Dow Jones (Wallstreet)

[Guest aquarius]

Hi All,

Dow Jones (Walstreet) trading as I write here at 26,845, for how long in your opinion it's gonna stay that high.

I'm just asking for bets, week, month, 3 months.

Just can't wait for correction ;-), is anyone else?

[trade247]

not Dow specifically but enough correlation ...

 

[Guest Bojk]

More than 70% are on short positions including mine. This is not a good sign omg... >.<"

[Guest aquarius]

1 hour ago, Guest Bojk said:

More than 70% are on short positions including mine. This is not a good sign omg... >.<"

It's just waiting game now, but clearly it went further then I predicted. The most important is to keep on it.

I would feel more worried if I would go long on this.

[Guest aquarius]

1 hour ago, TrendFollower said:

@aquarius,

Those 70% are going against the direction of the trend. They are also likely to be sitting on losses depending on when they initiated their 'short' position. 

I cannot see any signal / indication of a trend reversal so it would be interesting to know what their reason is for actually opening a 'short' position. On what basis? It is not as if there is a clear downtrend in play!

What is their trading style? Go short and hope the asset drops in price!

Well, short term you are right they are sitting on some small losses, but fewer people nowadays daily trades and worry about couple hundred points. The logic is, if the market hits top of its own game, shorting it is a very safe position.

I'm not the right person to converse with about trends, signals and indicators, as for me any attempt to predict huge transactions of smart money is complete absurd.

You only need couple of big trading desks cashing in on their share value at today's prices and the "historical high",

is exactly that.

[Guest aquarius]

@TrendFollower

I'm always prepared to be wrong, but if everyone is positive I'm negative and vice versa, that's just me.

I just look back Jan 2018 and then Oct 2018 as a reminder and remember having similar argument then.

Now, for daily trader 'Trend Following' is probably the best option, and yes if I had time looking at the screen 24h a day, yes, yes and yes and I did it before. Unfortunately, I need to look further ahead now, so I'm trying to be prepared to be wrong for a while up to 400 to 500 points.

This allows me to spend less time looking at the screen and still have some fun.

Stop loss for me is a tool to feed the broker.

Edited July 4, 2019 by aquarius

[Guest aquarius]

@TrendFollower

It was lovely to wake up this morning and see that the trend direction changed.

I spend years learning Trading Plans, Trading Strategies and Trading Systems, this is all great for historical analysis.

You can always find a candle to shine some light on the past LOL.

But not many people look at the overall picture, when I read the analysts reasons for Bitcoin going up, it makes me lough.

No one took into account that Trump froze access to Banking for Iran. How else Iran would keep using their billions? Bitcoin!

 There is no Trading Plan which will predict peoples moves and decisions and in my opinion any believe in such a plan is a gamble.

[WallStFoxy]

21 hours ago, TrendFollower said:

Those 70% are going against the direction of the trend. They are also likely to be sitting on losses depending on when they initiated their 'short' position. 

I cannot see any signal / indication of a trend reversal so it would be interesting to know what their reason is for actually opening a 'short' position. On what basis? It is not as if there is a clear downtrend in play!

What is their trading style? Go short and hope the asset drops in price!

@TrendFollower

Yet again you are disrespecting people because you don't understand their system, as I pointed out to you in the Gold thread this morning  (just before it fell through the floor) going short at resistance is a valid strategy, the same is true for wall st. Many traders will sell resistance and buy support especially at the top/bottom of a range or channel. The recent ATH on wall st. was a clear resistance level and very likely to be sold off and a valid strategy, indicator or signal to go short for a swing trader  (the proof of which you have witnessed today). If wall st falls to 23350ish that would be a great swing trade if it makes a sharp turn back up and continues to rally then the trend trader wins, for now we have to wait and see but trend following not always the best and certainly is not the only strategy to trade, so please stop disrespecting other people just because they aren't trend followers.

 DJI Monthly, Range from 2017

[Kodiak]

DOW Weekly line chart

Broken out of a 18 months consolidation 

Cant see where they will find the fuel to make this rally continue, but that has never stopped them before😏

Could be a false breakout and back in the consolidation?

The key area will be 26 600-26 700 and a retest of the breakout, then its make or break?

 

 

[WallStFoxy]

Nice little chart of the Dow. 👿

 

[dmedin]

The most likely outcome is that it will go up and down or down and up, or vice versa, in rapid and random alternation.

[WallStFoxy]

3 minutes ago, dmedin said:

The most likely outcome is that it will go up and down or down and up, or vice versa, in rapid and random alternation.

@dmedin

Yes I expect it will for around 2 or 3 hours but at 17:00 or so it should settle down, and between 17:00 and 19:00 it may be possible to pick a side. It could even be last hour but that doesn't matter so long as support holds I will be looking for a long position. If not I will start again tomorrow probably look for support at a new low. 👿

[Kodiak]

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

DOW Weekly line chart

Broken out of a 18 months consolidation 

Cant see where they will find the fuel to make this rally continue, but that has never stopped them before😏

Could be a false breakout and back in the consolidation?

The key area will be 26 600-26 700 and a retest of the breakout, then its make or break?

 

 

Remind me of Ikaros