LOL... There Are No Friends In teh Battle Arena OF Trading... RAAAAH!
Or some such...
To firmly place my foot in both camps... (Want EveryOne To Be MY Friend)...
Overninght indicators on the HOurly for the Aus200 (IG XJO/SPI Equiv), always a little dody as they are overnight, are suggesting to me that we could see some upside today.
The little hump on the far right on the MACD fast moving average, and the rising histograms also on the far right are what I am looking at, coupled with a bit of a surge on the hourly stochastic which might be enough for it to get above the 50% area and pop in another up cycle on this time frame.
I have a target for upside around the 3820 mark, and am looking at that area for possible shorts.
Highlandlad's morning wrap on the DayTradeDiaries thread today points out a few bounces in base metals amongst other things which I beleive willl be significant to our market.
Switching to the daily, we have now significantly moved below the 21MA on this time span which is something I have been looking for in the last few trading days and ties in with my waffle conjecture that we could be into some further downside on this time span, my downside target still remains at the 3600 ish level, with a conservative target marked by the blue dotted horizontal line but I have no time component for this and sideways congestiony type stuff could occur for days.
Of interest is that price is currently testing the 200ma (thin dotted red mav on price) and we could see some waffling around here for a bit.
also note the stochastic on the daily is now nicely in the oversold area but is NOT turned up, and it is quite possible that this indicator can remain in the oversold area for some time.
You can see the significance of the 3820 level on this chart (thin black horizontal line) as it is near the bottom (close) of the previous bar, and price often retests these levels, bar wise, during a trend.
If we gap up I will be going short, if we gap down I will wait, or watch for intraday signals.
An ideal entry, if we are in a downtrend on the daily is the next touch from the underside of the 21MA or the 13 MA but that also requires these towo mavs to cross and at least have the 13MA heading down.
The daily is still very much suggesting to me that we have at least another 100 plus points to go in this trend, but "intra-trend" up movement (prolly should say "counter trend", lol) may occur soon as there is often a bounce in price as the MACD fast mave (blue) touching the zero xover line often sees a minor bounce on lower time spans with this indicator.
(20min delay)