[Indices]

All 4 gaining with Dax breaking out past 10994, Ftse up over the 6941 resistance level and Dow waits for the US open. 

[Indices]

yeah @Kodiak,  looks to be following in the footsteps of Dow.

[TA - Technical Analysis]

Very good Tradeciety article on tips to finding trade entries.

https://www.tradeciety.com/6-tips-to-finding-better-trade-entries-with-every-trading-strategy/

[Indices]

The Dow break looks for continuation, Nikkei tries to secure a similar break, Dax looks to be about to make a break of it's own while Ftse has some catching up to do.

Dow got a good boost yesterday around 8:30 pm on reports Trump was contemplating rolling back China tariffs, the market didn't care those rumours were refuted less than an hour later.

[Indices]

Dow looking to retest breakout, Nikkei testing support while Dax and Ftse eyes on Dow. China needing to increase stimulus, Philly Fed manu index on the calendar though US gov partial shutdown causing a backlog of delayed data.

[Indices]

@Kodiak, that's what we should be looking for, tight trading ranges can only lead to one thing and that's a breakout, don't mind which way, if the bulls win price will march up, bears win then it's down. But the important thing is price must leave that old battle ground in search of new resting orders, it takes extra special effort to drag price back into a rejected large time frame trading range.

Coming up to US close and the Dow break up looks clean so far so odds in favour of Dax following suit tomorrow am.

Dow H4 and Dax H1 hour charts;

[Indices]

Dow pushing higher on the US open, may be getting that break higher out of consolidation that's been looking likely since Monday.

[Is spread betting for fools?]

Something like that @dmedin, though mostly the sharks feed on each other, the dumb money is merely a morsel. Hence, as in the Dante quote, the first aim is survival, that is to say not losing money. It's funny how everyone who starts trading is thinking about making money rather than not losing it, as you say in the OP, the stats are there for all to see.

So if they make the first goal not to lose money and concentrate on that then they probably wouldn't even start on that long road which is so time/money consuming of searching for the perfect indicator/TA methodology combo and instead just stick to the basics, they would likely be much better off.

[TA - Technical Analysis]

Useful Nial Fuller tutorial on how he analyses price action on clean charts to spot trades. He's using the current gold chart in this article just published today. 

http://www.learntotradethemarket.com/forex-trading-strategies/how-analyze-price-action-clean-charts

[Indices]

Here we are again, Dow poised for a break high. Mon and Tue saw the same thing but each time the London session pushed down strongly only to see the US session send price back up to toe the line.

Another round of G20 meetings starting tomorrow. Do they ever tire of those, why on earth do they need so many?

[Podcast]

Very good new podcast with CryptoCred, lots of great advice, covers a lot of ground, indicators, money management, setups and much more replete with some very colourful language.

Includes thoughts on how the crypto markets sit at the moment.

 

If you missed it in another thread here's a link to Cred's study plan mentioned in the interview.

https://drive.google.com/file/d/1UJBLRa9Sh0PZ0vL_wI9uDVbIRxVUdazE/view

[Indices]

So after peeking over the parapet turns out the bears were waiting with a shotgun. After the fall Dow back up to take another look.

15 min chart;

[Indices]

Dow and Nikkei take a peek over the parapet, Dax and Ftse looking on curiously, could shape up to being a strong up day, let's see.

[Indices]

Fairly flat morning session, Dow remains close to the short term highs still looking for a push into the upper band range or a deeper search for more support, looking towards the US open for a sign either way.

 

[Indices]

Dow just backing off the short term high pre Monday open, on the open will be looking for a run up to retest those highs and possible continuation.

Reuters reporting increasing concerns re China economy https://www.reuters.com/article/us-global-forex/aussie-kiwi-dollar-tumble-on-poor-china-trade-data-idUSKCN1P800V

JPY public holiday today.

[Is spread betting for fools?]

Indeed I have been sat here for a good many tears, I mean years. Did I get rich quick, no. I do treat it as a business though, a buying and selling business.

So like all careers there is a lot of theory to be grounded in plus a lot of practical to get experience in. There is probably a whole years worth of course work in just learning how to spot and avoid the traps.

I picked out an old Tom Dante quote which sums it up rather well, see below.

[Is spread betting for fools?]

Ha ha, yes, exactly the same thing happened to me. I started a 4 year university course but realised I knew it all after the first year so I took the final exam and unbelievably I didn't pass. Clearly someone was to blame for this (other than me obviously) so I cast my eyes around and of course it must have been the college's fault. 

I mean all you have to do is take some indicators and chuck them on a chart and then pick out some pretty patterns right? I knew this would be easy for me as I'm good at spotting patterns. Clearly the fact that this approach failed meant the whole thing must be rigged.

So next I scoured the internet looking for someone to tell me what to do and would you believe it but that didn't work either. The whole internet is telling me to do this or do that but when I applied these tips and tricks to the stocks I had carefully selected by chucking darts a stock page pinned to the wall nothing worked!

I didn't realise I was competing in a two way auction, I thought I was just gambling like I do in Vegas where if the action is really hot and the big guys are throwing lots of money around and the spread is getting bigger and bigger then that is exactly the right time to jump in, boy was I suckered.

It's not fair really as all I wanted, all I was trying to do, was to get rich quick, a very reasonable and quite simple goal really. The fact that this did not happen has made me sad and this has affected my relationships and it's all due to nothing less than completely unwarranted victimisation by the system I was trying to beat.

 

 

 

 

 

 

 

     

 

 

[Indices]

US session and weekly close sees Dow back up to challenge resistance leaving the others left lagging. The daily Dow shows a second day attempt to drive lower thwarted and price back to nudging this very important level.     

[Indices]

Very similar story to yesterday, a morning attempt to break higher failed except for Ftse which was soon reeled back in. 

Yesterday saw the break upward after the US open, same may happen again today though being Friday any move may be subdued.

5 min charts; 

 

[Indices]

All looking poised for a break higher. Interesting Reuters report this morning that the markets are pricing in no further rate hikes this year at all and that plans are being made for China's president Xi to visit Washington latter this month.

https://www.reuters.com/article/us-global-forex/dollar-slips-on-fed-chiefs-patient-comments-idUSKCN1P501T

[Crude Oil (WTI)]

@elle, in agreement. Noticed your fibs are starting to turn Quantile (25%, 50%, 75%) new direction or just experimentation? As you point out the 50 looks significant.

[bitcoin long period of consolidation]

@TrendFollower,  I know, I think a whole new branch of chart patterns needs to be written up specially for crypto, am keeping my eyes peeled for a goal post pattern next.

Of note though in both that recent up surge and then the down surge both were done and pretty much completed on just a 5 minute candle - social media organised pumping? 

[Indices]

The Dow (and others) at a significant position on the daily chart, a break to the upside will throw it back into the higher band range while a break to the downside ...

Friday not a good day for major breakouts but given the Feds new respect for the emotional turmoil of the markets and so their easing up of a systematic rate rise approach and given an easing of US-China trade tensions further upside is anticipated.

But, as ever, new news can make the markets reverse on a pin head so as always, be ready for anything. 

[Crude Oil (WTI)]

US oil back in congestion zone suggesting sideways price action for the near term. 

[bitcoin long period of consolidation]

Bitcoin returns to earth, not quite sure what that chart pattern is called.