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leovirgo
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Overnight trade before non-farm is a risky one. It will all depend on the 'sentiment' of the market regardless of the data, weak data = no rate rise/weak GDP, strong data = strong GDP/inflation etc. I would say the sentiment right now is bullish, albeit temporary.
Atilla
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Thank you for your kind words guys, but it's purely the charts. I'm just beginning to come to grips with trusting the system and not thinking about what I think may happen etc.
I have closed my short position now and looking at the 4 hour charts again, the pivot point is 11422. At 11374 currently it is a Fib 50% retrace down so some bounce is to be expected. I think it may well head up to this point 11422 pivot point.
I concur best to sit out before big news but for what it's worth I have
R2 = 11694
R1 = 11508
Pp = 11422
S1 = 11233
S2 = 11147
Depending on news and movement I reckon those numbers will come in to play.
I've now modified my MAs so when they are heading down I have them red and when they are heading up I have them green.
Good zzz's
chilltrader
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What do you make of non-farms data?.. .seems like it had no effect (at least until time of writing this .. 10mins post release)
.. 10mins post release)how can u guys even think about longing this market right now?, i know employment figures were better than expected but still just look at how fast unemployment is growing at, this is the worry and what about greenspan speech yesterday, im short now........this market will crash before we go up.
do u guys just read the charts alone? if so this is surely guess work
do u guys just read the charts alone? if so this is surely guess work
Vaco
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If your only in it for a day the overal economic picture is less important but i would have to agree with you that it s just a guess but i believe that to be the case whatever your reasoning for entering a trade.
As long as i have a healthy win/loss and r:r ratio i really dont mind.
As long as i have a healthy win/loss and r:r ratio i really dont mind.
breadman are you using delta/matrix ??
If so the INDU stoped dead on a 78.6% & SPX on its 88.6% never the best EW set up for longs..
In delta speak it means that it failed to take out the last Inter point high at on the 23rd, so the higher MTD /MC02 must have come in.
So we need at least a move down to below the last inter point low on the 28th of July...
See what you think
If so the INDU stoped dead on a 78.6% & SPX on its 88.6% never the best EW set up for longs..
In delta speak it means that it failed to take out the last Inter point high at on the 23rd, so the higher MTD /MC02 must have come in.
So we need at least a move down to below the last inter point low on the 28th of July...
See what you think
I have heard about delta/matrix but do not know how it works. I am worried that the market has double topped around my first target area of 11600 off the 15 of July lows and we could retest the lows.
I do think however that their will be one more up wave to 11990/12100 area over the next few weeks.
bottomleyp
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I think the weakness is due to the rise in the oil price
bottomleyp
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$2.5 dollars on top of $124.00 is still significant.
On the Dow direction, a fund manager on Bloomberg thought the
improvement on the Non farm payroll figures was neglible.
He reckons the US market has a long way to fall. He says maybe will rally
to 1300 on S&P, but thats tops
On the Dow direction, a fund manager on Bloomberg thought the
improvement on the Non farm payroll figures was neglible.
He reckons the US market has a long way to fall. He says maybe will rally
to 1300 on S&P, but thats tops
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