Is that a fully formed H&S on the 5min dow?

Dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...EVbH4UsM9B3vfDnmo%3D

May well have been other resistance levels around the high for Thursday on the Dow....for me the 20 day ema line always acts like a trendline for any bearish indices/stocks trying to rally back....always watch that level as usually the fist sign of a bounce back...if it clears that feature....

The fact it has failed is significant imho...and that is a pretty low bar to to set....
Especially considering the huge relief bill passed on Friday....
The focus should now shift back to the news...both in terms of the medical perspective as well as the financial.... and that doesn't look great! more down imvho....

the ftse and the dax came off the 20 day ema line as well...pretty much perfectly as well.

ftse - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...jeKipfsuCGQTqrrGZ4s=

dax - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...30KiG7xdbJ5L32jf0%3D

stay safe folks....and have a good week ahead
atb, wdik, dyor,
trendfriend

Look how the dow finished yesterday bang on the 38.2 fib....and its coming down from that today so looks like its held and the bears will take control again...

AdeMcG wrote:
Hi Ade,

We're all old now!

(the charts I upload are normally big enough resolution wise to fill a 27" screen, but once uploaded, I do notice that they do shrink ).

Two quick ways (and happy to take advice on any other):

1. hold Ctrl + move forward with the wheel of your mouse.
2. Save the image or drag it to your desktop, and then open the chart (in the program of your choice) and magnify.

Hope this helps!

Yeah, horrible picture this - For ALL the people affected.

Here's hoping that we'll come out from this as a better and more responsible (global) society*


*but i doubt it.


Stay safe people.

Just have to look at this to see how bad America will be affected....and bear in mind USA is meant to be 3 weeks behind Europe...scary.
I can’t see how there market will go any higher....it’s crazy...

Also remember it’s Friday and you dont want to be long over the weekend ....

imgbb.com/

best way to post charts onto the forum post is by uploading to site above then use the link generated...its free..
Then you just add the link to the post as simple as copy and paste.
and the image will be shown directly onto post.

Hi Libero, how do you zoom in on your chart?
I guess I am getting old

15 minute action on the Dow...

21945 line looks interesting.

I had allocated 40% of my pension into funds in Gold and US UK tracker to catch this bounce and sold into the rally yesterday.
Still think we drift back down into the May/June time frame. I am guessing the Virus may have peaked by then and although the economy will have been brought to its knees the only way from there will be up even if slowly
Ironically Darwinism Survival of the fittest will apply to businesses whilst the social distancing and Herculean efforts of the NHS will cheat evolution and protect the old and vulnerable - that is the true value of money.

Stay safe - Any profit is just icing on the cake

TF, There is a high chance that DOW may (MAY) go down....
and some people are even saying oil could go to 10$....
I am not sure where we are heading... if I knew I would have invested last week and would been out earlier this week....

Lets wait and see, hope people like us and common man survives this times and come back as a stronger human.... stay safe... ta G

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...BhN6+0UVHHqlWThxDPc=

can see 2 similar moves on the dow....highlighted in the 2 boxes...

This current big move down then rally....almost identical to what happened back in late Feb/Early March.
Was calling this market down then as well...not many thought it would go down so much....

I still very much think one more big down move to come....ending around the 10.000 area imho....
If it doesn't happen i will eat my socks!!
ok i won't actually eat my socks....but i'm confident this will go down from here...
While the first and second moves were quick....i think the next move will be slower....maybe with more rallies...it could take weeks....maybe months to get to the target of 10k....and will be harder to trade...

Can anyone give me any good reasons to be bullish on these market atm??
3 million people unemployed in 1 week!

things are so bad the Mexicans are stopping the Americans coming in!
www.bbc.co.uk/news/world-us-canada-52053656

atb, wdik, dyor,
trendfriend

Steep downtrend line at 22760 tomorrow. Might need an 800+ pt stop to cover the gap if shorting.

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...wuLzkB9fyQ1MCooyquQ=

as we come into the close....watch 22625 area.....if this is still in a bear mode....the rally should stall around that area imho....

atb
trendfriend

Ronmould wrote:
Market and White house consensus was around 4million I believe?

I think the Fiscal and Monetary packages coming in will look to provide support to the afflicted; although helicopter money isn't going to replace a job (regular income et al). The idea is GDP next Quarter won't be as devastating.

The battle lines for 22020 range on the Dow, and 5755 on the FTSE are drawn; all the same, I think I'll take a break from scalps, for now.

Looks like the Fed is pumping this...
As you guys say... the news is all still bad.... :

They really want to hold this up....
How long will they be able to pump this??

Watch the numbers I posted yesterday....I think they should hold....let’s see..

Atb,
Trendfriend

Apologies for talking non-technicals but how can 3m unemployed in a week cause a rally? Were they expecting worse?!

the dow is battling on the 22020 lines...

