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Foxy

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Foxy last won the day on July 15

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  1. Dow has resistance at 27400 and looks pretty flat to me, here is my chart. 👿
  2. @Mercury Here's another one for you 27400. 👿
  3. I don't like the look of Wall St. this afternoon, it appears to want to retrace to test 27285 if that beaks then we are starring at 27,000 and that could put the Dax back into a spin. 👿
  4. @Mercury I would have though 30,000 is a lot further than many people expect and it's the next most significant number, that's it pure and simple. From a trading point of view I wouldn't try to guess the value of the turning point any more than guess when it will happen, I just look for the Support or Resistance. 👿
  5. @Mercury I think you may be reading to much into the statement, I simply mean resistance is often at or around a round number of sorts and that could be quite away off yet. 👿 . 👿
  6. @Mercury Picking a top is always testing but I have a feeling Wall St. Bulls may push for 30,000 you know how they like round numbers. 👿
  7. @dmedin I am sure you will have noticed, the bears sold off the spike this morning so I will continue for you. The FTSE has tested yesterdays close twice and although this looks very Bearish unless it breaks below yesterdays close I would look for a recovery above the pivot to have a second attempt. 👿
  8. Now I would protect my trade by moving the stop 0.5p above your entry, I want it close to try and avoid getting closed out if it gets a bit volatile over the next hour or so. 👿 P.S. I hope this has helped.
  9. @dmedin It's now just gone 07:30 and the FTSE has just tested 7500, it could go down to test 7493 as you can see on my chart but 08:00 could bring a rapid rally so if I wanted to trade this long I could buy now with a close stop just under 7500 or use a buy order just above 7510, personally I would choose the former because even it it reaches 7510 it could still test 7493. 👿
  10. @Caseynotes Thanks for that, I've been looking for a sub heading for sectors, I feel a bit daft now. 👿
  11. @dmedin Charts only show you what has happened, from that you have to analyse the most likely event going forward and to do that you need to understand how the markets work. There will always be at least two out comes and most often there are three, many traders only think in terms of up or down forgetting the sideways move yet in the middle there is almost always a sideways move if only for a day or two, this is the turning point. It may be a huge spike but that will retrace around 50% or more, it may be a series of failed attempts but you can see it in the charts. The most important thing to me is understanding the difference between a pull back in the trend and the trend itself. When you expect the market to do something you can wait for the market to come to you. I am going to show you on the FTSE chart over this week what I mean, starting now. This H4 chart shows me 3 things, firstly the FTSE is in an up trend, secondly the FTSE is pulling back or retracing the previous rally (caused by trumps reversal at the G20) and thirdly it shows me two probable points for reversal (levels of support) if you wanted to go short here you would need to scalp inter-day on an M1 or M5 chart, because although it's going down it's expected to reverse, given you would want to hold your trade it looks like you would be better off buying a low. Sorry it's a bit long winded but you wanted a thought process. 👿 FTSE H4 Chart Below is the FTSE last Friday on an M5 chart ( I wish I was trading that and not the Dax last Friday) you can see it has reached the first level of support so we wait and see what happens Sunday night. If this turns up over Sunday/Monday we could use the low as a stop-loss in case I am wrong. I will follow this up for you tomorrow. 👿 FTSE M5 Chart
  12. @Mercury Can you still trade sectors on IG, I can find them in the listings?
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