WallStFoxy
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Posts posted by WallStFoxy
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30 minutes ago, Mercury said:
I never liked the Dax, very sharp moves. I have always preferred US large Caps, and occasionally FTSE100. With a 2.25% drop on the day I hope you are Short the Dax...
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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19 minutes ago, Mercury said:
Note I am not trading this right now and would not until I see those highs as there is too much of interest going on on stocks and FX (and maybe Gold soon) right now.
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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1 hour ago, Mercury said:
Regarding your comment on support at $63 I think the support zone is actually much wider than that, running between circa 5860, where there is an unclosed gap, and 6460 perhaps. Wherever you draw your boundaries it seems like a large zone to me and one easily transited by price as we have seen.
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:
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45 minutes ago, dmedin said:
I seem to have been fortunate and caught a wave down. There isn't much volume so it could gap up, so I've a stop near 2500. Even a shallow retracement (23.8%) will give a REALLY nice R:R payoff.
Here's my H1 if it helps. 👿
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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. 👿
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1 minute ago, nit2wynit said:
Am i wrong in my assumption about Indicies: They're so Random they cannot be Predicted?
I've always assumed they are based on so many factors they don't follow normal pattern rules?
When trading the FTSE i'd get in an out asap as I had no faith in the direction.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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2 minutes ago, nit2wynit said:
Sorry, I was reiterating.
are you actually trading it?
No I trade the Dow or the Dax because you get bigger moves and a lower spread. 👿
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1 hour ago, Foxy said:
I already answered that. 👿
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9 minutes ago, nit2wynit said:
the fucker looks like it's going down lol
Just read the chart simple support, resistance and pivot levels should tell a story. 👿
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1 hour ago, nit2wynit said:
How's this for a Trade Idea folks.? Back to DB.
Just a different prospective. 👿
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3 minutes ago, dmedin said:
The most likely outcome is that it will go up and down or down and up, or vice versa, in rapid and random alternation.
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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23 minutes ago, Mercury said:
Turn looks to be in the offing if we get a break of short term support. With a small 1-2 done, assuming we don't get short retrace that powers the market on to fresh highs, we can anticipate a reasonably lengthy move down to at least the 27,000 mark and possible the 26,500 support levels (what was that about round numbers @Foxy...!).
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. 👿
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Dow has resistance at 27400 and looks pretty flat to me, here is my chart. 👿
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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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10 minutes ago, Mercury said:
Fair enough @Foxy then why 30,000 and not 28000 or 29000? Got a particular reason for 30k?
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. 👿
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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. 👿
. 👿
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2 hours ago, Mercury said:
US stock indices continue to grind up slowly, despite having made new ATHs across the large caps. Not exactly a run away Bull move to my mind, perhaps more typical of a end game? Stocks, it seems, tend to V bottom but dome at tops. Well we certainly got a V bottom at Christmas and New Year just past and I am expecting this move, if it is the end stage wave 5, to be a slow train crash rather than an obvious one top out.
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. 👿
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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.
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Options analysis - are we missing out?
in General Trading Strategy Discussion
Posted
@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. 👿