Caseynotes

Indices getting an early bounce off the back of Asian markets and lots of puff PR 'good will' pieces ahead of the start of the G20. Dax straining to go higher but tempered by Dow while Ftse just doesn't know which way to go at the moment with Brexit uncertainty, just look at all those double ended long tails.

Indices up Bonds down, Cryptos pulling back Oil and Gold down. Nvidia up 6% chart. US GDP 1:30pm.

Oil likes round numbers and 60 was also previous resistance so a likely place for sellers to congregate, whether there are enough sell orders waiting there as yet unfilled for another attack on 60, if the news events to come (US GDP and the G20 meeting) warrants it, remains to be seen.

Hi @jonah88888, I use the 'classic' version also called 'standard' as can be found as default on the Pivot Points indicator that comes with most charting platforms. The reason being it is the one most commonalty used and so the levels are more likely to trigger a response. I started using them because previously for intraday support and resistance levels I was using the fractal auto S/R marker but it was always delayed so looked for something leading and found the standard pivots were usually well matched by the later arriving auto S/R marker. https://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:pivot_points

The prelim data proved correct, inventories today -12.8M, while the expected figure was -2.7M. WTI jumped to just short of 60 before pulling back.

I tend to trade Dax and stick to the London market hours because there is better follow through, I like to look at Dow and use as a leading directional indicator. Then I'll look to pivot points on the M5 chart, there is often a battle at the levels so wait til a winner emerges and join the ride on a pullback on the M1 chart.

Ranking US Indices ETFs YTD.

Makes sense though doesn't it, you only have to look at a chart to guess where the stops are, if you are big enough and you want those contracts it's just a matter of taking one step backwards before taking 5 steps forwards, you rarely need to go back further than 20 ticks.

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

If you are putting in an order you need to add a trailing stop from the positions tab after the order has been triggered.

I thought it was funny but can't help thinking 'Millennials'.

BTC at 'fair value' according to this pricing model;

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

Copied from another thread, useful advice for this one too.

Not much on the European open, Dow flat below the pivot while Dax positioned just below it's pivot, red daily candle for both yesterday and bears currently controlling the pivot so target is S1 but waiting for the London open to check direction for the morning.

You start a demo account from the mt4 platform itself. File > Open an account, a popup box will show the IG feeds live and demo, click on demo to highlight then Next > New demo account and follow the instructions.

Yes the inventory short fall in the data yesterday cause a lot of surprise and a jump in price. WTI has just reached an area of previous consolidation in March and May so may well pause here and consider it's options. Oil traders will probably want to look closely at the US GDP figures tomorrow and the G20 over the weekend before making any big bets so the possibility of a turn around remains. Your stop is in a reasonable position at 60 and if price were to overrun it up into clear space you really wouldn't want to remain short anyway.

All the indices pulling back yesterday, should find support fairly close while waiting for the G20 meet and US/China talks starting on Friday. US Durable goods data today, have remained poor all year so far, expected at 0.1%, the real tester on the current state of the economy will be US GDP data tomorrow.

Indices down USD up, Bonds and Gold down Oil up, Cryptos up, BTC up 12% chart. German consumer conf 7:00am. UK inflation report 10:15am. US durable goods today 1:30pm.

Ok, but do you know how to play reversals though as that was what you were looking to do. And if you are looking for a less stressful way to trade you're going in the wrong direction. Once fear gets you just can't pull the trigger, that's what you need to be looking at, not all the could haves, should haves. Sure reversals tend to happen around S/R zones but even so the strategy has a low strike rate, that tends to be made up for by the relatively small stop loss position and the potential for a big move if you can get it right enough times which is hard to do without a great deal of experience. The better setup to look for is the weak pullback in an impulse move up or down, better odds, less stress.

Picking tops and bottoms is a tough game, maybe they will maybe they won't, that's where the fear comes from. Have to ask though, what are your indicators doing? They don't really match what you are looking for. If you are looking to react fast your MAs are not really going to help, the volume in this case is not doing much and MACD, though it did show divergence, is slow and great for trends but not for fast turns. Stand back and look at the chart, there were a couple of good moves there and if you had matched the BBands to something fast like Stoch you have something that is telling a story. The first move down didn't offer any pullbacks, they are hard to jump on, you always think they are about to end and of course if you do jump on they inevitably will. The following pullback ( to first oval) was a bit too strong (big candles) but worth a look as it bounced off the band with the stoch turning but never really took off to continue with trend, the second oval had the bounce off the now upturned B band MA, the stoch turn and the candle reversal pattern for a long entry and turned out to be the best opportunity of the day. So try to match the tools for the job you are wanting to do whatever that may be.

Article on cumulative delta buy/sell volume incorporated into Wyckoff theory; mboxwave.com/mcumulativedelta-indicator

@backwardation, these cumulative delta buy/sell volume indicators might be closer to what you are looking for; The link is for the bottom one, don't know where I got the top one from 😕 https://www.mql5.com/en/market/product/21008

That's correct, Dow has been meandering towards the pivot while Dax has been knocking on the door but refusing to go through unless Dow is holding it's hand. So waiting on some decisive action from Dow on the US market open. M15 charts;