[INTRA-DAY ACTION]
Some decent technical action this morning in EasyJet and Siemens. Haven't got my clout back from CMC yet so missed both.
Quite annoyed about that because they were probably the simplest trades you'll ever see..
EZJ setup was a simple drop from a double top, which hit support this morning - I was initially looking for a gap-fill, but this became unlikely with a series of spinning candlesticks, which hit off not only the prior support/new resistance line, but also the strong 200EMA. My target was the support in the 315 range - which it hit nicely, consolidated and gave a nice long entry at 215.5. This would have been a short and high risk trade given the proximity to the 200EMA.
EZJ dropped off early, as oil.. now this is just ridiculous.. oil rose 80 cents... can you believe that.. 80 cents and airlines drop 3% at open!? Anyway, oil news as ever is the catalyst for the opening price and the late afternoon rallies in the airlines, everything in between is TA-able.
SIE was even simpler, a nice drop off in the morning and a consolidating range at €76 which was also where the 200EMA was providing support. This is close to a nice golden cross on the MAs, but is also looking to establish some kind of short term down trend from what I can see. My target would have been the 50SMA at €77. SIE is a very nice chart to get technical on, particularly the 15min timeframe.
At the moment I'm waiting for the US to open in 40 minutes. I'm going to be tracking BAC, C and TSO only today.
In other news I have began recording my screen as I evauluate trades. 3 videos with one as an evauluation, the second records the entry point and targets, and the third records price action in accordance with targets. I'm hoping this will let me see a lot clearer where I'm making mistakes.
It's working already, I watched back my original entry in BAY this morning. 3 words.. What, the, f***.
US Midday update:
Big big drop in oil, down to $120pb. I think this drop is overdone, even though there is no reason for it to move up or down at the moment. Iran nuclear program? Who cares?
Great technical action on BAC, as well as UAUA with the latter up 10% within 30mins as a reaction to oil drop. Nice move. On the back of this I expect some strong moves in BAY and EZJ tomorrow - but we will see where we close with oil tonight. Still in oil news, Tesoro is in a perfect descending triangle at the moment (look at the 1hr chart), and I am becoming bearish on this. $14.5 is a very key price here, and I'm looking for a drop and a re-test. Of course, we will see what happens with the crude price.
Bank of America chart so far today...
You can see a nice drop, and the chart writing explains it. Notice the fantastic divergence on the MACD and the picture perfect bear flag setup. It doens't get much cleaner than that for a long setup.
I've cut out using the stochastics indicator, it doesn't really work well in shorter timeframes. I've started using a side-by-side Heikin Ashi chart with a 100EMA featuring the Parabolic SAR indicator. The HA cuts out a lot of noise and gives you a better clue to where things are going.
Quite annoyed about that because they were probably the simplest trades you'll ever see..
EZJ setup was a simple drop from a double top, which hit support this morning - I was initially looking for a gap-fill, but this became unlikely with a series of spinning candlesticks, which hit off not only the prior support/new resistance line, but also the strong 200EMA. My target was the support in the 315 range - which it hit nicely, consolidated and gave a nice long entry at 215.5. This would have been a short and high risk trade given the proximity to the 200EMA.EZJ dropped off early, as oil.. now this is just ridiculous.. oil rose 80 cents... can you believe that.. 80 cents and airlines drop 3% at open!? Anyway, oil news as ever is the catalyst for the opening price and the late afternoon rallies in the airlines, everything in between is TA-able.
SIE was even simpler, a nice drop off in the morning and a consolidating range at €76 which was also where the 200EMA was providing support. This is close to a nice golden cross on the MAs, but is also looking to establish some kind of short term down trend from what I can see. My target would have been the 50SMA at €77. SIE is a very nice chart to get technical on, particularly the 15min timeframe.At the moment I'm waiting for the US to open in 40 minutes. I'm going to be tracking BAC, C and TSO only today.
In other news I have began recording my screen as I evauluate trades. 3 videos with one as an evauluation, the second records the entry point and targets, and the third records price action in accordance with targets. I'm hoping this will let me see a lot clearer where I'm making mistakes.
It's working already, I watched back my original entry in BAY this morning. 3 words.. What, the, f***.
US Midday update:
Big big drop in oil, down to $120pb. I think this drop is overdone, even though there is no reason for it to move up or down at the moment. Iran nuclear program? Who cares?
Great technical action on BAC, as well as UAUA with the latter up 10% within 30mins as a reaction to oil drop. Nice move. On the back of this I expect some strong moves in BAY and EZJ tomorrow - but we will see where we close with oil tonight. Still in oil news, Tesoro is in a perfect descending triangle at the moment (look at the 1hr chart), and I am becoming bearish on this. $14.5 is a very key price here, and I'm looking for a drop and a re-test. Of course, we will see what happens with the crude price.
Bank of America chart so far today...
You can see a nice drop, and the chart writing explains it. Notice the fantastic divergence on the MACD and the picture perfect bear flag setup. It doens't get much cleaner than that for a long setup.
I've cut out using the stochastics indicator, it doesn't really work well in shorter timeframes. I've started using a side-by-side Heikin Ashi chart with a 100EMA featuring the Parabolic SAR indicator. The HA cuts out a lot of noise and gives you a better clue to where things are going.
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