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firewalker

Live Indices Trades

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Hi Foale

 

I see 3 possible scenarios on the charts:

 

We are consolidating at the lows – typically bearish and can spell a further breakdown ahead (catalyst: any nasty surprise)

We are printing a rounded bottom, a slow turn – these usually take a few weeks to form and will then release a move up

We are making an expanding triangle (the DOW top is 11400) – these tend to have explosive outcomes, a big move of several hundred points one way or the other

 

If we do break upwards through either of the second scenarios, I see the move being repelled around 11600-11700 on the DOW where the market decisively broke and support becomes resistance, then a fall to a new low around 10500. There should be another 12% to come off the markets from where we are today, if history counts for anything.

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Very mixed for Asian markets today. Value pretty much overlapping that of 7/8. Perhaps a 1.5 - 2pt scalping strategy for today. Or just sit tight and call it an early weekend.

 

Slight hint on Nikkei holding firmly at yesterdays low. However, JGB declined but sensing good accumulation... not a pretty sign for the indexes. Good trading all.

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Hi Foale

 

I see 3 possible scenarios on the charts:

 

We are consolidating at the lows – typically bearish and can spell a further breakdown ahead (catalyst: any nasty surprise)

We are printing a rounded bottom, a slow turn – these usually take a few weeks to form and will then release a move up

We are making an expanding triangle (the DOW top is 11400) – these tend to have explosive outcomes, a big move of several hundred points one way or the other

 

If we do break upwards through either of the second scenarios, I see the move being repelled around 11600-11700 on the DOW where the market decisively broke and support becomes resistance, then a fall to a new low around 10500. There should be another 12% to come off the markets from where we are today, if history counts for anything.

 

 

Interesting EBG 11600 does seem to be strong resistance...

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GE update will wobble the markets. Bad news will send Dow down below 11000, I reckon.

 

Agreed Phil, it's going to shift it, and I'm geared up on the short side in case we get the decisive plunge. But if it's not too bad then got to be ready for a rally. Difficult, as I'll be away from my terminal at that key time...

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Hi guys, been out today. Well, i closed my aug longs at 5445 this morning for a measly +10. Glad i did though as it dropped like a stone today. Just gone back in with a long at 5325 (aug ftse). hope everyone is doing ok.

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Hi guys, been out today. Well, i closed my aug longs at 5445 this morning for a measly +10. Glad i did though as it dropped like a stone today. Just gone back in with a long at 5325 (aug ftse). hope everyone is doing ok.

 

closed at b/e as I moved the stop up...

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Another short from 030.

 

Don't like this spikiness. Closed half 006 in case something drastic happens in the wrong direction (unless you're long, Foale!).

 

If it does break through 11000 again could be a BIG drop?

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Nerves of steel there, Foale:thumbs up:

 

thanks but held all that time...closed then it spiked up to an area I had initially had as my target....

 

 

still profit a profit....

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