dmedin

I caught a nice wee move in FTSE 100 😎

I didn't say that. I just said I don't understand it

Ten point spread?

Notice the W and the X (???) and the insane amount of nesting. Switching between 5s and 3s willy-nilly. https://elliottwave-forecast.com/video-blog/gold-2700-area-should-be-in-the-horizon/ Good luck with this: https://elliottwave-forecast.com/news/elliott-wave-view-rally-facebook-corrective/

51 – 250 IG clients have a position and 87% are long. What are they seeing that I'm not?

The basic premiss (as far as I understand it) is being able to spot highs and lows and make an informed guess as to which way price is going to go next. Apparently the idea of an extended third wave is the most important (according to Frost and Prechter). The third is always the biggest impulse wave. There are a couple of other bits like wave 2 never retracing more than 100% of wave 1 and corrections always being in three waves, but there's a huge amount of leeway in terms of how you can number your phases and that is what makes it arcane and subjective.

Surely we will get a nice juicy re-test of that low. Go on my son 🐮

@Mercury Where you have marked - 1? - doesn't that candlestick formation indicate a top and a good idea to go short? Do you put store by candlestick patterns?

That's highly probable ...

lol. Which ones? EWT is full of them. I have tried half a dozen times to read Prechter and Frost's book and I still only understand a tiny fraction of it. The basic gist seems to be, the market moves in 5-3-5 waves - except when it doesn't.

It looks like it is heading back down again, by Jove! I am such an idiot for going in and out of short trades on this stock. I'm just an idiot in general

No music, just the voices screaming in my head.

How ****! A pair of huge green volume bars sprung up.

@Mercury How can it be that the price of coffee is too low to make it worthwhile for farmers to grow, when we all know how popular coffee is in the West? Surely the 'law of supply and demand' should dictate that the farmers stop making coffee until the price rises ... (I would be willing to pay double for my coffee) Unless that 'law' is a load of bullocks?

@ChrisN When one drug stops working, it's always possible to switch to another. The headline in Reuters Markets today is a rally based on hopes of stimulus - more government spending.

Heikin-Ashi is less ambiguous

The questions being asked here are very significant; is limitless exponential growth possible? Capitalism relies on it being possible. So any downturn must inevitably be followed by a pick-up, unless some other economic system comes into play. Interesting! If you are a capitalist all you need to do it wait for assets to become cheap and buy them up. In the meantime, sell your stocks and buy government debt. Either way, there will always be people who owe you money.

There's a potentially bearish candle forming on the weekly chart, so let's see where it's at next week.

Where do you see the shorting?

'Spend spend spend' - isn't that what the U.S. is already doing? Except that it all goes on the military and Wall Street. Why is it only inflationary if it gets spent on social policies? (Asking because I'm curious.) Opponents of government spending always ask where the money comes from, but we all know that money gets created out of nothing every day by central banks and forex trading institutions. It only becomes a problem when any significant amount of that money gets translated into higher wages. Very interesting.

I thought that the 'modern' monetary policy was introduced by Reagan, with massive government spending (on military and corporate subsidies/tax breaks) and easy money for Wall Street. Coincidentally a lot of the supporters of Reaganomics are ex-Trotskyites and radicals. Maybe they know how destructive all of this really is and are still plotting the downfall of capitalism? The 'deep state'?

I've finally got some more time and hearing about standard deviations (Bollinger bands) now, reminds me of my uni days 15 years ago.

It wasn't me

This is a 'mineral extraction' and mining company. They mine gold https://www.centamin.com/ If price holds up above the Fibonacci level/Pivot it might be a good long.

Clearly the leader of the free world agrees that volatility is a good thing. Indeed, traders may say they hate to get political, but one noted the recent top and bottom were marked by Presidential tweets/and an about-face on China. Traders also noted late-afternoon tweeting on Wednesday. One trader said "Yesterday’s tweets didn’t stall the sell off and we closed on the lows. Maybe his manipulating via tweet isn’t going to have that positive effect going forward." In any event, traders remain focused on their charts, and seeing if recent lows/and key levels such as the 200-day moving averages can hold. If not, they see the breakdown accelerating. - From Reuters news in the IG platform.