Jump to content

Recommended Posts

Posted (edited)

I decided to short JD Sports for the following reasons:

1) Long and overextended bull run with declining RSI peaks

2) Increased volume on second failed attempt to break high of 649 - buying pressure exhausted?

3) Increasing volume on descent

4) 10 day SMA below 50 day SMA and the curve of 50 SMA is flattening

5) Candlestick patterns - can see what looks like an inverted green hammer around June 6th and another hammer near 24th

6) Break of up trend line

I am fairly sure the price won't break 649 but I set my stop a bit lower because of the risk/reward ratio.  If it breaks my stop I would take the loss, wait to see if it breaks 649 and if it fails a third time I would go short again.

Pleasingly, PRT confirms the support and resistance lines I had drawn myself previously on the HTML5 version.  :D

 

JD-Daily.thumb.png.f8832549b4f7973814ad5339e98861d2.png

Edited by dmedin
  • Like 1

Share this post


Link to post

From my experience with the RSI indicator, once it gets back down to that 30's mark, it tends to then swing back up.

The high volume sell off in that last volume stick and the price drop in the candle could indicate a move to a short position, personally i use the Parabolic SAR with the Macd as my indicators, havent done too much with the Fib charts.

The problem i see with drawing your own lines on the chart is that you can make them any where you want to fit your narrative, which can screw your chart to suit your mind, not your trading plan, so i would be very careful with that.

with out my normal indicators, im going to say its over sold from the RSI and it will move up not down, but i hope for your sake im wrong.

Be interesting to see where it goes, hope u update it later.

  • Like 1

Share this post


Link to post
Posted (edited)

@davidbrister

I will.  For better or for worse :D

I suppose I am fitting things into my narrative because I have a strong gut feeling that it's way overbought.  Anyway, JD Sports also have U.S. business and it will suffer a bit from the current appreciation of GBP vs USD.

 

Edited by dmedin

Share this post


Link to post

Anyway, redrawing triangles/lines isn't so bad.  Just keep redrawing them until you get a valid breakout.  :D

Share this post


Link to post

Yikes 😮 Lots of buying pressure today!  Let's hope it dries up :D

JD-1-hour.thumb.png.b4af3488108895a2acc08119a50c8a71.png

Share this post


Link to post

@dmedin

That spike looks like a stop hunt, there will be a lot of stops around 600 to 605. Watch-out for a bounce  before it breaks support but a stop hunt can be a signal for the next leg down. 👿

  • Like 1

Share this post


Link to post
11 minutes ago, Foxy said:

@dmedin

That spike looks like a stop hunt, there will be a lot of stops around 600 to 605. Watch-out for a bounce  before it breaks support but a stop hunt can be a signal for the next leg down. 👿

@dmedin

Maybe I should point out, if it's not a stop hunt it may signal a reversal so be sure to watch for that bounce don't be afraid to close out if you don't like what you see. 👿 

  • Like 1

Share this post


Link to post
Posted (edited)

Someone bought 50,000 shares on the market open (just under £300,000 worth), wonder what they know that we don't?

image.png.f2bf9e5d48df2c202f6a0f6d3cce9241.png

Edited by Caseynotes
  • Great! 1

Share this post


Link to post

@ Caseynotes

Where do you get that info from :)

 

Share this post


Link to post

They must know the big institutional orders are placed hence price will shoot

  • Sad 1

Share this post


Link to post

Looks like we are building up for a second assault on 602 - 603.  🙈

 

Share this post


Link to post
Posted (edited)
18 minutes ago, dmedin said:

Looks like we are building up for a second assault on 602 - 603.  🙈

 

@dmedin

The point of this chart is simple you sell highs in the Red/Pink and you buy lows in the Blue. Because you entered so late you will have to decide if you want to hold but it's still a sell the high type of market for now.

JD-1-hour.png

Edited by Foxy
  • Like 1

Share this post


Link to post

@Foxy

Yes, I'm still holding on for dear life.  :D

(Also still holding on to Ocado.)

 

Share this post


Link to post
1 hour ago, dmedin said:

@Foxy

Yes, I'm still holding on for dear life.  :D

(Also still holding on to Ocado.)

 

@dmedin

Chart for Ocado!!

