(J) Trade 7: Speculating on Trend Resumption #IBEX

FX:ESP35   IBEX 35 index of Spanish listed shares
2421 27 66
Update: Target Reached without entry Trade Cancelled.

Trade 7: Pending Long IBEX35 @ 10,800
S.L @ 10590
T1 11,160
T2 11,585

For $29,798.94 Balance, Position size = 0.4 lot (0.2+0.2) .
Risk= 4(position size) x0.8(point value per 0.1 lot)x210(stop loss)=$672 ~ 2.2% of Balance.

  • Long term trend is up
  • 200 Days SMA forming support
  • Multiple hammer candles at 200-days Average
  • 1.271 extension of recent bullish wave
  • Fundamental factor: Any minor progress on Greece will probably lead to a major rally, as economic conditions improved recently in the euro             area and ECB continues to pump money through QE .

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Will be closed for now...Hoping we will have a retrace to buy and time to place the order. Best wishes.

What do you think regarding the Greek issue? I do believe that in case of default or partial default or whatever they are going to call the situation, the equity market could drop in the EU zone. Is not dangerous this today?
Yeah sure it is dangerous. But I am willing to accept the risks for the rewards.
Jackteo Technician
Thanks! Good luck! I'll follow you.
"Note: The value for each tick in silver equals $5" i think this sentence is for the other trade.

I always ask to myself why you should use technical analysis for trade any index, in theory, people trade the index like any other asset so the price should "take in consideration" technical analysis, but I think (and this is an unfounded opinion) that people trade more stocks inside the index and these shares follow their own technical and fundamental analysis and it is hard to know if there are any coherence with what the technical analysis of the index show.
Casey_Yeo JorgeEllena
technical analysis works in any markets as it is based on market behaviour and psychology.
I use three different broker. And nowhere I find "IBEX 35" That is why I am going to miss it.
its spain 35 i coudnt find it ether
in FXCM, the ticker is ESP35, in Avatrade, the ticker is IBEX35, in Dukascopy, ESP.IDX , in Saxobank, IBEX ...

I hope it helps
+2 Reply
I am Greek. Good luck! I'll follow you.
this trade was not triggered yet. or was it?
Tijmen_K cipri.blaga
No dont think so
Until there is an end to the greek drama, I think any trade on European stocks/indices is pure suicide. No one knows what will happen if Greece exits the Eurozone. The risk can't be estimated. Anyone remember the CHF peg?
+1 Reply
Technician TOP vlad.adrian
Dont compare this to the chf peg, its nothing comparable. CHF Pig was an expected event. But in case of Greece, we have deadlines for payments.. So until the real news comes up you can manage your trade.
yofxtrader PRO Technician
I agree with you Technician. It is not comparable with the CHF peg, but in this case, we have a market that closes and opens everyday, generating gaps that could be huge in case any event occurs regarding Greece.

I wasn't going to take this trade since I don't trade anything but Forex, but in any case, I think the risk could be higher than the one you just calculated.

Anyway, as you already have told several times, these are your trades, and no one should follow you unless he is willing to do it!

Good luck with your trade! I am from Spain and was surprised when I saw your pending trade regarding the Ibex! :)

Thanks again for your excellent job.
+6 Reply
Technician TOP yofxtrader
I love this comment, constructive feedback instead of just criticism. Good luck and thank you for this.
+4 Reply
kmk.msp Technician
Hi Technicians. In IBEX35 in xm and exness brookers is with different name?
hehe vlad.adrian
I totally agree.
hehe hehe
with vlad.adrian of course ;)
Great setup! Thanks for sharing. I was late, I'm hoping we will see a bit more accumulation and retest of the 10650 area so I can get on board! Have a great weekend Tech!
I like the first scenario as it is in line with the resistance from the previous 2 tops
2use 2use
1st base cleared
Hi Technician,
I am using Fxcm -Marketscope Chart. Your 200 SMA is above your Stop Loss.
I see in my Chart far below Stop Loss. Could you Guide Please.
Both Charts enclosed for Reference.
Hi Technician and all the members ,
please don't make much noise , I do believe on Technician , if we look at the the equity risk ratio , I could go uptil 20% of my equity with him (lets say 30 ,000 and risk is 6000 , I will keep staying with him until I didn't hit my risk, If 2 out of 10 trades go fine i will still be on breakeven . I still have a reason to stay with him and that is 20% risk of mine.
I think let him do his best,

I look forward to see more trades from you Technician , As I learn how you look in to market and most intersteg thing for me how you setup the stop loss and thats the point to keep safe your equity.

Do we have to cancel the position cause Target 1 reached?
As you can see guys, there is risk to the upside as well. :) Reached target. Ofcourse didnt hit entry.
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