Anyone have any ideas regarding the complete lack of movement on the Dow today?
Option expiration today .....US market closed Monday for Memorial Day so some squaring off going on...
cheers
Anyone have any ideas regarding the complete lack of movement on the Dow today?
It's over extended imo. But bewarned I'm short and on the losing side.
Option expiration today .....US market closed Monday for Memorial Day so some squaring off going on...
cheers
Ahh - is it just options today, or triple witching?
afternoon all
I will be away until about 5. Im looking for heavy shorts today.
good trading
j
edit: leaving order for short at 545 and looking for decent profit taking today. catch u later
Ok just got back to see i did get filled short @ 45 which was the measured move I had as a pending target. my 20 pip stop wasnt triggered which is cool. will keep till close without moving the stop.
That will be looking pretty nice by now!
I had the US indices pencilled in as a down day today (that said it's not over yet!).
Even Oscar has the S&P as a down day (he's been stopped out)...& he really is da man.
The Dow is as I type showing some signs of exhaustion (at last) , so who knows...if we can shave 20 points from where we are now (13518), then I reckon it could quite quickly turn -ve.
Game on.
Are you saying that failure to breach the upper trendline at 580 cash would indicate a short?
Hi LL. Sort of. On the futures 580 represented a geometric level. A 1:1 or "measured move" is often a good point for a low risk entry against the trend. All it means is that there is a wave up of a certain length, a retracement (often 38%, 50% or 62%) and then another wave up of the same length as the first one. It is a common technical pattern.
In this case there had already been two waves up of the same length and hitting 580 brought the total to three. This makes a 5 wave pattern in total (3 waves up with 2 retracements in between).
A 1:1 that completes a 5 wave pattern can be a great reveral entry and a tight stop can be used because if the geometry is wrong you know quickly. In this case so far a 10 point stop has been adequate protection with 20-25 points profit available so far.
I've no idea if we'll fill the gap today but a one way day on expiry would be a mild surprise so I'd favour a fill over new highs.
When will this beast fall? It can't keep going like this, least of all at the end of the week. Where is this sell-off? (and don't tell me it needs to hit 580 first!)
Atilla - still short? (me too)
When will this beast fall? It can't keep going like this, least of all at the end of the week. Where is this sell-off? (and don't tell me it needs to hit 580 first!)
Atilla - still short? (me too)
Yep. Last trade at 13369 on 16th May. -170 and I'm not shifting. SL @ 13569.
I'll be off now and let the markets take care of them selves.
Also short on USDYEN fwiw. Done well on that today. Shorted it again at 121.20 but not sure if it was wise this time as it looks ify. SL @ 121.45
See you later guys...