thursday morning before I start to crow about the bulls being back this could just be a correction in the bear trend, if this sells off overnight I'm a Grisly again.

Edited by Foxy
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Having said yesterday I would stop trialing options on demo I changed my mind, how else to learn. I just closed out this mornings position as dax looks to stall at resistance, was targeting around 12130 anyway. Is there any simple way to place a target on the option to close without a complicated reverse position?

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Think we are in a rinse and repeat cycle till G20 and the big meeting.

May get resolution earlier. 

We could be getting ready for the blow off top before the big leg down.

Guess we cant pre-empt as that defeats TA.

On TA sometimes as you said some bits do feel like snake oil.

Probably feel that more around indicators. Patterns and Rand S levels feel more solid.

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