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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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@dmedin,  HL  https://www.hl.co.uk/shares/shares-search-results/j/jd-sports-fashion-plc-ordinary-0.25p 

See this thread;  

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

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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. 👿 

 

JD-Daily.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. 👿

 

JD-1-hour.png

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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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On 31/07/2019 at 17:10, dmedin said:

JD looks like it's on the verge of breaking out above 650!  😱

Well it failed to hold above 650 and now seems headed for just under 580!  High time Veronica, high time! 

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It held above 577 and now it looks like it will have another go at 655, let's see if it can break it and stay above and then we will think about going long and holding... (might even buy real shares lol!)

1516558741_JDSportsFashionPLC_20190808_09_58.thumb.png.290df57b45d5adc8f6648c25d053da8f.png

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@dmedinLooking at the daily, I note three days of downward movement followed by the last three days of upward which has only just about covered the movement of the last day down. Therefore, I think the next move is down. Not sure by how much though.

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