Islander and Medici trade the European open

What the hell is going on over there ISLANDER?
1st of all , I hope all well for you!

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Hi Brixen - took a week off from FF so apologies for not replying earlier.

Boris and his men have really screwed the Balearic Islands! First he was allowing two weeks before implementing any restrictions. Then, without any consideration of what it will do to the UK economy - already TUI's closing 165 shops, airlines will have more layoff etc etc - he cant be bothered to exempt the Baleares & Canaries where the infection rates are a fraction of mainland Spain and of the UK. Nor have the UK properly enforced any of the rules that they issue.....just look at the crowds on the beach at Bournemouth!

As you guys in Italy know, UV light kills the virus, instead Brits are forced back into dull and wet UK.........

Take a look on youtube at Panorama's report on China and the virus, shown a couple of day's ago.....mmm

OK as I'm finding many who visit here dont bother to read back a few pages where they will find most queries have already been answered I'm going to fill this page with a few old charts and then at the top of the next page do a complete run down of what I have done and now do in my Dax trading. Hopefully this will be helpful

I'll start with what happened on Thursday.

Dax un-coupled from the US Indices, and whilst they stayed within Wednesdays' ranges, Dax exploded downwards, passing the 423.6 Fibonacci extension of its Wednesday Range in a > 600 pts fall - 4.9% in a few hours....phew!

Here's the first 4 hours on my M1 chart.....look how price remains outside of the first envelope for many minutes - the strongest move we have seen for a long time....

We were surprised by the strength of this fall - silly as the higher time frame charts were warning that the BB / SM were ranging price prior to a move. I know that 35º+ days with almost empty beaches kept dragging me out, but I was still in front of my screens before 8am.....

So we were selling and banking too soon and not milking the move for all we could in the strongest move we have seen for a long time....

After lunch I took a good look at my m 60 & m 240 charts and this was what I saw - on m 240 as I dont like lots of small candles....

So from this chart I could see that the next major downside target was the confluence of the 30 day POC, Fibonacci 61.8 retrace and a KiwiOz price projection - check out his old thread here in FF - its interesting!

and here's the same chart updated for the open on the following day, Friday.

Dax had continued its fall right into that target zone in that high volume red hammer

Remember that after the US close on Thursday, Apple, Amazon and others came out with better than expected 2nd quarter results and Nas shot up 240 pts (2.2%) in under an hour in thin overnight trading, so it was not surprising to see Dax attempting to rally.

Here's Friday's action an M 5 chart. Fibonacci drawn over Thursday's range

S&P - Friday's action on M 5

Friday Nas M 5 now only 120 pts away from its ATH

Test

Good to here you again after some days....and Yes, so exaggerate decision from BJ, maybe he was so envious many were going to the sunny beaches while he remained in his 10 Dwoning Street, Central London

Here's the basic M 60 chart now

So I need to see more and I dont want to squash up the candles as then they became bars and thus I loose all of the info that candles give me

Got up to a 4 hr chart - M240

Mmmm - I'm still missing Dax's All Time High - ATH

Go out to a Daily Chart and there it is.....13,816 back at 20th Feb, so some time ago and distance price-wise, especially when we look at the action in the US Indices....

S&P Daily

Here's the Nas Daily. Its 20th Feb high has been passed by 136 pts - more than 14% !

So on Nas I can drop down to my 4 hr chart and still see its ATH

As the Nas is currently driving the action in the US, its action is very important....

So I am watching it on my hourly chart, with more detail

Likewise, I want more detail on Dax's hourly chart

I will usually pull a fib over the last swing