Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders

[Dentalfloss]

dollar strong overnight
fell against the yen

 

[wallstreet1928]

dollar strong overnight

I have a suspicion its due to this

"WASHINGTON (MarketWatch) -- The Obama administration will impose stiff tariffs on imports of Chinese-made tires after finding that a surge of imports has disrupted the U.S. domestic market.

President Barack Obama signed an order on Friday to impose the special punitive tariffs for three years, the White House announced.

The action is the first major trade enforcement action of his presidency and comes less than two weeks before a high-profile summit of the leaders of the Group of 20 nations, including China.

It is the first time the U.S. government has imposed special "safeguard" provisions to protect a U.S. industry from Chinese competition.

In the first year, the tariff will be 35%, falling to 30% in the second year and 25% in the third year. The tariff would be on top of the current 4% tariff. The tariffs will take effect in 15 days.

U.S. imports of Chinese tires have risen from 14.6 million in 2004 to 46 million last year, accounting for about one-sixth of the U.S. market. Four U.S. tire plants have closed in the past two years, and more than 5,000 workers have lost their jobs.

The Chinese government and some U.S. industry groups had objected to the tariffs.

Kirk said China had agreed that its trading partners could impose such sanctions when it entered the World Trade Organization.

 

[wallstreet1928]

US OIL

KEY LEVEL $69

Bias definitely on downside as geater probability of an oversold Dollar bounce which could force oil below $68. Oil has been unable to trade above $72.25 even with the Dollar falling last week, therefore it is fundamentally weak.

EURO has been unable to get past the 1.4620 level and has formed a good resistance level, sell off in the EURO will almost certainly cause weakness in oil as they both trade in tandem.


< $69 ............WE GO TO $68 - $67.7 .................if Dollar bounces then we go below $68 with force

> $69 ........... up side target of $69.5 , $70, 70.4

If we get to $70.5 then I will certainly open up a short position

1st target almost hit

 

[wallstreet1928]

EURO = short on any bounce

1.462 proved too hard a task

 

[wallstreet1928]

Marks & sparks

nice double top for those interested .........

I will short @ open, stop loss just above

 

[wallstreet1928]

Overall sentiment was cautious with base metals and crude oil prices dropping and investors buying the safe-haven U.S. dollar.

Some traders were citing a general atmosphere of concern about escalating trade tensions between China and the U.S.

On Sunday, Beijing singled out U.S. automotive and poultry product imports for investigation after the Obama administration decided to put steep import duties on Chinese tires.

"Any trade-related dispute and sanction between the U.S. and China, the two most important countries in the global economy, could carry significant implications," said Morgan Stanley China economist Qing Wang.

 

[Dentalfloss]

ws.thanks
wot time did you awake..??

 

[wallstreet1928]

FTSE 100

KEY LEVEL 4992


STRATEGY FOR MONDAY

> 4992 ....so long upto 5030 - 5040 and beyond

< 4992 ....go short target 4962, 4940

Good morning chaps

so short is on the cards for me

it has already been triggered @ 4970 ..stop loss 5000

target 4940

I will amend to break even as soon as we get to 4960 region due to gap fill support

 

[Dentalfloss]

1.4470 a key area for the urodollar
i think
any others ??

 

[wallstreet1928]

ws.thanks
wot time did you awake..??

I have been up since 04.45am my friend

a lot of the damage had already been done by then

Shanghai weathered the storm, it was the Nikkei that bore the brunt of it to due to exporters

 

[wallstreet1928]

1.4470 a key area for the urodollar
i think
any others ??

downside targets for today

1.4515 ........resistance =support

fib retrace 38.2% = 1.466

1.4430 .......resistance =support

 

[Dentalfloss]

res/supp areas for euro
thanks ws

 

[Chelski]

Nice charts chelski

I'm looking at teh same trend lines

Thanks,

Possible lower day today, although overnight a lot of movement. Heres my 15M. i am on a course all week so no trading unless we get a 6:30-730 move.
In the new downward channel we have support in the lower line, previously resistance,
I dont have it drawn in but 16577 ish is a horizontal line of resistance / support too.

 

[london_lad]

Morning chaps. Morning open could try to fill Friday's gap, so maybe that's when shorts should be taken/added to position. I am targetting 4990 to short from.

Cya off to office.

 

[papak]

Morning all,
Im short FTSE from 5006 on Friday. My time cycle analysis tells me that Friday was the high for this year and we will make new lows in a few months time. So I am holding on to this short position and will add to it when appropriate.

 

[wallstreet1928]

Good morning chaps

so short is on the cards for me

it has already been triggered @ 4970 ..stop loss 5000

target 4940

I will amend to break even as soon as we get to 4960 region due to gap fill support

closed 10 point profit as gap fill providing support

I will look to short @ 4990 and 5006 if we see weakness and rejection

 

[wallstreet1928]

I will also look to short the EURO @ 1.4580

stop loss 1.4610

target 1.4550

 

[wallstreet1928]

Sp500

should be good support in 1034 region as prev resistance =support

failing that then 1024 region

1034 working well

 

[wallstreet1928]

I am short FTSE 4984 ..stop loss 5009

target 4960

 

[wallstreet1928]

BP very bearish ......fallen below gap down level

this will take market down with it

next support @ 536