AdeMcG wrote:
Imagine that.... Normally the fireworks were reserved for NFP or rates, but 3,283,000 souls out of work within a heart-beat is terribly sad.

(report attached)

key jobless figures due any moment...might make for a high volatile trading day

moved my stop up to break even now as going to enjoy the sunshine for a little while in the garden..

I’ve gone long from 21000 and my limit order is 200 points away..and stop is 100 points away....so looking at 200 points profit....
As that’s the size of rounded bottom roughly...well nearer 250

I was forced to get out of bed cos of ipad battery running low.....pain

theres a rounded bottom on the 1 min chart.....im going long at 21000 with 100 point stop...
just incase

remo wrote:
utter madness... unlimited QE, zero rates, fiscal package worth 10% of US GDP... crazy times.

And yes, the futures intra minute volatility is mad! Just be sure to charge your tablet Remo! it's running low!!!

Possible head and shoulder formation on hourly....needs a break below 20700,
Also strong support at 20400 ish area....
If a break below 20400 then I’d expect the down trend to resume.....
These are crazy markets and while I’m chatting moves of 100s of points takes place....lol

Jackozy wrote:
Good see you Jackozy! it has been ages!

Yep, this market is mad - anyone for a 1,000 stop?

How do you navigate this madness....

The drop over the last couple of weeks came in a single move so perhaps we ought to expect a relief rally followed by another wave down but these are remarkable times.

The steep downtrend line meets the 38.2% retracement level of the drop at c. 22540 om Monday. Not saying it'll happen like that but it's interesting to note. There are also gaps all over the place, most notably the one from the 23553 close from 11 March which is close to the 50% retracement (close being a relative term in days of 2000 point moves).

No trading for me, just observing.

Well, we have our answer - the rally is being sold into the close.

remo wrote:

I must say, I am really loving the updates and seeing how people are trading and do trade.

In these strange times, this is certainly breaking up the bad news.

Good job everyone.

remo wrote:
Please do continue! (not being lazy, but trading!)

I do hate trading alone - I've been working from home, but one of the screens is fixed on IG, and I've been nipping in and out. really stressful (but, first world problems).

Now, will the market sell-off into the close, or will they try to tease investors back in by rallying hard in the last hour like last night?

Well another strong day on the indices....they needed a good rally and not that surprising with the sort numbers the fed has come up with which are staggering....but it also shows the size of the problem and crisis imho....

So are we off to the races again then? are bulls back in charge?

Not yet...not by a long way imho...
dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...YAgEl7cPLyV9P+K48F0=

This to me looks like it will test the 20 day ema line... around 20700....im not trading atm...if i was that would be the number to short...
If it breaks or gaps above...then shorts...then bears need to watch and need to wait for the level to break down again imho...
The way this moves this could hit that are today! or maybe tomorrow?

ftse - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...ZVEia7zoO3RZ+gBY238=

same set up here...watch that 20 day ema line feature on the daily...during market hours..

dax - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...huNjFX0CKeMaAWDvh6U=

here as well 20 day ema line...is the key imvho...

stay safe folks...
atb, wdik, dyor,
trendfriend

Perfect level for a short on a first attempt is coming...but it would require around 600 point stop....

22590 ish.....That’s the 38.2 fib level from the high to the low .....

This market has gone crazy and I suspect this is all just a bear trap so be really careful..

Great for trading in and out thou....but only for the crazy....

And if your wondering why I’m posting IG charts out.....cos I’m lying in bed being lazy and using an iPad....
Also IG Charts show full 24 hour moves so can be very handy....

Libero wrote:
lol....sorry,,,, did not know that.....
It all comes down to there fees, I’m not certain about that so worth looking into..

I use HL for my SIPP too - and for my ISA. They are, as Remo says, great for funds.
I've bought in a little today - just for scalping though...

remo wrote:
Much obliged Remo.

(IG now offer actual sharedealing and SIPP accounts too, so will investigate - but will check out HL for sure!)

Now, back to the Dow - one word: insane. I've gone short with the FTSE, but not at the best place (used 5/15 to look for entry - but it is looking choppy!)

Libero wrote:

I don’t use IG for share dealing, I only really use it for indexes.....But nothing wrong with using like a share dealing account...as it’s tax free...but remember it’s only for short term as it’s spread betting end of the day..
2,,,,yes I use them ......I look after my wife’s SIPP ..,,,,I use Hargreaves Lansdown .....They are great for funds...
I’ve closed all her positions just before the crash....lol....and have been buying some shares back into it...

