I introduce the RENKO - RSI Merge feature. I am very happy about this as it solves draw down problems as well as sub-optimal entries after oversold or overbought conditions in a long/short trend.
DJIA weekly not as strong as Nasdaq or s&p and I would not be surprised to see a throw over in this first to take out the stops before a decline
Mainly because the divergence is a type 2 (rising prices but flat indicator) whereas the other markets are clearly type 1 bearish divergence (rising prices but falling indicator highs)
this one is interesting as if it...
Explanation on the chart.
I use this along with ADD/TICK/UVOL-DVOL for internals to ensure i'm not going against the grain.
Other important reference points are previous days and weeks range.
There are open gaps from Friday, we tagged the lower rail of this knife channel and Camarilla Week S4 (ES and NQ also hit CAM Week S4). Only looking for 200 point long here.
2019-08-16
YM stays in the middle of yesterday. More probability of a loss. But in a downtrend not broken.
Conclusion : stay short with same stop and target.
Trades showed at the chart start from 19-01-04 and are based on combined information provided by technical indicators only.
Trading one contract, the gain atteints 178% with 11 trades completed since the beginning of 2019.
The current 12th trade is a short at 25783, with a stop at 26007 and a target at 24790.
Trump surprised markets once again yesterday
and announced that tariffs will be delayed to 15
December on a range of goods such as mobile
phones, computers and video game consoles .
The announcement led to a jump in equities and
bond yields along with a surge in the oil price and yen.
In the absence of other dynamics, there may be marginal upside to be had...
Equity markets are lower today, on the back of
lingering trade uncertainty and also HK protests.
Embattled Hong Kong leader Lam said the Asian
financial center is at risk of sliding into an
“abyss". This is influential since it is de-facto a
Chinese matter, which won't help the already
tense international situation with the US.
We continue to expect downside...
Value has moved down with price which is bearish, but it has left some poor structure with several distributions above. Price touched the previous balance area- marked in yellow-before being rejected so a bounce here is likely. There are several virgin volume POCs below to hunt down with targets being 25615, 25250, and 24770.
The Dow fell more than 1% on the FOMC decision
as further rate cuts are not guaranteed. Actually
the way traders interpreted this is that the cut
was an "insurance cut", with no more to come.
Equity markets are feeling the force of gravity from
the yield curve movements.
We like the odds of further softness today,
but would only play continuation breakouts
when...
Stocks are higher on a combination of factors:
positive results from Microsoft;
news that Mnuchin and Lighthizer spoke again
with Chinese officials yesterday;
FED's Williams hinting at a stronger easing bias.
We like the odds of continuation today, looking
for new all-time highs in the Dow.
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YM1!
