Charts agreed with me today… Kinda!

Indices

SPX500

Learning from mistakes yesterday, I decided to consider the bigger picture for the overall view of the indices. So looking at the SPX500 we saw that the 200 day EMA has been a strong support twice previously. Let’s bear this in mind.

We can see the double top formation on the chart and the bounce off the 200 day EMA sent the price right up to the neckline. By late afternoon I saw the neckline had been tested but dropped right back down below. My mentor announces he is going short and that’s enough confluence for me to jump on board too on the NAS100.

The SPX500 continued to plummet. At some point it fell below the 200 day EMA and tested it, but failed to close below. This indicates still continued support from the 200 EMA. SPX could have another day going long tomorrow.

NAS100

Using the SPX as the leading indices indicator I was looking for an entry on the NAS100. Just like the SPX, it acted as though a clear rejection of a level and plummeted for the afternoon right down to meet the blow of yesterday’s candle.

With the announcement of SPX short from my mentor, I jumped on board the NAS train. As the market is closed I cannot close the position (I’m expecting a bounce like the above SPX chart) so I’ve moved my stop loss right down to just above current prices to get out the market as soon as it opens.

GER30

DAX position remains open and price action closely followed the SPX also. With the DAX well below all the MA’s I’m leaving this trade open. It may follow the SPX and re-trace but my stop loss is well clear to let it do it’s thing.

FX Pairs

AUDJPY

Stocks fall, JPY strengthens. So this pair has acted similarly to the SPX movement. Currently it’s dropped and back to my short entry point. So, I’m sitting at break even right now.

USDJPY

Another JPY strengthen but not as big a drop as the AUDJPY. It has closed slightly below where it opened and formed a bearish pin bar (which also triggered my short entry today.)

EURUSD

We had the pennant break and today was the pullback. I’m going to look at entering long on a slight further pullback from current prices.

USDCAD

I was wicked in long and price stalled near the neckline. Still awaiting further long movement to complete a right shoulder.

USDCHF

Slightly bearish pinbar off the flag S/R, off multiple EMAS which have closed together. I really want to see greater price confirmation before going short.

Gold (XAUUSD)

Gold… oh Gold… You Bit*h!

Yesterday gold was very kind and trended in the right direction, offering me a hit target and sitting in profit in my second position. This morning Gold then very nicely offers me another TJ entry signal which it decided to fail and take back all and more of yesterday’s profits. Grrr Gold Grrr…

I am surprised how Gold didn’t strengthen later on in the day after stock weakness? There is yet another TJ signal I could take… maybe Gold rally is delayed? Or is Gold toying with me?

Crypto’s

BTCUSD

Bitcoin continues to fall and I continue to wait on the sidelines in Euros to get in near the bottom.

Apart from that, I’m not really looking at much else crypto wise other than BNB and NEO. Both these have continued to fall today, albeit very little.

Market Cap

The crypto market cap has been pretty flat. Prices dipped below $300b at one point but rose again to end at around $305b.

Bitcoin share of the market cap continues to rise too, now at 44.1% share. This must mean some alts are selling into BTC and the alt prices are falling hard.