Caseynotes

Was just looking at the H1 chart and sure it may turn down sometime but not really shaping up for it just yet and be wary of using too small a time frame for trying to pick the tops and bottoms that you shouldn't be doing anyway.🙂 Let the market turn when it's ready and then look to be getting on board at the first pullback, that's the time to drill down to the M5 chart.

Ok, I've pulled up the chart and can see the context on the 1 hour but it doesn't change my mind, price was down trending but went into a range, that move on the 5 min is a strong attempt to reverse that trend. Need to go with strong candles with strong volume not against them. Use the 'export chart' function to send a copy to your download folder to post. You've got into some bad habits 🙂 , you should have started posting earlier.

@JamesIG, can you crop the pic? too much personal information.

The basics; why would you be shorting this, price has just exploded out of a range on high volume and now it's pulling back hopefully getting ready for a second leg up. So you've gone countertrend, why would you be expecting price to fall to 600. I would be expecting price to reverse about there to continue upward. Buy the failed dip in an up trend. Sell the failed rally in a down trend. Keep it simple. The way to play that is to look for a candle reversal pattern in the pull back to trigger a long trade. Stick with the basics, picking tops and bottoms is not for beginners. Keep bet size small untill you are sure of your system. Get good at just one or two set ups (BTFD)

This was posted by IG on Sunday;

@nit2wynit, a better question to ask would be how many years do you think it would take to learn how to trade successfully? Some might say 3, some might say 6 and some might say even more. Some people do get lucky and happen to hit the right strategy at the right point in the market cycle and get off to a great start but they always give it all back when the market changes because they didn't know the market would change. That many years is a big investment to gain an edge, would you then risk destroying it by just giving it away to everyone? But during the learning curve of course you have only spent time and not real money because you wouldn't take a strategy to a live market without fully testing it out on demo first anyway, would you 🙂

Gets away on the second attempt;

Ftse tags R1 ahead of dax and dow on the back of a declining gbpusd.

Still in the red though BTC mostly sideways.

Bit of a drawn out battle for control of the pivot today but looks to be away and heading for R1 and yesterday's highs.

Tariff war turns into a tech war. https://moneyweek.com/507266/huawei-us-china-the-trade-war-tech-stocks/

Didn't know this had come round again, I remember posting a comment from the then head of SEC over a year ago that as he saw it there could be no approval for bitcoin etf because of a fundamental concern that wasn't going to go away anytime soon, but I can't remember what it was 😳

Lynas Corp LTD mentioned in the article are an Australian company and are on the spread betting platform at least; https://www.ig.com/uk/marketanalysis/ig-shares/lynas-corp-ltd-LYC-AU

Still red but not too much change overnight;

A story unfolds; https://www.home.saxo/insights/content-hub/articles/2019/05/20/are-you-ready-for-a-cold-war-in-tech

Dow has drifted up over the daily pivot overnight so we may see a retest of it before longer term direction becomes clear. On large ranging days like yesterday the S&R pivots are stretched so prior highs and lows increase in importance. Don't forget that if you are using IG's web based platform Monday's pivots are distorted by the 2 hourly Sunday candles so you need to find them from another source and put them in manually but Tuesday's are fine.

The markets not sure which way to go at the moment so feeling out in both directions before drawing back to the start. Still 3 weeks to go of this hiatus in the trade war, will the future hold a increased tariffs to 25% on everything and the inevitable subsequent China retaliation? If so, China will need to expand the battlefield because they've run out of things to tariff so that will mean a radical escalation.

@dmedin the weekly chart would seem to indicate that the move down was the pullback and the subsequent move back up was the trend continuation. There are many ways to read a chart which is just as well as that is what makes a market. If everyone thought the same there would be no one to take the other side of your trade, who will be proved right depends as much on future events as anything else.

@dmedin, the best approach is to think the way the market works and that's by levels. Both bulls and bears want to control the market and know they need to act as a team to achieve that. So they set up orders at obvious target areas. The 5 min dax chart from yesterday. There was the early morning battle for control of the daily pivot (blue), the bears won and so aimed for S1 (first green line) where they found the bulls waiting for contracts to buy, the bears won again so aimed for S2 (second green line), the bears won again so aimed for S3 but the move was interrupted by the arrival or reinforcements onto the battle field on the US open.

Coming up to the US open and dax has pushed down through 2 levels of support while dow is hanging around Friday's low. Recently we have seen the US market lift price after the London session has pushed them down.

It is, so instead of picking out individual companies you would be taking a position on the industry as a whole, and considering it's still early stage there should be quite a bit of upside.

Could be interesting, this chemicals company is apparently moving into cannabis oil with a view to breaking down the oil into constituent parts to be used as additives to beer and soft drinks for the US market, I'm presuming that's as a pain control product? This is just mutterings on twitter, can't find anything official though they are raising money for a new production facility. https://www.proactiveinvestors.co.uk/companies/news/220584/iofina-to-raise-up-to-75mln-to-pay-off-debt-and-expedite-construction-of-new-production-facility-220584.html

Still 100% red but some improvement;

The chart seems to have broken down, lots of gaps and saying market not open to trade;