DislikedWe've hit the Daily 200ema @10,645, which doesn't guarantee that we'll be coming down, but it's an important level for sure. It would.t surprise me to see another push up this morning which may give divergence, and the TF I'll be watching for that if we do is the 30m.Ignored
Carpe diem: Intraday tactics for Dax and Dow
- #14,181
- Oct 23, 2015 1:40am Oct 23, 2015 1:40am
- | Joined Jan 2015 | Status: Zaedno pravi sila. Cosmos e za nas. | 1,932 Posts
- #14,182
- Oct 23, 2015 1:43am Oct 23, 2015 1:43am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
GM - nice to see Deltaone pirating some points from the Dow yesterday evening 
Here's my Dax Daily chart which shows one of the problems of using subjective indicators such as Fibonacci and Moving Averages to give S&R levels - which levels do you draw from - here from the April High to the September Low and which type of MA do you use (SMA, EMA, LWMA etc) and what number - 50, 100 or 200??
The fall held at the 76% retrace of the rally off the October 2014 low. The 76 retrace for the recent fall is at 11,667, with the 50% at 10,849 and the 61% at 11,215, with other S&R levels like the low at 10,650.
Unlike the Dax, the Dow Cash is already close to its 76 retrace which is at 17,616. This is also the bottom of the 17,600 to 18,300 range in which the Dow traded for six months earlier this year - February to July.....Dow Cash is currently at 17,530......
Now coffee before XO
Here's my Dax Daily chart which shows one of the problems of using subjective indicators such as Fibonacci and Moving Averages to give S&R levels - which levels do you draw from - here from the April High to the September Low and which type of MA do you use (SMA, EMA, LWMA etc) and what number - 50, 100 or 200??
The fall held at the 76% retrace of the rally off the October 2014 low. The 76 retrace for the recent fall is at 11,667, with the 50% at 10,849 and the 61% at 11,215, with other S&R levels like the low at 10,650.
Unlike the Dax, the Dow Cash is already close to its 76 retrace which is at 17,616. This is also the bottom of the 17,600 to 18,300 range in which the Dow traded for six months earlier this year - February to July.....Dow Cash is currently at 17,530......
Now coffee before XO
Trading Levels with WRBs
- #14,183
- Oct 23, 2015 1:44am Oct 23, 2015 1:44am
- Joined Oct 2010 | Status: Trader | 5,442 Posts
{quote} Looks a bit bearish on 30m atm... but can turn around quickly during XO.
- #14,184
- Oct 23, 2015 2:02am Oct 23, 2015 2:02am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
- #14,185
- Oct 23, 2015 2:02am Oct 23, 2015 2:02am
- Joined Sep 2013 | Status: boreddddd | 3,137 Posts
{quote} I think it's more likely to continue up. {image}
Not expecting much of a pullback other than for closing the gap but not gonna short. Expecting to hit 11k by next week - if not in the off market hours of Monday morning (200sma).
- #14,186
- Oct 23, 2015 2:10am Oct 23, 2015 2:10am
- | Joined Jan 2015 | Status: Zaedno pravi sila. Cosmos e za nas. | 1,932 Posts
- #14,190
- Oct 23, 2015 2:18am Oct 23, 2015 2:18am
- Joined Mar 2011 | Status: I should be on your ignore list | 5,597 Posts
- #14,191
- Oct 23, 2015 2:23am Oct 23, 2015 2:23am
- | Joined Jan 2015 | Status: Zaedno pravi sila. Cosmos e za nas. | 1,932 Posts
- #14,192
- Oct 23, 2015 2:33am Oct 23, 2015 2:33am
Morning trade (sorry that i don't post the trades in real time, but hopefully the graphs are going to help some people)
the trade was taken after the price tested previous resistance and confirmed it as support (4 candles @ it, while the 4th was a powerful candle that closed in the upper 25% of its range):
that area of support came from a previous area of resistance, see below:
and the reason why i closed the trade @ 10, 655 is that i have an area of resistance coming up, see M30:
best,
the trade was taken after the price tested previous resistance and confirmed it as support (4 candles @ it, while the 4th was a powerful candle that closed in the upper 25% of its range):
that area of support came from a previous area of resistance, see below:
and the reason why i closed the trade @ 10, 655 is that i have an area of resistance coming up, see M30:
best,
- #14,193
- Oct 23, 2015 2:52am Oct 23, 2015 2:52am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Morning trade (sorry that i don't post the trades in real time, but hopefully the graphs are going to help some people) the trade was taken after the price tested previous resistance and confirmed it as support (4 candles @ it, while the 4th was a powerful candle that closed in the upper 25% of its range): {image} that area of support came from a previous area of resistance, see below: {image} and the reason why i closed the trade @ 10, 655 is that i have an area of resistance coming up, see M30: {image} best,
Agreed - the buy after the wide ranged, high volumed green marubozo confirmed yesterday's high was being respected was just above the BRN leading to a 7 bar rally up to the old S&R area that we both have just above the half level.....a nice ~50 pts
For me, that's sufficient for this morning as after yesterday's big move I expect a much narrow range today = more difficult trading.....
Trading Levels with WRBs
- #14,194
- Oct 23, 2015 3:02am Oct 23, 2015 3:02am
second trade - an example of resistance that is taken out but fails to become support - the price took out a previous resistance (see point A ) but later on failed to confirm it as support (see point B), while later on at point C confirmed the level as resistance again. the trade was closed at previous confirmed support (see previous posts):
best,
best,
- #14,195
- Oct 23, 2015 3:05am Oct 23, 2015 3:05am
{quote} Agreed - the buy after the wide ranged, high volumed green marubozo confirmed yesterday's high was being respected was just above the BRN leading to a 7 bar rally up to the old S&R area that we both have just above the half level.....a nice ~50 pts
enjoy the early weekend
- #14,196
- Oct 23, 2015 3:14am Oct 23, 2015 3:14am
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
second trade - an example of resistance that is taken out but fails to become support - the price took out a previous resistance (see point A ) but later on failed to confirm it as support (see point B), while later on at point C confirmed the level as resistance again. the trade was closed at previous confirmed support (see previous posts): {image} best,
, currently fighting the level (10635), looking for 10700 though for a possible short....
Don't be a hero. Don't have an ego. Always question yourself
- #14,197
- Oct 23, 2015 3:15am Oct 23, 2015 3:15am
- Joined Oct 2010 | Status: Trader | 5,442 Posts
Looks pretty horrible from my end atm. I think we may go higher, but after yesterday's fireworks traders today are either licking their wounds or licking their lips. For me it looks like a great opportunity for an early weekend. Stay safe all!
