DislikedRelax Guys! Appreciate everyone's concern. My SL is 40pips with proper MM in place..I am not betting the farm on this trade..Ignored
DOw already down over 250pts.
Nice.
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DislikedRelax Guys! Appreciate everyone's concern. My SL is 40pips with proper MM in place..I am not betting the farm on this trade..Ignored
DislikedNo worries but ur SL just got hit.
DOw already down over 250pts.
Nice.Ignored
DislikedNo worries but ur SL just got hit.
DOw already down over 250pts.
Nice.Ignored
DislikedWah which broker is that? so fishy. But I'm short. So the lower the better.Ignored
DislikedWah which broker is that? so fishy. But I'm short. So the lower the better.Ignored
DislikedAgreed. haha I'll take any lower price I can get.
Ok, so now that the news is over I am going to post a few possible scenarios that could take place. This is just my analysis of how price is currently behaving. We will start with the weekly charts, then move all the way down to the 4 hour- well no, we'll go from weekly to daily.
My reasoning for only showing the longer timeframes? Any new guys out there are probably wondering; Why, all the action is on the hourly and other lower timeframes. THIS is the exact reason as to why I will post the higher timeframes. Gunslingers always end up dead because they look for the action, but most of the time they look for it in all the wrong places. Say the 1 hour timeframe is Wyatt Earp and I'm just a kid that has never touched a gun before; Why in the heck would I want to face someone that I can't beat? Ok, enough rambling now.
First, we'll start with the weekly. You'll clearly see that last week closed right at resistance. With that, we had a spike above resistance, but we didn't breach it. This is common. Price DOES break resistance at times but ends up not closing above it. This is why you HAVE to wait for the close of a bar to even THINK of taking a trade.
Now, we saw that price is below the resistance level now and we are going to, most likely, stay below due to the news among other things. Based on the weekly, you will also see the blue lines on my chart. Those act as support and resistance levels for me.
The first resistance level based on the weekly timeframe is in the area of 221.30. This is also, coincidentally, right above the previous low as well. This will probably give us a bounce at this area only to build up more steam to try and clear the next support area at, you guessed it, that magical 213 that everyone has talked about for so long now.
On the daily, we are clearly continuing the downtrend now with a bearish engulfing on todays close (it will be). This happened off of resistance, which tells me that we could not break above and so the bears are now back into effect. With that, on the daily timeframe, there is nothing in the way to that 221 level and so I could see this as a good longer term profit target.
There is another fantastic thing about this. We are going along with the overall trend while shorting (if you are shorting). With that, we can take our stoplosses lower and lower. The whole time we are doing this, our risk gets smaller and smaller until we are in profit no matter what. Hope that could help a little. Good luck trading everyone.Ignored
DislikedWeekly charts shows a frightening possibility of going down a lot.
Agreed with your opinions. Bearish bias for now.Ignored
DislikedSure thing. It's easy to get caught up in the little things, and then lose sight of the things that matter (the defining trend and overall direction of movement). Just like in life, trading is the same way.Ignored
DislikedI had read some posts and was a bit worried with all this shorting talk going on. Not worried as in worried, but worried as it might take longer for my positions to actually hit their targets. Now that I see all this talk about dow rallying till the end of new year and geppy testing higher levels, I feel much better thank you, I was begining to wonder who would buy all this crap, when the unloading part starts, lol. Made my dayIgnored
DislikedI want to apologize to anyone who put any stock into what I said earlier in the day about risk being to the upside. I pray that my comments played no part in anyone being long at the FOMC announcement. I have been trading for over 5 years and this is the worst miss I have ever had. I am paying for it with my self esteem and my trading account. I will stop posting, since it is obvious I don't know what the @#$% I am talking about!! Good trading to you all---God BlessIgnored
DislikedI want to apologize to anyone who put any stock into what I said earlier in the day about risk being to the upside. I pray that my comments played no part in anyone being long at the FOMC announcement. I have been trading for over 5 years and this is the worst miss I have ever had. I am paying for it with my self esteem and my trading account. I will stop posting, since it is obvious I don't know what the @#$% I am talking about!! Good trading to you all---God BlessIgnored