DOW

only 800 points more and we will find out

I normally post with some of my positions showing so it’s easy to see where I entered on a trade...
With waves,,,,,,normally down moves correct in 3 waves and some times it helps to get in early after the 3 wave down as you then can expect the next wave up ...obviously that’s based on up markets m, reverse for down markets...
But based on simple waves you can roughly get an idea of the direction based on strong trends...
Don’t ask me about wave counts...lol....just try and keep it simple....[/quote]

How’s this for a count? Chart 1.

If it’s 3 waves, Chart 2?

Just a bit of news

Dow Futures Gain As Congress Mulls $500 Billion in Fresh Support; Coronavirus Concerns Keep Global Stocks in Check
Stocks continue to track coronavirus infection rates amid a dearth in hard economic data following the wipe out of last night's 900 point rally for the Dow Jones Industrial Average.

I missed the start of that 5 min candle at 20:45 but aside from it's size, what surprised me is that if gapped up at the start.

You only normally see gaps on a futures chart between Friday close and Sunday open - not during actual market open.

Really weird.

longterm_view wrote: Remo,

Many thanks for clarifying. It really helps with analysing it all.

I would usually wait for the 1-2-3 target to hit, before exiting the trade, but I see you use multiple time frames. Interesting.

I suppose it helps that you know what wave we are in. I looked at that once.

Many thanks for all your help, it is much appreciated.

I normally post with some of my positions showing so it’s easy to see where I entered on a trade...
With waves,,,,,,normally down moves correct in 3 waves and some times it helps to get in early after the 3 wave down as you then can expect the next wave up ...obviously that’s based on up markets m, reverse for down markets...
But based on simple waves you can roughly get an idea of the direction based on strong trends...
Don’t ask me about wave counts...lol....just try and keep it simple....

Libero wrote: Did any of you good people monitor / watch the US markets near the close last night (just after 20:45 I believe?) there was a mad downward spike, it wiped up any desire for the bulls to take back some control.

it was a hell of a sight (Like LFC beating Barca - that one is for TF! )

chart attached to show the moment (and it was a moment!) that I'm refering to in the 5min Dow.

Yep,,,saw the move,,,,it took my nice longs out pretty quickly, it actually dropped over 200 points in 30 sec or less...
One minute I’m Long then I’m shot then I’m long and now I’m short...this is day trading....