[INTRA-DAY ACTION]
Looking to follow up on yesterdays good day with another consistent trading day. I felt yesterday that I reaped the benefits of focusing on a smaller pool of stocks, and by paying attention on the market internals - which were the basis of my entries.
I did however cash out too soon on CSCO (by .30) and BAC (by .80!), and I also missed a straight forward $3 move in X. I left the market with an hour and a half to go so I could play 5-a-side. I also missed my target in NUE <$38. This looks like selling hard. Today my goal is to ride my winners down with full risk exposure in an attempt to increase my bottom line. Here are the levels I'm watching today:
BAC - $6, $6.98, $5.40, $6.40
X - <$29, $32, $30.50
CSCO - $16, $16.50, $15.40, $15
NUE - Continuation moves under $38
CME - $155, $175
RIG - I won't trade it, but it looks like $51 is a key level in the short term.
After yesterday, I am extremely bearish on CME BAC NUE and X. CSCO showed good relative strength at times, and if anything I'm watching is going to go up today I think it will be CSCO. If CME drops $155 and X drops $29 clearly, then these should decline rapidly.
Overnight the 500 climbed steadily and looks like it's resting around 835. 800~850 remains the range in the short term. Any moves out of this will provide a spark for a take off or crash landing.
Forex market technical analysis:
EURJPY Really followed through the inverse head and shoulders formation on the hourly chart which had a measured move of 119.5. This level was hit precisely and the next level of support I'm looking for on retracement is 117.
GBPUSD has surged surprisingly well off yesterdays double bottom and broke through 1.4. I am looking to enter long on a pullback to 1.40 as this represents new support. Next resistance 1.45
EURUSD did well yesterday as the dollar weakened. Broke the short term downtrend and moved from 1.30580 to 1.33271. I am awaiting a pullback to support at 1.30500.
GBPAUD has also broke short term down trend as it looks hit resistance at 2.1450. The chart is fairly dull here, just watch for that resistance level.
Updates and charts to follow intra-day.
Update 13:45 (08:45US)
Interesting pre market here. X jumped to $33 but has settled back below $32. Little bit of a gap in BAC currently $6.35. CSCO tapped $16.50 before pulling back sharply. No red on the screen yet although NUE is dicing with death.
Market about to open update
Something fishy going on here. Gapping up here quite a bit, most stocks at resistance levels. Looking for a sell off.
Update 15:24 (10:24US)
Choppy morning. Went long CSCO on breakout retracement at $16.51, stopped out for .47 - was a nice exit as it sold to .29. Currently back up at $16.5 but market looking weak and confused. Watching to enter X at $32.2.
BAC showing relative strength in tight consolidation range.
Update 17:11(12:11US)
Rerally choppy today. Internals keep ranging in tight channels. CSCO showed some balls with a nice run to $16.90 without me in the seat. BAC broke range above $6.4 but hasn't done anything to make me want to trade it.
I'm short GBPAUD and long EURJPY as per my TA from earlier. Both positions winners at the moment.
Waiting for a reveral around 18:20 my time.
Update 20:03(I don't care what time US)
A flake causes a snowball which causes an avalanche. That is currently my sentiment towards everything right at this second. A phone call. A dodgy cable. Disconnected. Broker platform crash. FX platform crash. Quotetracker crash. Data source crash. Internet only working for Google websites (including this).
I'm in an FX trade right now and I have no idea how much I'm losing because I can't connect to anything. It's all tits up and I'm very pissed off at the moment. All because of a stupid damn cable that the owner just will not fix.
I did however cash out too soon on CSCO (by .30) and BAC (by .80!), and I also missed a straight forward $3 move in X. I left the market with an hour and a half to go so I could play 5-a-side. I also missed my target in NUE <$38. This looks like selling hard. Today my goal is to ride my winners down with full risk exposure in an attempt to increase my bottom line. Here are the levels I'm watching today:
BAC - $6, $6.98, $5.40, $6.40
X - <$29, $32, $30.50
CSCO - $16, $16.50, $15.40, $15
NUE - Continuation moves under $38
CME - $155, $175
RIG - I won't trade it, but it looks like $51 is a key level in the short term.
CSCO chart, 30min.
After yesterday, I am extremely bearish on CME BAC NUE and X. CSCO showed good relative strength at times, and if anything I'm watching is going to go up today I think it will be CSCO. If CME drops $155 and X drops $29 clearly, then these should decline rapidly.Overnight the 500 climbed steadily and looks like it's resting around 835. 800~850 remains the range in the short term. Any moves out of this will provide a spark for a take off or crash landing.
Forex market technical analysis:
EURJPY Really followed through the inverse head and shoulders formation on the hourly chart which had a measured move of 119.5. This level was hit precisely and the next level of support I'm looking for on retracement is 117.
EURJPY chart, 60min.
GBPUSD has surged surprisingly well off yesterdays double bottom and broke through 1.4. I am looking to enter long on a pullback to 1.40 as this represents new support. Next resistance 1.45
GBPUSD chart, 60min.
EURUSD did well yesterday as the dollar weakened. Broke the short term downtrend and moved from 1.30580 to 1.33271. I am awaiting a pullback to support at 1.30500.
EURUSD chart, 60min.
GBPAUD has also broke short term down trend as it looks hit resistance at 2.1450. The chart is fairly dull here, just watch for that resistance level.
Updates and charts to follow intra-day.
Update 13:45 (08:45US)
Interesting pre market here. X jumped to $33 but has settled back below $32. Little bit of a gap in BAC currently $6.35. CSCO tapped $16.50 before pulling back sharply. No red on the screen yet although NUE is dicing with death.
Market about to open update
Something fishy going on here. Gapping up here quite a bit, most stocks at resistance levels. Looking for a sell off.
Update 15:24 (10:24US)
Choppy morning. Went long CSCO on breakout retracement at $16.51, stopped out for .47 - was a nice exit as it sold to .29. Currently back up at $16.5 but market looking weak and confused. Watching to enter X at $32.2.
BAC showing relative strength in tight consolidation range.
Update 17:11(12:11US)
Rerally choppy today. Internals keep ranging in tight channels. CSCO showed some balls with a nice run to $16.90 without me in the seat. BAC broke range above $6.4 but hasn't done anything to make me want to trade it.
I'm short GBPAUD and long EURJPY as per my TA from earlier. Both positions winners at the moment.
Waiting for a reveral around 18:20 my time.
Update 20:03(I don't care what time US)
A flake causes a snowball which causes an avalanche. That is currently my sentiment towards everything right at this second. A phone call. A dodgy cable. Disconnected. Broker platform crash. FX platform crash. Quotetracker crash. Data source crash. Internet only working for Google websites (including this).
I'm in an FX trade right now and I have no idea how much I'm losing because I can't connect to anything. It's all tits up and I'm very pissed off at the moment. All because of a stupid damn cable that the owner just will not fix.
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