OCDO-1-hour.png

  • Great! 1

Share this post


Link to post
Posted (edited)

It's looking okay today for JD Sports short.  Got a ways to go but on the right path!  Would like to find a way to remove the open order overlay when taking pics of my chart.  Just for modesty's sake.  :D

Edited by dmedin

Share this post


Link to post
7 minutes ago, dmedin said:

It's looking okay today for JD Sports short.  Got a ways to go but on the right path!  Would like to find a way to remove the open order overlay when taking pics of my chart.  Just for modesty's sake.  :D

Can't remember but does it not automatically cut out the personal data stuff on chart Save? see below;

image.png.ae3120b4726d96dbc8f9dffc0d9eab69.png

  • Like 1

Share this post


Link to post
1 hour ago, Caseynotes said:

Can't remember but does it not automatically cut out the personal data stuff on chart Save? see below;

image.png.ae3120b4726d96dbc8f9dffc0d9eab69.png

 

Yeah even when I use the 'Save' option it doesn't remove my order stops/limits and running profit total on the left-hand side.  Can't seem to find a way to turn it off!

Share this post


Link to post
14 minutes ago, dmedin said:

 

Yeah even when I use the 'Save' option it doesn't remove my order stops/limits and running profit total on the left-hand side.  Can't seem to find a way to turn it off!

I think if you collapse the quick user interface it also takes away the trade info, see below;

image.png.1d1fd5611c27a19aed1a1a19d78269a1.png

  • Like 1

Share this post


Link to post
6 hours ago, dmedin said:

It's looking okay today for JD Sports short.  Got a ways to go but on the right path!  Would like to find a way to remove the open order overlay when taking pics of my chart.  Just for modesty's sake.  :D

@dmedin

Yep & Ocado is moving in the right direction. I guess the smarty pants with £300,000 of JD wished he knew what you knew now. Ha Ha Feels good to be right. Like I said yesterday don't beet yourself up to quickly just follow the charts your not doing so badly. 

  • Great! 1

Share this post


Link to post

@dmedin

Thought this may feel good, if you haven't worked it out. 50,000 shares of JD = £500pp @ 580 he was down 17.8 points almost £9000.00

Share this post


Link to post
19 hours ago, Caseynotes said:

I think if you collapse the quick user interface it also takes away the trade info, see below;

image.png.1d1fd5611c27a19aed1a1a19d78269a1.png

 

Yep.  There is an extra option to enable first though :)

Here:

prt.jpg.a47f00fa81d228da11f5b1827aade80a.jpg

  • Like 1

Share this post


Link to post

Yes, I think it is on course for a correction!  Like Ocado it may turn out to be a good long as soon as it has finished correcting.  :D

JD-Daily.thumb.png.8e1a255481ccdea56bd5c9d4c2968a95.png

Share this post


Link to post

There's still quite a bit of buying interest in this stock, could be that we have a 'shallow correction' followed by another lift-off!  😱

JD-Daily.thumb.png.47b86203f91acba92d2ac174c512fc1a.png

Share this post


Link to post
Posted (edited)

It looks like it's trading in a range, but a range that is 'one leg lower' than the previous range, which was 602 - 640 or so.  Now it looks like it will trade a range of 569 - 600.

Edited by dmedin

Share this post


Link to post
16 hours ago, dmedin said:

So far, so good.

JD-Daily.thumb.png.b6776d2ff2a283f75635993087f82dd7.png

How did you get the Bull/Bear volume indicator you are using?

Share this post


Link to post
1 minute ago, FFS_Daytrader said:

How did you get the Bull/Bear volume indicator you are using?

See this thread;

 

  • Great! 1

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Member Statistics

    • Total Topics
      7,051
    • Total Posts
      34,307
    • Total Members
      44,002
    Newest Member
    harrisonellison
    Joined 16/07/19 20:31
  • Posts

    • two equal channels. Big down move today, I'm not short ( I don't short oil ) but would like to see price fall to $55.00
    • Thanks so much for the explanation, I better start flicking between settings. 🍻
    • Hi, to open a long trade you buy the ask price and to close that long trade you sell at the bid price, the mid is just a reference between the two, the difference between the two is the brokers markup. You are best to have the chart set to mid but be aware it won't show exactly where the in/out of the trade was activated. Tick volume shows the number of orders processed but not the size of each, the online platform shows actual volume as taken from the exchange if there is one, FX must use tick volume as there is no central exchange. A tick chart just shows orders as they are matched and the resulting price change.  
×
×