[INTRA-DAY ACTION]
Until today I haven't really spent much time watching charts during the trading day for a few weeks. Mainly because I haven't been trading but mostly because the pork chop was supermarket quality. Anyway I was watching charts to aid my bro whose account continues to defy 9.81m/s2.
Anyway I have started to do my TA off the 15minute charts. They are a lot less stressful and seem to respond better to analysis than 5 minute charts and even dailies in some cases (due to the volatility).
Anyway pulled a few trades out the bag today that were pretty easy. It would no be easy if there was money in them of course, but you wouldn't have had much draw down in these anyway. The BAC trade is a work in progress as it is showing some relative strength this afternoon.
Update 17:00:
Update post champions league game:
There was a decent rally for a while into the last half hour where some interesting things from a technical perspective happened.
First off AKS found a shorter term trendline not far below the 50EMA where it bounced again into the $15 resistance range to form a double top before closing just shy of $14. Interestingly there the 30min chart held the 50ema a lot better. I continue to be bullish on AKS in the medium term but be wary of a short term drop, as it will probably support at the ascending triangle trend line.
X had some nice movement after it dropped out of the bearish ascending wedge formation. After finding some support at thr mentioned $42.50 area, it ralled with the market and moved to the 200ema and prior wedge support line (now resistance of course), giving a great re-entry to short. X sold off $3 into close after that short signal.
Performance of the day goes to the FTSE 15 minute chart, which has held the same declining channel all day and continues to do so as we speak. It has been very clean all day and has given multiple short signals as explained in this chart:
In total with those trades a trader on their game could have traded for about 400 points up until right now. Even a slow trader being timid realistically could have slow-played for 200 points today on the FTSE with relatively low risk setups.
Also some analysis on BAC:
BAC hit target 1 today and was 10 cents off target 2. Looking at it now you can see a clear ascending triangle forming, as well as a potential ascending channel upon breakout of that formation. However BAC is hard work to trade therefore it would be wise to trade the retracement rather than the breakout.
Anyway I have started to do my TA off the 15minute charts. They are a lot less stressful and seem to respond better to analysis than 5 minute charts and even dailies in some cases (due to the volatility).
Anyway pulled a few trades out the bag today that were pretty easy. It would no be easy if there was money in them of course, but you wouldn't have had much draw down in these anyway. The BAC trade is a work in progress as it is showing some relative strength this afternoon.
Update 17:00:
- Target 1 on BAC reached at $24.2, new target on trendline cira $23.6
- X dropped off ascending wedge, looking to take out $42.5, $40 with bottom at $37.75
- AKS failing 50ema, looking for $13 before trendline around $12
- FTSE has hit channel trend for 5th time today
Update post champions league game:
There was a decent rally for a while into the last half hour where some interesting things from a technical perspective happened.
First off AKS found a shorter term trendline not far below the 50EMA where it bounced again into the $15 resistance range to form a double top before closing just shy of $14. Interestingly there the 30min chart held the 50ema a lot better. I continue to be bullish on AKS in the medium term but be wary of a short term drop, as it will probably support at the ascending triangle trend line.
X had some nice movement after it dropped out of the bearish ascending wedge formation. After finding some support at thr mentioned $42.50 area, it ralled with the market and moved to the 200ema and prior wedge support line (now resistance of course), giving a great re-entry to short. X sold off $3 into close after that short signal.
Performance of the day goes to the FTSE 15 minute chart, which has held the same declining channel all day and continues to do so as we speak. It has been very clean all day and has given multiple short signals as explained in this chart:
In total with those trades a trader on their game could have traded for about 400 points up until right now. Even a slow trader being timid realistically could have slow-played for 200 points today on the FTSE with relatively low risk setups.Also some analysis on BAC:
BAC hit target 1 today and was 10 cents off target 2. Looking at it now you can see a clear ascending triangle forming, as well as a potential ascending channel upon breakout of that formation. However BAC is hard work to trade therefore it would be wise to trade the retracement rather than the breakout.
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