September 24, 2020

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20200924 Sharing my set-up for an earlier entry into shorting the DOW

There’s been lots of chat about the big falls in the US Indices yesterday, and to be true there were some great moves.


However some of us were already short US Indices from an earlier opportunity. Those of you who attended the London Traders Forum a couple of years back will have seen me present on how I planned to trade through any upcoming correction – Apocalypse Now. In that presentation I outlined what type of set-up that I was looking for, which you can see on the DOW chart attached. It’s a very simple set-up that I share with you here.

  1. Having been in a clear trend the market then prints a reversal signal (in this case a Key Day Reversal)
  2. Price falls lower and is supported by the 50MA.
  3. Price then rallies but is capped by the 20MA, which has now turned from support to resistance (PO20) and then prints a rejection candle. This is your trigger to go short

Price has now also printed a 123 Pattern and also a lower high to give even more confirmation. Short at 28090, SL @ 28380, targeting 26390 (in front of support and 200MA)

Nothing special there, just a simple trade plan. The problem with this set-up is that it doesn’t happen very often (though similar set-ups happen on intra-day markets all the time.)

And for those of you who’ve forgotten the set-up or would like to see the slides then, as I’m a good guy, you’ll find the slides from that presentation here: Paul Wallace Apocalypse Now – Trading through a coming correction.

Trade well, and let me know what you think.

Paul

July 14, 2020

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20200714 Interesting Price Action on the NASDAQ

Hello traders,

We had some interesting Price Action on the NASDAQ chart yesterday. If you look at the Daily chart you can see that we printed a Bearish Engulfing Candle which was also a Key Day Reversal Candle – a potent price action pattern. This was preceded earlier in the session by the NASDAQ printing an Evening Star formation on the 1Hour Chart. New traders can take a look and learn from how the Price Action played out.


Remember that you can learn more about these patterns by watching at the previous webinars I delivered on Trading Spotlight. (I deliver a session every Monday afternoon at 2pm London time for Admiral Markets and you can watch them here: Trading Spotlight)


Key Day Reversals: https://youtu.be/488Vn-W-x4Q

Star Formations: https://youtu.be/5xwnDFVfADA

July 1, 2020

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20200630 FXTP DMU Tuesday. 66th and final Daily Market Update. $SBUX, $FSLY, $PTON, $IWG, $ZM

Hello Traders,

Tuesdays’s DMU was the final one for this period. I started them a few months back to help some friends and clients try and make sense of what we have been going through. 66 Daily Market Updates later its time to draw them to a close as people and economies progress to the next phase of Covid life.

Thank-you to everyone who attended the sessions, and provided either feedback or instruments to look at. Thanks for all the terrific feedback that people wrote me – you were very kind.

As always I wish you all the very best in your own trading endeavours and hope to see you soon.

Trade well,

Paul

June 30, 2020

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20200629 FXTP DMU – Monday – FX STAM, $LOOK, $TWTR, $AAPL

In Mondays session we looked at: FX Strength & Weakness, Lookers, Twitter & Apple.

We also discussed the New Year New Trader Q3 Webinar – on Thursday 2nd July focussing on Methods. You can find out more here: New Year New Trader Webinar Program.

Or you can sign up here: Q3 Webinar

Tuesday 30th June will be the last Daily Market Update – I look forward to seeing you there.

Trade well,

Paul

June 29, 2020

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20200626 FXTP DMU – Friday – $XLF, $FB, $TSCO, $RCL, $AIR

On Fridays Daily Market Update we covered: XLF Finance ETF, Facebook, Tesco, Royal Caribbean & Airbus.

We also discussed the New Year New Trader Q3 Webinar – on Thursday 2nd July focussing on Methods. You can find out more here: New Year New Trader Webinar Program.

The Daily Market Update will finish on 30th June.

Trade well

Paul

June 26, 2020

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20200625 FXTP DMU – Thursday – $TUI, $SPOT, $MTO

On Thursdays session we looked at: Tui Travel, Spotify and Mitie

We also discussed the New Year New Trader Q3 Webinar – on Thursday 2nd July focussing on Methods. You can find out more here: New Year New Trader Webinar Program.

Or you can sign up here: Q3 Webinar

The Daily Market Update will continue till 30th June.

Trade well,

Paul

June 25, 2020

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20200624 FXTP DMU – Wednesday – $BT., $ZM, $PFD NYNT Webinar

Hi traders,

In Wednesdays session we looked at BT, Zoom and Premier Foods.

We also discussed the New Year New Trader Q3 Webinar – on Thursday 2nd July focussing on Methods. You can find out more here: New Year New Trader Webinar Program.

Or you can sign up here: Q3 Webinar

The Daily Market Update will be running until the 30th June.

Trade well,

Paul

June 24, 2020

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20200623 FXTP DMU Tuesday – PMI’s $INTU, $CWD, $RMV

CWD

In Tuesdays session we looked at: PMI’s, Intu Properties, Countrywide and RightMove.

The Daily Market Update will run till June 30th.

Trade well,

Paul

June 23, 2020

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20200622 FXTP DMU Monday – FX STAM, $TSLA, $DIS, $JETS

On Mondays session we looked at: FX STAM Positioning, Tesla, Disney and the Aviation ETF.

The Daily Market Update will run until June 30th.

Trade well,

Paul

June 22, 2020

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20200619 FXTP DMU Friday – FANGMAN Stocks: $FB, $AMZN, $NFLX, $GOOG, $MSFT, $AAPL,$NVDA

On Fridays session we looked at: Facebook, Amazon, Netflix, Google, Microsoft, Apple, and NVIDIA.

The Daily market Update will be running until Tuesday 30th June.


Trade well,

Paul