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Small short Ftse at 7309 ( x 3 )
Move stops to 7300 .. may as well lock in a small profit.
Never give up, never surrender.
Small short Ftse at 7309 ( x 3 )
Closed all at 7280
I have to go out this morning and this trade
was only ever an STD spill down play.Never give up, never surrender.
Small short Ftse at 7375 ( x 2 )
Back from my walk about and the Ftse has gone bullish.
This may be a case of better to travel.
Never give up, never surrender.
I am seeing more notes etc that a strong
rally is expected for US stocks.In that case it will not be a surprise.
I will not be buying as I want to hold
onto recent profits for a bit longer.I will wait and see if new aths do
happen in the time window.Then decide on a trading plan.
Waiting is all part of trading and
my thoughts are next week for a
run to new aths.Never give up, never surrender.
Small short Ftse at 7375 ( x 2 )
Back from my walk about and the Ftse has gone bullish.
This may be a case of better to travel.
Closed both at 7370
Never give up, never surrender.
SPX: the sideways action continues. Dow hit the downside target at 26,700 but SPX and RUT went beyond their ‘perfect’ respective targets.
Assuming that the ‘long and flat 4th’ is the right idea (which increasingly looks the case) it’s possible that SPX is trying to trace out a larger sideways triangle. If so, SPX might now try to rally up to resistance in the 3,005 area (see chart).
Today appears to be ‘day 1’ then we’ve got the weekend and ‘day 4’ on Monday. These two trading days *might* see a rally attempt.
If the rally doesn’t materialise and markets go lower, that would be a cause for concern that ‘something else is happening’.
The Dow 27000 line in the sand to me is still
the bear / bull divide.Does feel like a market with just one throw
higher using fumes from the gas tank.Have a great weekend kpaders and be sure
to wear your trading trainers next week.Never give up, never surrender.
Small long Dow at 26800 … stop 26000 … limit 27500 ( x 3 )
I think the only way this rubbish market can go higher …
…
drop by taking out the long stops
then
rally by taking out the short stops
…
My trade is high risk but we are not here to play safe.Never give up, never surrender.
SPX: it can be argued that the drop on Friday was a ‘c’ wave of 0.618. There is some divergence and price hit almost the exact point. However because it was ‘day 1’ and Monday is ‘day 4’ that would place a question mark over the pattern.
On the daily SPX is placed just above the big upwards gap. Either that gap acts as support, or as a target to get filled.
According to Nomura’s latest report, there are high Gamma positions at 2935 but also at 3050, so dealers and CTAs are positioned with a wide spread. Nomura suggests that ‘both of these positions might get hit (unless they are adjusted)’. At the moment the 2935 is close, together with the gap fill.
Small long Dow at 26800 … stop 26000 … limit 27500 ( x 3 )
Small short Dow at 26940 … stop n/a … limit 18000 ( x 3 )
I now have a hedge worth +140pts x 3 to play out as we enter
what could be the trading week of 2019, so far.Never give up, never surrender.
Today appears to be ‘day 4’. I doubt much will happen. It might try to consolidate a base or even try for a double bottom.
If the ‘five up’ pattern is to be validated then this market really needs to find a reason to head north. Tomorrow is ‘day 1’ and the rest of the week is the STD cycle. This cycle really needs to be positive I think, otherwise there is a serious risk that ‘something else is happening’.
I had friday and monday as bookends S1L S4L
…
Then Tue Wed Thu Fri as S1H S2L S3L S4H
…
So I agree hatman we are nearing the bulls
last chance, in this time frame.
…
I think the odds are for a market throw higher
and then a market throw up !This is typical final 5th action, imho.
Never give up, never surrender.
Small long Dow at 26800 … stop 26000 … limit 27500 ( x 3 )
Small short Dow at 26940 … stop n/a … limit 18000 ( x 3 )
Closed all 6 trades at once to take the net +140pts x 3
This will finance the risk of my next trade.
Never give up, never surrender.
DOW: on the face of it the Dow is showing a ‘five up’ from the double bottom low and most people will interpret this as bullish. It will be if the Dow can burst up through the line of resistance at 27,000.
However the ‘five’ can also be wave ‘c’ of a sideways flat B wave (see chart). If so, this sideways flat can lead to a new low in the 26640 area (or lower).
My gut feel is that the flat then lower is the correct interpretation. It’s a close and difficult call. The double bottom formation points higher of course if the Dow can break 27,000 decisively.
I’m away for a couple of days.
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