WallStFoxy

I know it dos't make any sense based on the news, but I think the bulls are back in control. I noticed before the news broke the H4 footsie was well above the market and the DAX wanted to follow but everything was lifeless until the news broke, this combined with the support levels on equities gives me the feeling that overnight will blossom. If not then Thursday will probably go south very quick.

@Mercury Hi there Mercury, Sorry not been about much today. Did you stop out today or move your stops ? I can see you are still of the same mind. I would guess if your right you could expect a big move over night the market loves to move when we sleep.

@Mercury Nice entry point, right on the lowish end of the H4 Bull flag if you are on the money with your breakout theory you could have a really big win with this one. Good Luck

@Mercury That all sound very good and it's great to see your reasoning but I still think that 1.12650 is very important to the move, it's taken from last November till now to break that line and until there is a weekly close above it I personally would not risk any long play, however should that happen I would be with you all the way.

@davidbrister @davidbrister You don't need an EA on MT4, if you down load Pro-real charts you can program your strategy without any code in no time, no programming required, all you need is a good strategy and a bit of common sense, also they are free on your demo account so you can test your strategy before you go live. Good luck my friend.

@Mercury Nice chart, but I fear the long battle fort over 1.12650 is not going to be so easy to reverse. I just took a look at the weekly chart and the bear channel is strong. I guess that's what makes a market.

Doesn't seem to be much interest in WTI here, but if you're into breakouts there's a nice descending wedge here just waiting to break out for you.

Always feel a bit cheated when so much of the trade happened overnight, it's hard to join a rally so advanced so I'm hoping we get a repeat of Monday's trade.

@dmedin Every time I've seen IG broadcasts they have got it wrong, so I no longer bother with it!!

@nit2wynit Thanks for your reply, may I ask you to spend a little more time on the detail of my post, consider £1.00/point = 100 shares which are more than twice your 44 shares. Also using KnockOuts will reduce your margin from £730 to £200. The only difference spread betting with KnockOuts is the stop level you set at the opening is a guaranteed stop and can't be extended but you can stop out early if you want. I think IG has developed this product to help get around the new high margin requirements and it also has the added benefit of a fixed maximum stop loss. You said, "you don't actually follow what I've posted" So please read it again and again until you do, I am sure it will help you understand a good bit more. again, I wish you the very best of good fortune.

@nit2wynit I am sorry but your numbers are way off. £1.00/point = 100 shares. vs 44 shares. (Because you gain £1.00/£0.01 you would need 100 shares to receive the same £1.00 Profit, hence £1.00/Share = 100 Shares) 44x $28.71 = $1263.24 Profit if they double in price, note Dollars. 100x £28.71 = £2871 Profit if they double in price, note Pounds. This is because you gain £1.00 / $0.01 it adds leverage to the exchange. Also, take a look at KnockOuts this way your Stop Loss = Margin Finally, if you only have £1000 in your account you need to be sure you have mastered your strategy so you may be well advised to use your demo account. I know that's hard because I have done the same in the past. I wish you the very best of luck.

@Caseynotes Just my opinion but not a reliable source. There was a big sell-off at the breakout so I think it may be a false break.

US30 Looks set to test yesterdays low.

@Caseynotes I know what you mean, but that would be horizontal resistance not trend. I am looking to sell the current trend as shown on my chart if that trend breaks maybe I could look to that high as a long term bull target.

If you like to trade gold its looking good to me right now. Take a look at this H4 chart showing a potential high to sell with a clear stop at 1289. a break above that could be a signal to reverse and go long.

@elle Nice chart elle, tomorrow could be a very interesting day on the equity markets hope you do well.

@Caseynotes Thanks very interesting.

@elle eyes to 7245 with a bit of luck. hope you are short.

Looks like we may test yesterdays lows. Take a look at the DAX30.

I can't find a way to edit my post, I should have said: from the high and low of June 2016 and the resistance zone from the last high down to the low in April.

Sorry. I just updated my chart with a FIB going back to the 2008 low. My support zone is close to 50% retracement, so it sure could go even lower. We live in interesting times!!

WOW @Mercury, I guess you're more than a little bearish on the outlook for us equities. I must say the long term chart looks very overbought me to, I just thought I'd share a chart. The long term support and resistance on the weekly DJI using a support zone from the high and low of June 2016 and the resistance zone from the last high down to the low in March. One thing about this chart is even if there is a significant breakout above the last high it will only move the resistance zone even higher, sooner or later the bears will have their day. The only reservation I have is how low it could go from there, I am sure it will depend on the global outlook at the time.

I think you are miss understanding the ticket. the price you enter is basically the number of options you wish to purchase. The worst case is your option goes down to £0.00 but the trade is still open until it expires or you close it. Should your trade bounce back you are still in the game. I think there may be interest on your open positions similar to a rollover. The margin requirement is the full cost of the option.

Gold has bounced back above $1271. Are the Bulls buying a bargain?