Caseynotes
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Posts posted by Caseynotes
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Everything gone a bit quiet, China's PBOC statement about the Yuan this morning (see 'something interesting' thread) has caused uncertainty.
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China composite continues down;
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Looking to the future I've got that covered, no surprises there;
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Sources: PBOC will not let the Yuan weaken past 7.00 per Dollar - Reuters
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Dow looking lower for support but dax not following down, holding out for as long as possible waiting for dow to turn up a sign dax really wants to go higher.
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8 hours ago, dmedin said:
Question is, will you 'put your money where your mouth is' and place a bet on it going to 1280?
😁
Can't trade everything @dmedin but no matter what you do trade you always need to know what gold is doing.
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Red across the board this morning, BTC down 483 points, 6.28%.
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BTC rupture last few hours, down to 6523 now back up to 7200.
H1 chart;
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Ftse similar to dow and resting on the pivot looking to bounce up.
M30 chart;
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Looking for a dow bounce up off the pivot and dax to follow, failing that then a retest of support, 25723 for dow and the pivot for dax.
M30 charts;
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USDCNH is flying up to key resistance could mean Govt interventions coming or are they going to let it go through 70000?
Weekly chart;
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The indices are look to reset to the daily pivot support to try to launch another bounce up. Nothing much on the calendar today but may see end of week flows out of longs later in the day.
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Very much back to risk on today, Dow up, dollar up, oil up, bonds down and gold heading back to 1280.
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2 hours ago, dmedin said:
Caseynotes, I would love to know what you think about this statement? (Apropos of mass psychology, self-fulling prophecies etc)
Yes, I can see what they're saying, even most EWP peps will admit that you will get 10 different EW charts if you ask 10 exponents to draw one up. When I looked at it when starting out my thoughts where exactly that, that it was just too loose and too open to multiple interpretations which is why I drifted down the S&R route though looking at Fib along the way. Definitely more traders use Fibs than EW which helps to make Fibs more of a self fulfilling prophecy but as I mentioned elsewhere I found pivots and S&R to be even more so.
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As of 17:50, BTC down 225 points and 2.76%.
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BTC looks like it's putting a big red daily candle which may cause a pause in this run;
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Interesting pdf library of trading books free downloads;
http://www.aboutcurrency.com/forexdownloads/forexbooks/forexbooks_downloads.shtml
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6 minutes ago, Bell said:
The trade war may be pulling back. That what seems to be the reaction.
yeah but only for 3-4 weeks, that's the deadline Trump gave the Chinese when they turned up in Washington having just ripped up the core of the deal, Trump immediately upped from 10% to 25% on some goods and promised to do the rest if they didn't come back to the table.
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The 7am hourly candle failed to take the pivot so price went back down to check S1 and nearly got as far as S2, the bulls are currently trying to overwhelm the sellers who have gathered at S1 to defend their short positions.
H1 chart;
And look to be doing a good job;
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Lunchtime at a glance and more red on the board;
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30 minutes ago, Bell said:
Think we are in a rinse and repeat cycle till G20 and the big meeting.
May get resolution earlier.
We could be getting ready for the blow off top before the big leg down.
Guess we cant pre-empt as that defeats TA.
On TA sometimes as you said some bits do feel like snake oil.
Probably feel that more around indicators. Patterns and Rand S levels feel more solid.
Yes, the storm will come when Trump slaps the 25% on everything, til then the basic fundamentals should grind price higher.
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Spoke too soon but never mind as dow and dax surge to break prior high resistance and head for R1;
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Having said yesterday I would stop trialing options on demo I changed my mind, how else to learn. I just closed out this mornings position as dax looks to stall at resistance, was targeting around 12130 anyway. Is there any simple way to place a target on the option to close without a complicated reverse position?
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That was an excellent presentation, and especially the segment on using the RRG to see the big picture and deciding what to focus on then looking to a normal chart to confirm that view and look for entry opportunities.
Very well done, could have been longer with more examples.
Was aware of RRG via stockcharts.com but was not aware of https://www.relativerotationgraphs.com/
Dax & Dow
in Indices and Macro Events
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Went for the test of support, both now trying to bounce back up.