On the hourly chart, a breach of 11080 is still required for the momentum to revert to the upside while a pierce down 10885 in the next hour will be the chance to go short.
The pullback is much clearer on the 30 min chart and on the 15 min one, a dip from the recent rise is overdue. A breach of 10914 and 10932 on the 30 and 15 min charts respectively are clear signs of renewed weakness.
The pullback is much clearer on the 30 min chart and on the 15 min one, a dip from the recent rise is overdue. A breach of 10914 and 10932 on the 30 and 15 min charts respectively are clear signs of renewed weakness.
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On the five minute chart, the momentum has changed from down to up at 17:50 yesterday when a higher high of 10845 was made and the DOW is now around 40 points above the 100 EMA. Any dip now is a chance to jump on the train heading to the RISE station. The aread around 11080 should be watched for potential resistance.
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If I trade today, I'll favour going long. The reason being there're more signs supporting a rise than a fall at the moment. Of course there'll be money to be made from the short side as well but when the market is going up, there're many more waves to the upside while any correction tend to have around three waves. With Marc Rivalland's method, a correction in an uptrend is about to be over when it's spotted.
Yesterday I put a stop on BARC at 600.5 and went to work, thinking the share would either stay above or, more probable in yesterday's market, especially as New York wasn't open yet , it would crash down through there and that was as much risk as I wanted.
This happens all the time but it's still hard to believe. In the afternoon the price touched that and, guess what? That was the low for the afternoon and BARC is still going up.
Hope you guys are having fun with the Dow
Regards
Split
This happens all the time but it's still hard to believe. In the afternoon the price touched that and, guess what? That was the low for the afternoon and BARC is still going up.
Hope you guys are having fun with the Dow
Regards
Split
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Slapshot
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Yawnfest this morning on the Dax. Unfortunately due to work I've got to go out, closed my position at break even.
The system I use still needs some tweaking for the Dax.
Doubt I'll be trading this afternoon, if you are good luck. Enjoy the footie if you're watching it, if not enjoy the sunshine if you've got some
The system I use still needs some tweaking for the Dax.
Doubt I'll be trading this afternoon, if you are good luck. Enjoy the footie if you're watching it, if not enjoy the sunshine if you've got some
Splitlink said:
I assume many shares found its significant low yesterday and most bounced back from there. I just closed my REX short for just three point profit.
With regard to your BARC stop yesterday, you followed your rule and that was it. It could well not have stopped there and went the same number of points down.
Cheers,
Hung
Splitlink said:
Split
It does worry me a bit during the day but not at night :cheesy: I only day trade it when stop loss is not in excess of 20-30 points.
And to be honest, I am getting a bit lazy and that's why I concentrate mostly on the DOW.
Best,
Hung
barjon
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barjon said:split
i'm having real trouble sorting out what you're up to now
i was short barc (from eod perspective) and covered yesterday
good trading
jon
I thought that BARC might be a good bouncer on the EOD chart. Can't you see a sort of double bottom there? Anyway, I used the intraday chart to spot the bottom and, if I had put my stop lower I would have been vindicated today. As the market was awful yesterday I thought that if 600 was broken the share would go into a big slide so I didn't feel happy putting the stop lower than that.
If I had known that you was short, after NRK, I wouldn't have bothered
Split
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