Went short near the resistance , played out well for the time being but this market is crazy ..

remo wrote:
Hey Remo,

I've been thinking about allocating cash to shares, and did miss some "near term bottoms" (might be the actual bottoms to some equities, but that's cool). The questions I have, to yourself and the board (and forgive me for using the Dow forum!) are:

1. Are you guys using IG share-dealing (not many reviews, but I figured it's a good platform, consolidated etc...)

2. SIPPs - do you guys like them? (again, perhaps on reflection these questions should left to another forum - i'll get to work on that!)

On the Dow, the violent moves continue - you know, after yesterday's rally, you knew more money will follow in today, because of the headlines - it's a headline grabber - the biggest rally since 1933 etc... This will attract money, and market-maker mark ups.

I'm still skeptical. What I would say, is that while this "bear-market" may last a good few months, given the steepest drops we've seen, it's likely that some bottom (don't know whose!) were reached. I honestly don't know anymore. All's I know, is that I've been scalping scraps - and I like it!

if you look at the dow chart on the hourly it looks like we are having a cup and handle breakout...Which is bullish.. The target is 3000 points higher to 24000....I know its kinda mad...


the problem we have is,
This aint normal times
Countries pumping serious money into the markets.
Corona virus has just started and America will be the worse hit out of all the countries.

To me this looks like a classic bear trap but how high it will go before the turn is the million dollar question...I would look at fibs to get a good idea of the strong resistance areas..
I would say the 38.2% is the best area to short this rally..which is around 22570 ish


but markets can turn really quickly so bear that in mind..


Me personally will be trading a lot lower if i see some thing like a shooting star near a resistance...currently one is forming on the hourly chart right at resistance...But this is based on ig charts so will only be a small bet..

im back on the sidelines (with shorts)as this rally is kinda mad....
its going to be short lived but you have to be careful when it goes mad like this...
But i have actually bought some shares for the long term again...around 40% invested...The other 60% will be invested once the markets gets hammered again...

From bbc news today....
Donald Trump is doubling down on previous comments that the US should immediately reopen the economy, bucking advice of health experts. “You can destroy a country this way by shutting it down,” he said on Tuesday.

“You’re going to lose more people by putting the country in a massive recession” or depression. “I would love to have the country opened up and just rearing to go by Easter.”

Just seems really desperate to me...
He can try to pump up the markets with trillions....but you cannot solve a Pandemic without closing up cities.....
Still think with Trump in the hot seat....and a real crisis to deal with here, he's just going to make a bad situation into a complete disaster imho...

Today looked like a good day for the big boys to close and bank shorts....so a short squeeze...but with this whole issue still very much to play out.....they will be back before we know it to put the boot in again...

atb, wdik, dyor,
trendfriend

Gone short again from 21000,
Added to a few small shorts I had from lower level...
Only small bets so had stops wide...
Come morning time may get bailed out..lol...

Here's today's chart:


Gap down, bounce of major support then gap up.

Again, the question is: is this a relief rally or a very fast trend reversal?

I'm inclined to think the former based on the pattern but these days, who knows?

There are a few resistance levels shown on the chart.

Some good posts and calls here today

Watch the last hour....imho...be interesting to see if this holds the gains was just a big p & d...

be back later...with some thoughts...

atb,
trendfriend

Next level I’m going to place a short at is 20500, and not earlier...
This level was resistance a few days ago and I expect that to be the same today...
I’m going to place my stop above 21000 as that’s where the lower high is...
The bulls will only have a chance if the Dow closes above 21000......

Kudos Remo. Brilliant one as usual.

I must concede, I'm only scalping here and there, can't open a long (or short for too long!) - This morning a took a few quid from Shell (and didn't mind that it charged forward as I got my fish n chip money!).

This tactic has worked well, the trouble is, it requires immense focus, and can't even leave the desk! I'm not suggesting that stops/limts aren't the way, but I think during these volatile times, the manual click of the mouse works best for me!

Also, noted a couple of things:

1. The spreads aren't tight - They say traders love to buy shirts... because they keep losing them!

2. for single point on the Dow, I'm staking over a grand.

This is a very risky business.

Be Safe and do what you keep on doing!

As can see clearly....The trend line held on first attempt.....now if it goes to the trend line for a second attempt it will be too risky to short at that level today...

This is an hourly chart of the Dow,

I’m going to short this rally on a first attempt of that down trend line......as it looks like it’s going to be in an area of resistance when the price gets there....currently around 20200 area but that change each hour lower.....so one to watch...
Remo

Also potentially a few exhaustion gaps down today....

Here we are - 50% Fib of the rise up from 2009 lows and a major battleground in 2015/6:


FTSE also hit 61.8% Fib on Friday:


I guess the question is: has this been the first of 3 corrective waves down, or the entire correction? Seems difficult from an economic perspective to imagine it's the whole correction.

61.8% Fib for Dow is c. 15300 and WS's Feb 2016 low close is 15660.

Stay safe and stay at home everyone.