We tried..........
We got within 14pts of the "objective" so not far off.......... :cheesy:
Flat expecting a rise into THE Fed decision....
Tuesday could be a stonker ...........
We got within 14pts of the "objective" so not far off.......... :cheesy:
Flat expecting a rise into THE Fed decision....
Tuesday could be a stonker ...........
Atilla
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Hi everyone,
Here is my weekly take on the DOW. There was a similar chart in IC but they had the EW as being on the 5th leg down. I don't know EW as I should always have been interested in it but this is my take if we are in a bull market.
You can also label up the weekly points down as 1234 and 5 the next step down from B.
Either way looks like continued rise followed by a sharp fall down.
I still hold the view 13300 - 13500 is the band it's hovering around and will be determinning area. As I'm short biased if we breach 13500 then I will close my position. Stay flat and watch. With a view to going short again if markets fall below 13480...
I can't help feeling just as NR customers are spooked here the same will go round in the US where crises is far worse imo. I've got Fed reducing rates at least 25 bp and 50/50 says 50 bp. I wouldn't rule it out.
Here is my weekly take on the DOW. There was a similar chart in IC but they had the EW as being on the 5th leg down. I don't know EW as I should always have been interested in it but this is my take if we are in a bull market.
You can also label up the weekly points down as 1234 and 5 the next step down from B.
Either way looks like continued rise followed by a sharp fall down.
I still hold the view 13300 - 13500 is the band it's hovering around and will be determinning area. As I'm short biased if we breach 13500 then I will close my position. Stay flat and watch. With a view to going short again if markets fall below 13480...
I can't help feeling just as NR customers are spooked here the same will go round in the US where crises is far worse imo. I've got Fed reducing rates at least 25 bp and 50/50 says 50 bp. I wouldn't rule it out.
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shortorlong
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rate reductions are a well worn path .. I have traded during previous times when rates were reduced . but I took no notes .. and can't remember what happens .. I can see the market rising till the decision, blasting to the moon for a minute or two on a 'surprise' 50 point cut then fall away for the rest of the day.
memoirs anyone?
fibonelli
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Hi Atilla,
I agree with your analysis.
According to EWT, it is common for there to be bearish momentum divergence in the 5th motive wave because the 5th isn't as strong as the 3rd. Your chart clearly shows this in the MACD and SMI indicators.
Also, the 13500 is indeed an important key pivot (circa 1500 on the S&P), the next pivot is the monster of 13700!
Fibonelli
lurkerlurker
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Slightly offtopic, but does anyone find it odd that NRK has more volume today after gapping down than it did with the surprise gap down on Friday? Are we seeing signs of accumulation here?
Don't Know .... not sure..
Think of those poor souls who piled in friday afternoon ... some in size!
Nrk is interesting game ....... but it's too hot for me :cheesy:
Think of those poor souls who piled in friday afternoon ... some in size!
Nrk is interesting game ....... but it's too hot for me :cheesy:
lurkerlurker
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I got that as well. TwoWayFutures used to act as an introducing broker to them. They are based in Gibralter, however the Gibralter FSC seems stringent enough. They only accept intermediate customers, and the minimum deposit (for a "mini" account) if I recall correctly is £5k. On the face of it, it looks like proper market access with reasonable costs with the obvious tax advantage. Since I am trading in multiples of lot sizes for the YM, I may give it a go...
lurkerlurker
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Keep an eye on the resistance level at 13518 for early direction - a sustained break above this could be bullish for the rest of the day, and perhaps tomorrow going into FOMC. I'm looking for a gap fill to 13552 if that level is broken. Otherwise, a break of 13470 would be a good place to short in my view.
Good trading all.
Good trading all.
lurkerlurker
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Sold 13507 at the open, covered 13502. Looking for more directional indicators here.
Dinos
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Nothing less than the 15 min charts for me today, happy to sit and wait and see what develops.
Currently long CAC
& short banking sector
Lurker, if you are going to state when you want to short and then short at a completlely different point a few minutes later, your best not to post it, you make yourself look a bit of a fool, (no offence intended)
Currently long CAC
& short banking sector
Lurker, if you are going to state when you want to short and then short at a completlely different point a few minutes later, your best not to post it, you make yourself look a bit of a fool, (no offence intended)
lurkerlurker
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Order book and T&S greenlighted a good scalp. However, it looks like I got my break of 13518, and my gap fill up to 13552 looks increasingly likely - a good trade indeed!
lurkerlurker
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Gap filled, and some pips for me!
Pat494
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Good for you
The 1 min is like a yoyo on the S&P today. The 5 min says down still !
Gobsmacked....!
I'm a little surprised that the spx does not seem to be looking forward to the Fed decision... perhaps it will change it's mind later...I hope so
I'm a little surprised that the spx does not seem to be looking forward to the Fed decision... perhaps it will change it's mind later...I hope so
