Keep in mind that this is still sort a blog for me that I have made public for those who might be interested in following along. No great prose or any real new market insights, just a passion that is developing to pursue trading seriously...eventually.
So, on to the juicy part...
Today's pre-market chatter:
My first plan, long with R1 as a target very early in the morning, was wrong for the open but proved itself out later in the day as the price reached R1 nicely at 1400h.
My second plan was to play short if I got stopped out initially and hold through a possible PP move to S1. Seeing as I anticipated an overall ranging day I was thinking about using the PP as a reversion target with possible R1 and S1 swings. Not to far off the mark.
Here is a two day minute chart for Global Gold
Note the price ranging about the same for both days. More or less what was expected for the day.
Here is a new chart for me, the cumulative tick chart for the TSX.
If I have this right the chart represents the number of stocks that close the period, 5 minute in this case, on an uptick minus the number that close on a down tick. The black line represents ZERO where all stocks are trading roughly even which would lead one to think that the market in general is not sure where it is going, the same number trading on up ticks as down ticks. The TSX swings into the low 200's in each direction whereas the NYSE ticks swing out to 800s and larger. That just shows the difference between the number of stocks in each exchange.
I found it interesting, in retrospect, that yesterday's tick was all below zero and today's was all above zero and the price ranges were the same. Like any other indicator I doubt that it means a whole if taken completely on it's own as this represents the market sentiment in general. Gold does not follow the market and often inversely follows it so it is tricky playing gold based on market trendds and news...so I just don't do it.
Anyway, that's the end for March.
Jeff.
No comments:
Post a Comment