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International Index Trading

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Yeah there is a lot of divergence, but still, the pullback is on ****ty volume. TICK is only a confirmer, but if the underlying principle is telling you there's not enough force, I might have to hold onto it.



Besides, doesn't this look like textbook support resistance cyclical style so far?
 
The bounce was also off S1 at the reversal time of ~10:30.

LOL always opposing evidence. Toss of the coin from here I reckon.
 
Crappy volume, weird TICK showing, sold out a 20 point winner for 5 contracts, and breakeven for 3 contracts. $400ish profit.
 
Looks like a value area is being formed around this price in the YM. Probably going to wait a little while, unless something major happens, will probably stay out of it and let the market develop. Price may make another move away from this late in the day. If it does, I'll be waiting.
 
DOW

Just Like clock work it finds some weakness on the angle it is currently on.

Now looking for its maximum retracement and support to be found in the 38-50% range + confirm Gann line.

There is still more possible weakness or banding to take place. On the daily I am still bullish, until it starts breaking the 61% retracement range.

Looking to add to my position.
 
The last few days have had some serious declining volume over the norm on the YM. Both days have been slight pullbacks. I wouldn't be surprised to see long intermediate term traders begin to buy in at this stage, and a break into a trend would probably encourage the short term traders to get involved too. Some longer term probably won't see this as enough of a pullback to entice them into (adding?) a position, so if we have a down day tonight, expect a strong way to end for the weak.

I'm bullish today, as usual I'll check the volume levels and see how everyone is thinking first. If the market moves down again I might fade it and hope for a mid day reversal, which isn't outside the realm of possibility.
 
Arturius said:
TIf the market moves down again I might fade it and hope for a mid day reversal, which isn't outside the realm of possibility.
Click to expand...
Buy dips seem to be the only game in town at the moment... until it isn't.
 
Yeah, trading is sometimes really simple. The trick is to time it, there's probably more 'dip' left, but some people could get behind it, who knows.

Its been low volume so far, I think everyone is waiting to see what happens. Surely we can't have another low volume day....
 
First set up I had in mind, a bounce off 13695ish, on high volume, just a quick 15 pt scalp.
 
It is summer in the Evil Empire. Low volume and volatility is to be expected... allegedly. Nevertheless, my coin landed on tails, so going against my own advice and gone short for the morning session. But no momo in any direction ATM.
 
wayneL said:
It is summer in the Evil Empire. Low volume and volatility is to be expected... allegedly. Nevertheless, my coin landed on tails, so going against my own advice and gone short for the morning session. But no momo in any direction ATM.
Click to expand...
Too quiet for a short. Taking my chips and going to a different game tonight.
 
Sold for a 15 point winner, 5 x $5 x 15 - Transaction costs = $330 to start the day.
 
And it just goes crazy on me for another 10 points I could have had. I love/hate trading
 
Going short at 13727. Negative TICK movement, bouncing off a value zone on high volume, should return to mean for 10 pt trade with 10 pt stop loss.
 
Perhaps one of the weirdest trades of my life. Where the **** did that come from?
 
Today I'm looking for a slight up movement at the beginning of the day, looking to fade for a big move north. I think the general value zone is still lower. I'm not sure how I'll react to a gap in either direction, I'll play it by ear. Day could go largely upside so I have to be careful and keep a tight stop if I make this play. Everyone seemeed hesitant yesterday to get involved, low volume, and its a point that will decide whether a correction dip comes into play or we resume our trend.

So who's going to drive the market? If some hard forces get involved, we could see a trend day, but once again, evidence has to show itself first. I think fading any early rise is the play. If the market gaps down further, play it by ear and see how things develop.
 
well the angle proved correct and the market could not keep it up on that line.

38% - 50% retrace was met now looking to add off support confirmed.

possible double top on the cards as well the neak line is my support line.

tonight will be a interesting one.
 

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