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TOPIC: Dow

Dow near trend line 29 Oct 2012 15:50 #101

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I hope thats not the case .
It will right mess things up for my style of trading.
So will not place any trades until markets are open
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Dow near trend line 29 Oct 2012 12:45 #102

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Remo, I think they're likely to be closed tomorrow too if I read G GOK's c&p correctly. I'll look for confirmation in the morning.
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Dow near trend line 29 Oct 2012 12:23 #103

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Im not placing any trades while the dow is closed today.
I dont trust out of hours trading.
will look at it tomorrow.
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US STOCK TRADING CANCELLED 29 Oct 2012 07:18 #104

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U.S. Stock Trading Canceled as New York Girds for Storm

The U.S. securities industry canceled equity trading on all markets today, moving to protect workers as Hurricane Sandy barreled toward New York City with 70-mile-per-hour winds and the threat of an 11-foot sea surge.

The shutdown, announced by the Securities and Exchange Commission, may extend through Oct. 30 and followed an earlier decision by the New York Stock Exchange to close floor trading. Risks posed by the storm, expected to come ashore tomorrow in southern New Jersey and potentially affect 60 million people, were deemed too great to require workers to travel.

“It was a judgment decision based on the safety of a lot of market participants, especially as the storm seems to be getting more severe,” said Larry Leibowitz, chief operating officer of NYSE Euronext (NYX), in a phone interview. “Given all the emphasis on stability and investor confidence, operating the market that way didn’t seem to serve the public interest. Why do this? To prove we can? That didn’t seem to make a lot of sense.”

Exchanges from the NYSE and Nasdaq Stock Market to those run by Direct Edge Holdings LLC in Jersey City, New Jersey, and Bats Global Markets Inc. in Lenexa, Kansas, will suspend operation. U.S. equity trading is spread across 13 exchanges and dozens of private venues run by brokerages.

‘Primary Concern’

NYSE Euronext and Nasdaq OMX Group Inc. (NDAQ) said the suspension would last through Tuesday, “pending confirmation,” according to e-mailed statements. The SEC will stay in communication with the markets as the situation warrants, said John Nester, a spokesman for the SEC in Washington.

Options trading will also be closed, according to Gail Osten, a spokeswoman for CBOE Holdings Inc., which operates the largest equity derivatives market, and Joseph Christinat, a spokesman at Nasdaq OMX.

“It’s an inconvenience, but clearly the safety of the employees and participants in the market is a primary concern,” James Angel, a professor at Georgetown University’s McDonough School of Business in Washington, said in a phone interview. “Even if the exchanges can operate totally remotely, people connecting to the exchanges may be battling floods. We ran into the same issue after 9/11 even though Nasdaq and other trading venues could operate. ”

Blizzard, Gloria

The last time the NYSE cut trading hours for weather was Jan. 8, 1996, when a blizzard dropped more than 20 inches on New York City. It last closed for a full day for weather when Hurricane Gloria hit on Sept. 27, 1985. Markets have not closed for four days in a row since the start of 2007 when, following a weekend and the New Year’s Day holiday on a Monday, they shut on Jan. 2 to observe a day of mourning for President Gerald Ford’s death the previous week.

“Everybody wants to get the markets open,” the NYSE’s Leibowitz said. “We all know how important this is and we take the decision seriously. People expect the markets will be resilient and able to operate. The tenet is that the markets should be open if at all possible.”

Workers stacked sandbags in Lower Manhattan while banks and brokerages tested contingency plans, encouraged employees to work from home and prepared to operate with skeleton crews. The trade group representing the bond industry recommended an early close for trading. Governor Andrew Cuomo’s order that subway, bus and commuter rail services be closed starting at 7 p.m. Oct. 28 left many of the city’s almost 170,000 securities industry employees wondering how they would make it to work.

Jersey Landfall

Sandy is predicted to make landfall early Oct. 30 in southern New Jersey, then turn inland, according to the National Hurricane Center’s three-day forecast. Winds may cause a tidal surge as high as a record 11 feet (3 meters), according to New York City Mayor Michael Bloomberg.

In Lower Manhattan, cranes laid concrete barricades at Goldman Sachs Group Inc. (GS)’s headquarters at 200 West Street. Sandbags were piled along garages and doors at Four World Financial Center, the offices of Bank of America Corp., and lined the sidewalk facing the river outside the Depository Trust & Clearing Corp. and Nymex.

“Hopefully we’ll be back to work within 24 or 48 hours,” Ben Schwartz, the Chicago-based chief market strategist at Lightspeed Financial LLC, said in a phone interview. The broker- dealer provides execution services for both retail and institutional clients. “The storm was anticipated and you had to expect issues with the opening of the market with such a big storm coming, so I don’t see longer-term impact.”

