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2 gaps

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venice
Super Contributor
Quick question we are approaching 61,8% retrace of the highs of yesterday. Could this mark todays bottom??. Any advice re being short the ALSI.
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yes possible for today but not longer term...we have moved 1500 pts to the downside so a bounce is probable (but not certain)
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what u need to do is dram a trendline on todays price action and observe just how perfect and sustained the downtrend is...a pro trader will be looking at that and not much else....if we break it consider going long but not before that
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venice
Super Contributor
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_nova
Super Contributor
yep. Dax is holding round 5000 and FTSE on 4200. In 15 min we'll know as DOW futures look dismal
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Venice...see how useful that trendline is? ....prevents you from getting sucked in....quite incredible how the market is obeying that line...
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OK Chartman, you win, i got it wrong, i didnt expect the decline to be so much. Silly me i should've seen that coming. Anyway well done again Chartist.
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Running_bull
Frequent Contributor
Must say cant believe that line is not breached and just following the trend... those bottom feeders really are biting it now!
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i think tomorrow will be worst than today, if ever goes pass the 20000pt mark that will finsh of most companies...
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yep i think we have hit rock bottom. next week things will look up, and after US elections thing will settle.
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_nova
Super Contributor
John? You see what I mean? Right now my TA is taking a backseat because the LIBOR and VIX rule and that cancels any guesswork. The only thing that moves this market is emotion and that means what BB et al say or any earnings reporting. I'm not even trying for longs anymore. I just look for any violent pops and follow the pro's selling into strength... but with very tight stops
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