Australian (ASX) Stock Market Forum

Trading the XJO with CFDs

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Wasn't expecting a down day, then after my disappointment, didn't anticipate the "V" reversal.

vrev.PNG
Going to play tennis instead of watching the market. EOW
 

Joules MM1

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we have not reached the simple trend equality pullback level 7087 cash, altho we are now in the longest pullback time-wise
since the major trend low
the question that needs to be asked is : did last weeks - and the week before - show prices bought up or marked up for distribution?

i have widened the channel to 2x the original break out, the centreline is the magnet, price moving back below that centreline, while not
being structural tool, suggests we have a longer time frame of discounts to come

if we crack thru 7346 we'll also crack the roof of the downchannel,

 

Joules MM1

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SPX worked very hard to lift this morning only to be swamped very slowly
that market looks like it needs to chop lower for a few days more also having exited a working channel
the small caps SP600 (SVK) also stalled out but it has not lagged on a weekly basis so bulls look healthy there

xjo failed to make basic upside yesterday yet has not peeled away today, we appear as attempting to complete a high,
traders are going to get chopped in a tight trade, sentiment is 70% bulls most days/hours

not being in a trade, when unsure of price strength, is the best insurance you literally dont have to pay for,
otherwise tight chop makes for experience and spycho babble

xjo has a history of taking in the direction of price strength when not enough bids come in to support the distribution
pros have no problems dumping, when price is chopping like this it is clear there is enough capital inflows to just support
distribution, we may still reach the 7346 unless we get an impulsive sell thru 7210's this week
we need to break out of this zone to get any decent lengths, snapping the roof of this channel will support at least a lift to a new altime

 
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Argh, that chart. Move the lower line up to match the price lows. I think you'll see that the midpoint has been hit plenty of times validating your channel. Don't leave that line hanging there. ;)
 

Joules MM1

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as they say if it walks n quacks like a duck should you probably havent cooked it long enough
xjo (slow) sell signals this morning
 

Joules MM1

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price poked thru the channel roof immediately came back inside, pros are selling todays close
still prefer the sell side until the operating channel is done n dusted
 
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Yes, it was a funny last two hours or so, with the index down about 0.5% in that time, for no obvious reason. US futures were stable, in fact up a little, but the selling of ASX stocks continued, even into the PM match. We don't have monthly option expiry, do we?

It will be interesting to see how things go tomorrow.

KH
 

Joules MM1

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Yes, it was a funny last two hours or so, with the index down about 0.5% in that time, for no obvious reason. US futures were stable, in fact up a little, but the selling of ASX stocks continued, even into the PM match. We don't have monthly option expiry, do we?

It will be interesting to see how things go tomorrow.

KH
next hursday @KevinBB ?

file:///C:/Users/Owner/AppData/Local/Temp/options-expiry-calendar-2021.pdf
 
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