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I have a feeling that today will be particularly important, there is a wee doji forming!    🙈😁

We may go back up above 602 and start trading in the upper range again.  :(

 

JD-Daily.thumb.png.4892a20861d512eb78a5b209fb0a0c64.png

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Weekly timeframe definitely suggests that we've seen a peak top for now ... fingers crossed!

JD-Weekly.thumb.png.5f5678d2b714d2eab5a006ae2e65adec.png

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Ouch!  Looks like it might actually be a better idea to go long at this point.   Let's see what happens tomorrow, and if it breaks 635.   😱

JD-Daily.thumb.png.b0c30f3b845c2da93bcafa1c9e6ac5c6.png

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Posted (edited)

Strongly bullish weekly signal.  I'm now looking to get out and maybe consider going long if it breaks the high.

Lessons learned

* Wait for stronger signals on the weekly and monthly charts!!!

* Remember to check company announcements - d'oh!  I did not realize they had a trading release this week.

JD-Weekly.thumb.png.5169b8d7498b0936a74845fb3b33783f.png

Edited by dmedin

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On 03/07/2019 at 18:12, dmedin said:

Ouch!  Looks like it might actually be a better idea to go long at this point.   Let's see what happens tomorrow, and if it breaks 635.   😱

@dmedin

Take a look at the daily chart, I would suggest holding off on going long until you have a clear breakout but of-course it's your choice. You should have either closed out or opened a hedge on your trade after you saw strong support at £576 and the averages turning up but if you didn't you will have to be careful you don't start compounding you errors, it's very easy to do that. Also remember if the FTSE goes down it is unlikely that JD will go up so keep an eye on the FTSE. This chart doesn't support a short position but it doesn't support a long position either. At this point it may be worth considering a stop loss just above £636 with a target of £520. That would be called selling resistance and targeting support, it may not work out but it is a professional and valid strategy. The choice is yours, I only say this because I read a post of your that said two heads are better than one. Good Luck. 👿 

 

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Getting some nice pullback in the share price this morning.  Long may it continue!  😆

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From a weekly perspective it looks okay.  I moved my limit up as I doubt it will pull back all the way to 521 in the imminent future.

JD-Weekly.thumb.png.97a8a4267c321a354133c52f7ed18a17.png

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22 minutes ago, dmedin said:

From a weekly perspective it looks okay.  I moved my limit up as I doubt it will pull back all the way to 521 in the imminent future.

@dmedin

Tomorrow may be a better day to see how things are going, if it drops below £6.00 it could keep on going down but above £6.15 and I would be getting worried if I was short. 👿

 

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@dmedin

Inter-day chart not looking good on JD, it has bounced off £6.00 and the FTSE looks like it wants to recover. 👿

 

JD-15-minutes.png

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Seems like it's a question of how much money I will lose, not whether 😲

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55 minutes ago, dmedin said:

Hanging on for dear life 🙈

@dmedin

I know you don't like short term charts but why not try the H4 charts they are 6 times more informative than Daily charts. 👿

JD-4-hours.png.11461eff2f1a7e65526880b21a2f8521.png

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I closed out with a loss on this one.  Never mind!  Onwards and upwards!  I will keep looking at it and maybe go long on the hourly or four hourly time frames :D

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hi @dmedin. I have been reading all your posts with interest. I am not an experienced trader by any means. I spend most of my time demo-ing but now and again I go live for small gains. Should I ever trade individual shares then I tend to stick with weekly monitoring and daily chart for entries because that works for me. I have normal stochastic and normal rsi settings with a horizontal line across the 50mark on each. I use the stochastic to look for buy and sell signals at either cross over on the top or the bottom. I then look at the RSI to see if there is any divergence in the movement. I have attached my chart and although the RSI is showing divergence in the very short term, the stochastic is yet to cross down. The daily timeframe may help with trading earlier rather than waiting until the close on a Friday to see if there is a cross.

JD Sports Fashion PLC_20190711_20.25.png

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Looking at the daily chart, I would have shorted on 5th July as there was small divergence in the RSI from the previous day and the stoch crossed. However, it would only have lasted a small gain because the RSI levelled off with no divergence within a day. Therefore only a small gain from roughly 621 to 603 give or take a spread.

JD Sports Fashion PLC_20190711_20.25.png

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JD Sports is due for a pullback at some point, there's no doubt about it.  :D

 

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    • DONE !!!!!!
    • Break of the daily chart lower channel line on the 1H chart and currently retesting.  If the move I have outlined is to materialise then I would expect a drop from this retest  to complete a close below the daily line.  If this does occur I would expect this to be off further EURUSD and GBPUSD rallies with GBP being stronger in the rally.
    • EoD price action was Bearish and broke through that ST support level with other markets being more Bearish than the Dow (more to go for the Dow to catch up?).  After a bit of consolidation bearishness has crept back in ahead of the US open.  A break of the next ST support brings up the 27000 level but, depending on how the move goes, the market could go into another consolidation at the 27000 level and if this constitutes a Flag type formation then 26500 is a likely end to this phase.  With no clear EWT or PMD I don't see the bearish move completing yet.
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