Flood Threat

Sandy’s punch may be felt from Virginia to Massachusetts, said Rick Knabb, the National Hurricane Center’s director. High wind warnings and watches, calling for gusts as strong as 70 miles (113 kilometers) per hour, stretch from Maine to North Carolina and as far west as Ohio, according to the National Weather Service. Flood watches and warnings cover most of the Northeast and mid-Atlantic coast.

The threat of that water coming onto shore prompted Mayor Bloomberg to call for the evacuation of low-lying neighborhoods including Battery Park City and areas near the East River in southern Manhattan. The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.

The evacuation order resulted in the closure of the Nymex floor, CME Group Inc., its owner, said in an e-mailed statement. CME Group Inc. will close its U.S. equity-index futures and options trading on the floor and its electronic Globex platform at 8:15 a.m. Central time today. All other CME Group futures and options markets will remain open, the company said in a statement.

Bond Trading

The Securities Industry and Financial Markets Association, the trade group that represents members of the fixed-income and other markets, suggested that trading end at noon New York time in dollar-denominated securities in the U.S. The group provides nonbinding recommendations on scheduling for most U.S. fixed- income markets.

Sandy, which killed as many as 65 people in the Caribbean on its path north, may be capable of inflicting as much as $18 billion in damage when it barrels into New Jersey tomorrow and knocks out power to millions for a week or more, according to forecasters and risk experts.

Financial firms made plans to close some offices, conduct business from other cities, reserve hotel rooms and let employees work from home.

Firms React

American Express Co., the credit-card lender whose headquarters is in lower Manhattan, will shut all its offices in the tri-state region Monday, according to an e-mail from Sarah Meron, a spokeswoman. The firm hasn’t disclosed plans for the following day, she said.

Goldman Sachs, the investment bank based in lower Manhattan, expects to be open for business with help from overseas offices and people working remotely.

Plans include using “teams in London and other locations around the world for additional support, having designated people work from our Greenwich and Princeton sites and, for most of you, working from home,” Goldman Sachs Chief Administrative Officer Jeffrey Schroeder said in a staff memo that obtained by Bloomberg News. Some individuals deemed critical to operation1s will be told to come to work if they can get to their offices and return safely, according to the memo.

Citigroup Inc., the third-biggest U.S. bank by assets, has offices in the potential flood zone that will be shut, according to an internal memo obtained by Bloomberg. Employees won’t have access to buildings at 111 Wall St. and 388/390 Greenwich St., according to the memo.

To contact the reporters on this story: Nina Mehta in New York at This email address is being protected from spambots. You need JavaScript enabled to view it. ; Nikolaj Gammeltoft in New York at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editor responsible for this story: Lynn Thomasson at This email address is being protected from spambots. You need JavaScript enabled to view it.

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Dow near trend line 28 Oct 2012 14:36 #105

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I agree about the doji's etc.
I am basically following The Candlestick Forum method of candlestick patterns and the 8ema for everything.
Sounds like you do something similar too.
Last Edit: 28 Oct 2012 14:36 by followNev.
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Dow near trend line 28 Oct 2012 14:34 #106

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I agree about the doji's etc.
I am basically following this guys method of candlestick patterns and the 8ema for everything.
Sounds like you do something similar too.
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Dow near trend line 28 Oct 2012 10:44 #107

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Also look at the doji s . That's a clear sign of indision . They have formed right near the support. Once the price goes above those doji on a end of day finish basis I personally will look to going long. Just my method.Based on wave theory
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Last Edit: 28 Oct 2012 10:46 by remo.
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Dow near trend line 28 Oct 2012 10:11 #108

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Personally I would wait until the psychological round number, double zero 1300 is tested.
It's only a 100 or so points away and I think the Weekly is showing a more bearish stance until the weekly trend lines are hit, especially on the ASI.

Obviously if there were a Bullish reversal candle on Monday I'd want to be in but I would wait for Price Action set up.
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Dow near trend line 27 Oct 2012 00:32 #109

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Forgot to add..
This trade was only for today.....
Come Monday I have to see how things are as the trend line will be higher so then I may have my stop tighter but still trade of the trend line but with a smaller position but also have another order at the 12980 area to go long with 40 point stop. My main positions will be at 12980ish ...
All of the above will be determined Monday morning.

