While I'm positioned short from a while ago, we are at an important juncture as the resistance levels shown coincide with longer term trend lines going back 1 year or so...
I don't think the market is expecting a rate hike although the fed does need to start getting some ammunition ready for the next calamity which is sure to happen at some point, The market is not pricing it in and with falling earnings despite stock buybacks and rising debt levels - I don't think it is quite out of the woods just yet
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tmourad76
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Hi ...I am short Dow and am in deep hole ... so tell me what is the maximum dow jones u think it will reach to the upside ... or do you think it will go down from here .... Can you analyze the weekly and monthly chart especially I can see candles of last month and this month are not promising that it will go down
second do you think that DJI will break 18363 which is the HI of May 2015 ?!!!
Please your answer will be highly appreciated .
Regards
dionvuletich
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I don't know what the market will do, no one does - although last week was very bullish - If it breaks the May 2015 high then all short bets should be off thte table till another signal comes around
If you are in a deep hole there is a problem as it suggests you don't have a plan and as van tharp says
dionvuletich
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From Van tharps 'traders & mistakes'
Traders and Mistakes Part 2:
No-Rules Discretionary Traders
by Van K. Tharp, Ph.D.
In my experience, when most people say “I am a discretionary trader,” it basically means that they are free to do whatever they want. They can take a newsletter recommendation, trade a high probability setup based on what some guru said in a workshop last year, or perhaps just buy something on a whim. They might feel they have 20 different systems with none of them rigid.
In reality, they have no systems at all. What they really have is a little bit of nothing and a lot of “into-wishing” (as opposed to intuition). As a result of having no system and no rules, they have no way of effectively managing their trading. How well do you think a company would operate with no plans, no business systems and no rules? Because they have no rules to follow, everything no-rules discretionary traders do is a mistake.
dionvuletich
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GDP and 'Just Yellen' talking at Harvard on Friday so has the possibility of moving US markets Friday
second do you think that DJI will break 18363 which is the HI of May 2015 ?!!!
Please your answer will be highly appreciated .
Regards