Dax

[Alphatrader]

Not sure Wiseass, just saw the SSE Composite Index down 9% mentioned on CNBC.

Falling knife is true, you have to be careful. I bought the Hang Seng recently in a similar situation and it just kept tanking.... ended up alright in the end (in fact i sold too early), but there was some pain in between.

Dax is sitting around 6925.

All these analysts on CNBC are talking about how they 'forecasted this correction'.... however i seem to remember they though it would happen months ago and the market is loads higher now.

Dax breaking up a little now, 6930 cash....

 

[Slapshot]

they (analysts on tv) all come out of the woodwork the moment a big move takes place, claiming to have forecast this that and the other. it's one of the reasons I never pay any attention to stuff like cnbc, bloomberg etc, just adds more confusion to my already confused trading style

FWIW support is now evident, however I'm cautious about going long just yet until we see what happens when the US opens. However, I can understand your reasons for getting in now.

Good luck

 

[Alphatrader]

Understand Slapshot.

Im extremely cautious, looking for a bounce but will be quick to exit should things turn further south.

 

[Alphatrader]

Out at 37, market sort of stalling... might wait until the US opens and see what happens then...

 

[firewalker99]

Understand Slapshot.

Im extremely cautious, looking for a bounce but will be quick to exit should things turn further south.

I think waiting for the downsloping line to break was the safest bet if you wanted to get long... but I didn't take the safest bet today (bad trading )

 

[firewalker99]

Out at 37, market sort of stalling... might wait until the US opens and see what happens then...

That "stalling" as you refer to, is exactly what I'm looking for. Often it's anticipation before we jump higher. But it might as well be a pause before plunging, it depends whether you think we've seen a potential selling climax or not... anyway I'm holding for now...

 

[Alphatrader]

Fair enough, maybe i'm a little defensive, but many times i've seen these scenarios unfold where the market stalls and then goes back for a re-test of the lows...... we'll see what happens.

 

[MD-doc]

Integrated Pitchfork Analysis

Greetings,

Thanks for your comments !

Well, I do only the intra-day trades. Always out by market close. Main trades are taking place in the morning and at S&P Opening.

I especially use the Integrated Pitchfork Analysis, that gives me the market direction and the probable turning points for Dax. One thing I mostly rely on, is the Inter-market Analysis, before Dax Opening: Nikkei 225 which closes when Dax opens, S&P500, Crude Oil & Eur/Usd.
This morning… The reversal of the Nikkei was of a great help for trading the morning Dax.

If you want to know more about what you mentioned : “Those lines …. LOL” go to

http://www.pitchforktrader.com/book_excerpts.pdf


Enjoy the intra-day charts !
Good Trading,
MD-doc

 

[catracho]

Well European mkts are down over 1%, DOW indicated down 0.4 % - so once street opens I think we may get a re-test of European lows..support in DAX around 6900 (cash), FTSE 6320 (cash)...seems like the big level for many people on DOW is trade below 12500 to signal end of the recent bull run....(I guess on a closing basis)...

good thing is we may get more volatility over the next few days/weeks??

 

[MD-doc]

Integrated Pitchfork Analysis

FireWalker99…

Sorry I forgot to address the Post to you!
I attached the remaining charts

MD-doc

 

[Alphatrader]

Geez, FTSE getting flattened....getting near 6320 support, most Euro markets testing day lows.

Catracho, wondering how you get Dax support at 6900 cash? Is it because its a round "significant" number? My charts give 6850-60 as the next support level down.

Dow futures sinking again as well.....

 

[firewalker99]

Fair enough, maybe i'm a little defensive, but many times i've seen these scenarios unfold where the market stalls and then goes back for a re-test of the lows...... we'll see what happens.

Looks like you were right there...

 

[Alphatrader]

Long FTSE at 6325 cash.

 

[MD-doc]

Dax's Lower Low

If the Dax Futures break once again the 6938 level, and stays underneath, it is very probable that it will drop, all the way to 6692
Good Trading,
MD-doc

 

[Hook Shot]

If you think this is hairy wait for the rest
IF this is REAL.... this is only day ONE !!!

 

[catracho]

Geez, FTSE getting flattened....getting near 6320 support, most Euro markets testing day lows.

Catracho, wondering how you get Dax support at 6900 cash? Is it because its a round "significant" number? My charts give 6850-60 as the next support level down.

Dow futures sinking again as well.....

yes round number...but you're probably right more significant support at 6850...a break there and we could head to 6700 ish

see chart...

 

[Slapshot]

Quick hourly chart here folks.

IMO the breakout from 7000 was false on this occasion, however the next 7-10 days will confirm. support/resistance lines at 6980/6960/6940 smashed in one morning. Next level is 6880....

 

[firewalker99]

Quick hourly chart here folks.

IMO the breakout from 7000 was false on this occasion, however the next 7-10 days will confirm. support/resistance lines at 6980/6960/6940 smashed in one morning. Next level is 6880....

Wow we are plunging today, it's been a while but finally the big moves are back, with a vengeance!

I was anticipating this kind of move last couple of weeks.... shorting each time until I figured with all this dip buying it isn't going to go lower ... yeah right ... too bad I missed out on that... easy to say now, but after all those shorts that recovered so quickly we seem to have forgot how the floor can brake...

So, did anyone geton board early today?

 

[firewalker99]

three words for today

Oh ...my ... God !!

 

[Slapshot]

Oh ...my ... God !!

Speechless firewalker!

I'm sitting here watching with disbelief whats unfolding.

Certainly glad I was short at 7010