Thanks guys for your input. It's good when people say what there thinking rather than just taking someone's advice.
Dyor
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Dow near trend line 27 Oct 2012 00:11 #110

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I'm aware of the risks and I normally won't have a stop more than 40 points but this is a rare occasion ..Very rare.
I always trade of trend lines .its my way of trading. I always trade of more than 2 levels of support. It's just the way the levels have played out. Normally supports could be a few hundred points away but on this occasion it's a lot tighter and does mean you may have to adjust the stops to be able to take the important levels into consideration . If I trade like my normal way then I would get bailed out before the critical level supports hit.
You got to understand the importance of this level. It's not an ordinary level. If it does break then it signals a big correction .
I always buy at support and this is no different.
I'm willing to lose this trade as its the Dow and I would not recommend anyone follow me as you need to know what your doing when playing with daddy Dow..lol.
Thanks for the input guys . I'm glad you guys are ready to say what you think. That's good for this board.
Don't worry it's not the first time I played the Dow.
I am fully aware of my risk on this trade..
like I said I don't mind losing. It would not bother me one bit as the Dow would like to get its revenge on me .
I will be shorting this if I get taken out but only once it back test the breakout point..I'm not emotionally attached to any direction so will go with the trend. Trend is up so have to go with it for the time being.

Just out of curiosity how would you guys play this???

Dyor
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Dow near trend line 26 Oct 2012 20:01 #111

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this could so easily go sideways for a bit longer, create a bear flag and boom 200 points down.
You know this !
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Dow near trend line 26 Oct 2012 20:00 #112

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why not wait and see if it comes down and give you a better / clearer picture.
Your strat is to have a 40 point stop. maybe wait for a swing low or another Price Action set up before placing any trades.
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Dow near trend line 26 Oct 2012 19:16 #113

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Remo, why are you extending your S/L ? Do you realise if 13000 does not hold, your 100pt S/L will get smashed. Your next target will be 12773 (min) with a second target of 12553 more than achievable.KI.
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Dow near trend line 26 Oct 2012 17:26 #114

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forgot to add the 38.2 fib is at 13039
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Dow near trend line 26 Oct 2012 16:23 #115

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dow26thoct.png



The level of the trend line has obviously changed from the previous level i wrote about.
The trend line now stands at 13024

Now comes the hard choice.
I normally use 40 points stop but for this particular trade im gonna have no choice but to move the stop 100 points away from my entry..Why??

Theres a real strong support level below the trend line that needs to be respected.
Theres a few strong levels together. This does not happen that often on the dow so hense why i have to break my golden rule with regards to the stop loss.
The levels im on about are
12980,,and the 200ma at 12975



dl.dropbox.com/u/4899609/dow26thoct.png

dyor
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Dow 26 Oct 2012 15:56 #116

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Hi Ocean10
The problem i have about entering out of hours stems from the past.
Even thou i get them right i found that my stops get taken out far to many times out of market hours,especially when it comes to entries out of market hours. It can get very volatile and i always use stops and that volatility messes with my stops . Hence why i dont place my trades out of market hours. I only ever use market hour charts.
It does not fit with my own system .Every one to there own. If i was to trade out of hours then i would have to place my stops miles away and i hate doing that. With the dow i always give it 40 points stop,if i was to consider trading out of hours then i would place the stops over 100 points which messes with my risk to reward ratio.
hope that makes sense.
Ive also noticed my entries getting hit perfectly and it sure does wind me up.lol
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Dow 26 Oct 2012 15:30 #117

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Hi ocean 10,

I think that's fair comment but it's best left as an each to their own thing imho. What I won't do is enter a position near to the close of day and if I entered much earlier but the price is still near entry level then I'll close it out regardless.

I actually have the Dow bouncing off trendline yesterday but didn't enter, however with last night's out of hours low one of my orders would have been opened had I not deleted them (I never leave open orders overnight on indices). Instead, I did what you're suggesting and opened my Dow longs first thing this morning because so many FX pairs were also at support or resistance.

I think there's a lot of merit in your suggestion as long as the criteria are right.
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Dow 26 Oct 2012 14:33 #118

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Hi Remo,
You often make VERY good call on entering the DOW regardless whether it's a long or short position (as below) for during market hours only. On a few occasions I have noticed that these targets get met outside of trading hours and the opportunity does not arise during trading hours.
For example - " my longs are placed at 13000 on first attempt only and during market hours
very strong support so should bounce on first attempt ". Given that indices are often correlated and influenced by forex market would it be worth considering taking the position even outside of market hours.

Please note that I am not challenging your judgement/trading style or strategies, it's just aa observation I have made and would appreciate your opinion on the comment made. Thank you.
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Dow 23 Oct 2012 16:31 #119

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my longs are placed at 13000 on first attempt only and during market hours
very strong support so should bounce on first attempt

dyor
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Dow 23 Oct 2012 16:20 #120

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Anyone looking at the 12977 to 13024 area for the Dow? Seems to be a fair amount of support in there...

dl.dropbox.com/u/20815047/Dowdaily23_10_12.gif
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