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XAO Technical Analysis

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Re: XAO Analysis

I don't think too many successful trading systems are based on prayer...

GP
 
Re: XAO Analysis

Just some alternative XJO targets. ;):D:eek:
 

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Re: XAO Analysis

wayneL said:
Just some alternative XJO targets. ;):D:eek:
Click to expand...

Hahaha, for tomorrow WayneL, or just by the end of the week?? ;)

I know Gann Fanns or geoangles or whatever you like to call them should ordinarily be drawn from significant highs and lows, or from closes. But in essence they're still effective for measuring the trajectory of price relative to time no matter where you place them. The peak I've drawn it from has significance in Elliott Wave terms as many have it pegged as the end of an impulse leg.

Using this peak for the origin of the geoangle, then in price/time terms this move is still not that dissimilar to May '06. Price could be thought of as falling more sharply over the last few days, so as to catch up with time and square things, somewhat, if you subscribe to that way of thinking.

An interesting stat from Nick *****'s Chartist service tonight...Wednesday the 1st of August was the 2nd biggest one day fall in XJO history.
 

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Re: XAO Analysis

Looks like we might be in for a better day - IF we follow the DJIA. From CNN Money:

11th hour rally on Wall Street
Major gauges manage late session rally after a tumultuous trading day with very high volume.
By Jessica Dickler, CNNMoney.com staff writer
August 1 2007: 5:07 PM EDT


NEW YORK (CNNMoney.com) -- Stocks rallied late in the session Wednesday as investors scooped up beaten down shares before the closing bell.

The Dow Jones industrial average (up 150.38 to 13,362.37, Charts) jumped 150 points, or 1.2 percent.


The broader Standard & Poor's 500 index (up 10.54 to 1,465.81, Charts) added 0.7 percent and the tech-heavy Nasdaq composite index (up 7.60 to 2,553.87, Charts) gained 0.3 percent.

All three major gauges were mired in the red for most of the trading day until blue chips led the broader market higher with less than 20 minutes left in the session.
 
Re: XAO Analysis

It's green today - DJIA up 150 points overnight so that reverses yesterdays fall.

I think the letter for the next few weeks is 'V' for volatility. All it will take is another mortgage company to raise liquidity concerns and down she'll go.

But it looks like 'bargain hunters' have returned. Wonder where the ASX will go - a cautious toe in the water or gangbusters?

Not doing a very good job in putting my head in the sand.
 
Re: XAO Analysis

insider said:
Well it fell about 400 points... last correction... Spring hill does have a point about using time frames but somebody such as myself should not be trusted to give such advice... sooo far this correction has knocked out 500 points or 4 months of gains... the last correction knocked out about 1.5 months of gains or 400 points... How should we think about it...

This correction is a lot quicker and shraper... and currently the US markets are about to lose another 150 points
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You might have another opportunity to take some profits if this bounce is significant enough to bring in some liquidity again. But be aware of another sharp decline after that.

Cheers,
 
Re: XAO Analysis

CanOz said:
You might have another opportunity to take some profits if this bounce is significant enough to bring in some liquidity again. But be aware of another sharp decline after that.

Cheers,
Click to expand...

I heard on the news that the bounce was in the last 30 minutes of trading and lead by Healthcare and engineering company which are marginally represented on the asx. On the other side mining companies should go down again because commodities price were down again. I hope I am wrong but that was Commsec report comments
 
Re: XAO Analysis

theasxgorilla said:
An interesting stat from Nick *****'s Chartist service tonight...Wednesday the 1st of August was the 2nd biggest one day fall in XJO history.
Click to expand...

How long has the XJO been around for?
Not that long, i think its about 8-10years yeh??

Still a significant stat, but imagine if it was the 2nd biggest one day fall in the history of the XAO? :eek::eek:
 
Re: XAO Analysis

nizar said:
How long has the XJO been around for?
Not that long, i think its about 8-10years yeh??

Still a significant stat, but imagine if it was the 2nd biggest one day fall in the history of the XAO? :eek::eek:
Click to expand...

sorry haven't seen the article - is he talking absolute or % terms?
 
Re: XAO Analysis

Just an observation. I have never seen so many long-term chats in my life as I have seen in the last week. I have even seen a trend line going back to 1987! Come on you cannot tell me that every one has been trading/investing off the weekly charts. I know its what you do when one support level is broken, you go back and find the next. But I still think the speed of this meltdown has been so fast that a lot of "Trades" have now turned into "Investments". I don't think previous support is that important here, the think I'm looking at is where any snap back rallies are going to meet resistance and roll over again. It would be the rarest of occasions for us not to retest yesterdays lows in the coming weeks in someway.
 
Re: XAO Analysis

trembling Hand said:
I don't think previous support is that important here, the think I'm looking at is where any snap back rallies are going to meet resistance and roll over again.
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Isn't previous support the resistance you are looking for? :eek: I think I know what you mean. ;)
 
Re: XAO Analysis

trembling Hand said:
Just an observation. I have never seen so many long-term chats in my life as I have seen in the last week. I have even seen a trend line going back to 1987! Come on you cannot tell me that every one has been trading/investing off the weekly charts. I know its what you do when one support level is broken, you go back and find the next. But I still think the speed of this meltdown has been so fast that a lot of "Trades" have now turned into "Investments". I don't think previous support is that important here, the think I'm looking at is where any snap back rallies are going to meet resistance and roll over again. It would be the rarest of occasions for us not to retest yesterdays lows in the coming weeks in someway.
Click to expand...

Excellent point TH, i've got three open sell stops in various positions around yesterdays lows...i'm not wanting to miss the next sharp drop...too many points to miss out on.

Cheers,
 
Re: XAO Analysis

the next couple of weeks will be volatile. subprime jitters want to get out, bargain hunters wanna jump in, u'll find the index graph rougher than a roller coaster ride! so trade with caution guys!
 
Re: XAO Analysis

plenty of gaps around to keep things interesting anyways

asxgaps020807vo6.gif
 
Re: XAO Analysis

Seems like there is just no bids to hold up the futures or most Stocks and down they go. Everywhere. This will really start to mess up peoples accounts. Many stocks are well below yesterdays lows! :eek:

Nasty!!
 
Re: XAO Analysis

We've now lost all of the 100 points gained in the past few hours, and it's 90min till close. Very interesting...
 
Re: XAO Analysis

The higher closing prices of the US indices last night does not tell the story of a nervous and directionless night, where the S&P 500 switched between positive & negative territory an amazing 30 times. The rally only really occurred in the last 20 mins with the Dow rallying 185 points. An unconvincing close with rumours of a futures trading error adding to the market concern the rally was not well supported. The VIX, a gauge of stock-market volatility and nervousness at one points climbed to the highest in more than four years, closing at 23.68 up 0.16.
Click to expand...

from an internal newsletter i recieved this morning, quiet interesting:)
 
Re: XAO Analysis

Until the subprime issue goes away i think markets will remain nervous. I am out of my positions because I believe its highly likely that if two bear sterns funds as well as maquarie can be affected by subprime problems there are likely to be more. And all it gonna take for another fall is one prominent fund to say we are having problems. :2twocents
 
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