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Online Share Trading

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Calm before a storm

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peekay
Frequent Contributor
Was the tsunami of yesterday not purely a reaction to the opening of Wall Street? Why would the 3 consecutive lower highs have any correlation with that?
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Not applicable
Just a trend i thought might kick. Didn't pan out quite as planned. Look at yesterdays chart: 2 of those 3 peak formations followed by a drop. Somthing to do with dow theory?
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Runbird
Contributor
Dow theory has to do with a series of descending tops. We're certainly seeing that now. We're also at some kind of support on the futures chart - might be time to go short, but I'm not sure, so I'll wait a bit longer to watch the next move.
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Runbird
Contributor
Move was down - I'm getting a few sell signals now, but still very unsure... Very wary of shorting the bull, and will only do it when I'm 100% sure.
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peekay
Frequent Contributor
Can you EVER be 100% sure?
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Runbird
Contributor
No, not really :) And I've lost enough money to prove that, but I'd like to be fairly sure and now I'm glad I didn't go short, 'cause we bounce off support - we seem to be in some kind of ascending triangle now and I'm waiting to see which way it breaks. US Consumer Confidence figures coming out this afternoon - could be another down move...
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peekay
Frequent Contributor
Now we have 3 rising peaks in a row.. What now?
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DCTrader
Super Contributor
All this TA stuff is irrelevant... watch for the US Confidence results coming out today for any direction in our markets after 3pm...
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Gold_Guru
Contributor
I am also looking to short something at the moment. Not sure when to get in though. Will keep watching this thread
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Not applicable
Different thing here is that all 3 of those peaks come back down to support of 24200 (no higher lows). That support breaks, and the bottom falls out. IMO.
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Not applicable
My candle chart is still out... make that 24170.
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Runbird
Contributor
I agree with DCTrader. TA is useful, but fundamentals can always upset the TA applecart, and the US confidence figures is going to dictate the next move. Peekay, as idego said, rising peaks are irrelevant - it's rising bottoms (lows) you should look out for... At the moment it still looks like shorting it is the way to go, but I'm still unsure, so staying in cash for now...
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Not applicable
Reuters: "Stock futures are pointing down ahead of consumer confidence data that's going to show whether the subprime mortgage crisis is bumming you out about the economy in general."
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So these US figures are what im gonna turn my telescope to? Where can one get them?
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DCTrader
Super Contributor
For what it's worth, the expected figure is 108.5... anything lower aint good for the DOW!
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john_1
Super Contributor
Post the actual figures please.
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DCTrader
Super Contributor
Data only out at 4pm... will try
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Not applicable
The Index now stands at 112.5 (1985=100), up from 110.2 in January. Its a a 5.5 year high at the mo. http://www.conference-board.org/economics/consumerConfidence.cfm
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DCTrader
Super Contributor
That was the Feb figure
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Not applicable
Thats last months data. But it's going to be interesting today
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