what data came out at 7:00am caused the spike up

[NihabaAshi]

Three reasons why the market did what it did today:

* Tensions eased between Iran and Britain (continuation from yesterday).

* Unexpected rise in Pending Home Sales.

* Bullish expectations for the remainder of the week when more key reports are released.

Now we know the cause for the move.

You can use any technical reasons to determine when you should have gone Long.

Anybody see those Hammer patterns or the contracting volatility prior to today's run up???



Mark

 

[romik]

Quote from NihabaAshi:

Three reasons why the market did what it did today:

* Tensions eased between Iran and Britain (continuation from yesterday).

* Unexpected rise in Pending Home Sales.

* Bullish expectations for the remainder of the week when more key reports are released.

Now we know the cause for the move.

You can use any technical reasons to determine when you should have gone Long.

Anybody see those Hammer patterns or the contracting volatility prior to today's run up???



Mark

Yes Mark, but in your opinion how many times out of 10 spikes will be faded? I had the right analyses on what the market might be upto today, I actually "predicted" it to go to 1450+ yesterday afternoon. I bet a lot of traders got stopped out today shorting a spike that more often than not would be faded. Tough luck IMHO.

 

[NihabaAshi]

Quote from romik:

Yes Mark, but in your opinion how many times out of 10 spikes will be faded? I had the right analyses on what the market might be upto today, I actually "predicted" it to go to 1450+ yesterday afternoon. I bet a lot of traders got stopped out today shorting a spike that more often than not would be faded. Tough luck IMHO.

I don't know about the FADE...today based upon market tendencies wasn't the day to do it.

I do know one particular market tendency involves a big trend day soon after Easter Holiday.

Simply, I'm increasing my position size on Monday and Tuesday...

I'll be looking for both Long and Short positions until I catch something big.

Mark

 

[JamesVU2000]

These markets are garbage. All they are doing is frustrating both bulls and bears. There wont be any true resolution for another 3 to 4 months.

 

[romik]

Quote from NihabaAshi:

I don't know about the FADE...today based upon market tendencies wasn't the day to do it.

I do know one particular market tendency involves a big trend day soon after Easter Holiday.

Simply, I'm increasing my position size on Monday and Tuesday...

I'll be looking for both Long and Short positions until I catch something big.

Mark

Fair enough, kudos on seeing entry points today, but for me today was awful hands down, apart from DAX morning trade that came through in line with expectations.

 

[NihabaAshi]

Quote from romik:

...but for me today was awful hands down...

If your talking about the price action after 11am est...I agree.

I didn't like what I saw and have been sidelined (just watching and taking notes).

Mark

 

[romik]

Sorry fellas chart was incorrect, please ignore last post, even though I do find DAX a solid indicator for US markets.

 

[RL8093]

Quote from NihabaAshi: I do know one particular market tendency involves a big trend day soon after Easter Holiday.

That agrees w/ my research - Tuesday being most likely...

 

[ByLoSellHi]

Wash and Rinse conditions are officially in force.