Caseynotes

BTC dropped heavily during the 6am hourly bar this morning down to 8530, now at 8574.

EU PMI data drifting in throughout the morning today and US manu PMI at 3pm. A quick explanation of the histo/oscillator indicator on the S&P chart, the histo red and green bars is a smoothed RSI above/below 50 and the blue and yellow lines are a fast and slow MA of RSI. Signals are the blue crossing the yellow or blue bouncing off the yellow, also as per normal RSI a good divergence indicator.

BTC pushes up to 8800, looks to be targeting recent resistance at 8913. H1 chart;

BTC pumping. 8724. M5 chart;

See this thread from 2016 discussing the IG rollout of PRT 10.3 and how the IG version had some added features based on suggestions from IG clients. I remember another thread at the time discussing the differences between the IG version and the PRT standard and PRT premium versions and it was thought the IG version was somewhere between the two.

yeah @Bell, I suspect you are right, an actual meet at the G20 between Trump and Xi was only officially agreed yesterday and whatever comes out of that will be the next big driver. I don't worry myself too much about the longer term we have all seen these major markets turn on a dime, or a two sentence Trump tweet even. Also saw an interesting EU wide poll during the week reporting that for the first time ever the greater % of those polled though the EU would not survive in the long term 😧

We also need @elle to start a new Gold thread as well, eg 'Gold heading for ????' 🙂

Dow tags the Feb 8th low support (24877 blue) before the US market open, Week and month end flows today could be interesting.

Dax looking to bottom at S4 around 11670 and follow dow as it tries to push back up.

Just an observation on daily pivots and the pin point accuracy with which they are often recognised and used as support and resistance levels intraday;

Red across the board;

This is an important point, trading only great setups is essential and the only way to grow a small account but if you are trying to live off a small account you will be chasing everything and that doesn't usually end well.

Pivot points are just a calc based on the previous day's OHLC but more to the point they are just like Fibs and everything else, they only work if the big boys are using them. Over time I've found support and resistance and pivots work more often than anything else and that can only be because more large scale traders are also using them. One reason is because they are basic, simple, old and established, handed down mentor to pupil. All indicators 'work' but how well they work will depend on how many traders are actually using them to provide signals that they react to and so leave a price action foot print on the chart.

After the overnight drop dax and dow will be trying to hold onto short term support of the recent low, dax 11798 and dow 24934. Dow currently at S2 and not sure which way to head from here.

Oooch, BTC punches down to 8000 in it's usual lightening fast style, BTC charts do have a certain box type symmetry;

The indices took another knock overnight on Trump reasserting his plan to steadily increase tariffs on China while China reiterated their stance to protect their sovereign right to thieve intellectual property and bar the foreign companies from China that they want to copy the business model of eg Amazon. The moves in the markets are very much sentiment driven as US GDP, PMIs and consumer spending are all good while inflation remains low, for now anyway.

The main story of the day was gold and oil, they started out gold down oil up looking good for indices turning risk on but both reversed leaving indices stalled. The strong risk off move on the daily candles (gold up, oil down) also broke through short term support and resistance levels, so not surprising dow was unable to lift through 25214.

BTC in a big ramp up then a ramp back down again, supported at 8547 for the time being but a sound rejection of the attempt to move higher.

Several attempts later and dow still unable to cross back above the broken weekly support level 25214 (red). Dax in a similar position with it's daily support level 11924 (orange).

US GDP came in as per expectation but dow struggling to continue this short term up move, next up is the US market open at 2:30.

'new stuff'? both adx and psar are quite laggy, would probably be better off with something leading like Stoch then confirmed by something laggy (less twichy) like adx or psar.

Raindrop Candles, the next big thing? Incorporates VWAP into the makeup. http://www.newtraderu.com/2019/05/29/raindrop-candlesticks-user-guide/

Crude oil producers 1965 - 2017 video infographic; (if it loads) https://video.twimg.com/tweet_video/D7wzVTEVsAAv1YD.mp4

Seeing as everything seems to be stalled waiting for it here is a closer look at the US GDP chart, note this is the annualized 'Prelim' q/q, last months 'Advance' GDP came in at 3.2%. (see FF notes below); Data due out at 1:30.

Gold down, oil up and dow up, markets looking to turn away from risk off to risk on;