WallStFoxy
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Everything posted by WallStFoxy
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Options analysis - are we missing out?
WallStFoxy replied to dmedin's topic in General Trading Strategy Discussion
@dmedin You don't need it, just read the chart. Here my chart showing the turn this morning and how there was a typical whip lash on the stop zone before the rerun. 👿
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@Mercury I would have been but the Dow & Dax have had my head in a mess for a few days so I shorted the FTSE as its been better behaved recently and I figured the pound would likely retrace a bit anyway to help out. I limit my risk to one trade at a time for now so its OK but not what it should have been. 👿
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@Mercury Me neither I am a Dow & Dax trader for now, but I like Oil when it gets into trend. Not to sure about Gold maybe if it ever gets back to what it was!! 👿
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@Mercury I see support around $59 and both support and resistance in play at $63.50 but the overall set up looks bearish with ST resistance at $64.65. Until it breaks up of $64.65, I would expect the next leg down.
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News out today: 13:30 High UNITED STATES-JOBLESS CLAIMS - INITIAL CLAIMS 13:30 High Durable Goods Orders
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@dmedin Here's my H1 if it helps. 👿
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Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
@Mercury I don't like the look of this, double top @27,400 then three lower highs. We could still get a bounce at or above 27,200 but if that breaks I think we may see that 27,000 and that could open the door to the Bears for the rest of the summer. 👿 -
@nit2wynits I would say so, but you need to study how they move. Its about yesterdays close and overnight highs and lows that very often get tested before they move. The patterns repeat over and over. All that you have learned about candle patterns is not that useful to me. I just use moving average support, resistance and pivot and time of day. 👿
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@nit2wynit No I trade the Dow or the Dax because you get bigger moves and a lower spread. 👿
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@nit2wynit I already answered that. 👿
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@nit2wynit Just read the chart simple support, resistance and pivot levels should tell a story. 👿
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@nit2wynit Just a different prospective. 👿
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@dmedin Yes I expect it will for around 2 or 3 hours but at 17:00 or so it should settle down, and between 17:00 and 19:00 it may be possible to pick a side. It could even be last hour but that doesn't matter so long as support holds I will be looking for a long position. If not I will start again tomorrow probably look for support at a new low. 👿
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Nice little chart of the Dow. 👿
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Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
@Mercury I'm not sure, need to see how the session ends this could be a sling shot through 27,400. I will go long if it turns back up today and may be short tomorrow if it stays low over night. Like the round numbers but I think 27,000 will find support if not before. The Big Bear may be lurking I don't know, but it will have break a couple of strong support levels first. 👿 -
Dow has resistance at 27400 and looks pretty flat to me, here is my chart. 👿
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Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
Ha Ha Nice one @Mercury . 👿 -
Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
@Mercury Here's another one for you 27400. 👿 -
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. 👿
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Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
@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. 👿 -
Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
@Mercury Sorry typo on chart. 👿 -
Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
@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. 👿 . 👿 -
Stock market turning points - are we there yet?
WallStFoxy replied to Mercury's topic in Indices and Macro Events
@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. 👿 -
@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. 👿
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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.
