Dentalfloss
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Dow into the open
Its goin to pump or dump that 25930 area...Poss supports marked
Its goin to pump or dump that 25930 area...Poss supports marked
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postman
Dow up 350 on the open, thats up 1,000 points since 11am Thursday.
Why is this? Because Sir Donald of Trump tweeted that the economy was not in recession and was looking stable. Well thats all right then the Trumpmeister wouldn't lie about something like that ... would he.
Why is this? Because Sir Donald of Trump tweeted that the economy was not in recession and was looking stable. Well thats all right then the Trumpmeister wouldn't lie about something like that ... would he.
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postman
Mind you - if the economy is doing well, why would they need 3 interest rate cuts this year? I mean if you cut interest rates when its not necessary the US would label you a currency manipulator!
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postman
I'm short dow from 26,180 you cant have your cake AND eat it - or so the stupid expression goes.
counter_violent
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luckyvictor
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So how do you trade? How do you enter and set your SL?
I am thinking the same as you, but I have been shorting this strong uptrend and got hammered all...
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postman
The market gets bought up overnight to make it look stronger than it is, its easier to manipulate just the futures. When the cash market opens and the arbitrage programs start and people can actually sell their overvalued shares - they do!
Down day Friday down open on Monday.
Up day Friday generally a gap open higher on Monday. Just go back and check how many times the dow falls from crazy gap open highs on a Monday.
The trumps twitter 'intervention' just acted as a catalyst to the general rule.
-----------------------------------------------------------------------------------
Donald J. Trump
-realDonaldTrump
"Our economy is the best in the world, by far. Lowest unemployment ever within almost all categories. Poised for big growth after trade deals are completed. Import prices down, China eating Tariffs. Helping targeted Farmers from big Tariff money coming in. Great future for USA!
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If that tweet is true - you dont need the interest rate cuts you've been shaming the FED for not delivering.
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postman
As for a stop loss I dont generally set one, if I do I post it with my entry.
If the trade goes the wrong way immediately (which it does rather too frequently) I watch it and re evaluate based on the chart. If it goes in the direction I expect then after a 'sensible' amount of time (or points) I set a stop loss better the B/E and let it ride.
My golden rule WAS its never wrong to take +50 profit, but in these markets you can just let it go. This move has at least 150 points of downside.
luckyvictor
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Thanks for sharing this information, is definitely new to me and so valuable!
Just a side question, can we really 'trade' using spread betting from IG for example? A lot of theory like yours and pure price action seem to suggest that it can be done.
(Although back in my mind these spreadbetting company just set this up as a game and not really for serious trading)
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postman
Watch that line today ...
luckyvictor
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I shorted at all congestion area but obviously they all broke above rather than trend reversal...
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postman
Not sure what you mean? You can make regular tax free profits doing this, there are other traders here who are demonstrating that.
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postman
2 year daily chart for reference at the start of the day.
Tick chart, one minute chart on screen at all times during the day. Even if you are not watching it, your subconscious IS. These markets are algo driven and so they move in straight lines.
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postman
Dow still holding that trendline I'm looking for a sign its going to break that would be a dip under 26,105 now.
Dentalfloss
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26250 is mega rez... Was prev supp
26070 is some sort of pivot... Could be important
26070 is some sort of pivot... Could be important
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postman
So now I've moved my stop down to 160. Chart coming.
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postman
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postman
In profit, just wait it out now.
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postman
Dow twitching at 128
luckyvictor
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Just wondering whether spread betting company "manipulate" their own "market" (what we see in their platform chart".
A serious day trader may trade real future or CFD contract from companies that are not spread betting one
