Active day and swing traders

[Euro_d]

Welcome back Jon, slightly envious, 2 weeks golf in the Algarve is the way to enjoy life!

OK, FTSE blue chip spurt this morning seems to have fizzled out. Not been in for a few hours so have not studied why, suspect M&S effect?

OK, am back with the miners, long in both LMI and VED. Not overly convinced in either and the charts in the short term are not enticing but on a longer term play I think there is room for a few points in both. Probably the kiss of death!!! Anyway, lower stakes and easier stops.

Nothing else for now

Dave

 

[silviaic]

Well, I'm out of AVE. I don't think I'm getting in a share with that kind of spread again! While in the chart it looked like I did a good trade, in my spreadbetting account I was slightly neg! Decided to get out because it's not behaving the way I thought and the big spread makes it hard to give it some breath...

Dave, about VED I see it bumping against the 1st pivot resistance, at about 588, but resistances are broken too...I suppose you can give it some room as in LMI you made a killing!!!

PitBull, another one taking money from the crowd.

See you later, have to wipe out my nose.

Silvia.

 

[marben]

'afternoon all,

Wondered where you'd been Jon. Hope you had a good time. I reckon that was rather good timing to be out of the markets. Last week was SCARY.

What was interesting was that there was nothing obvious to me predicting the big and sudden fall in the markets that happened. The only possible predictor, for me, was that lots of stocks were giving long signals! In the light of experience, I'm beginning to wonder whether a large number of stocks suddenly passing a trading filter is a warning to take care?

Whilst no-one here predicted the falls in advance (as far as I recollect), I wonder whether, with hindsight, there were some warning signs?

Silvia,

Hope you're feeling better soon. I think you're wise to be cautious - I think the markets are tricky and hard to predict at the moment. I must admit, after digesting last nights EOD data, I was wondering whether I'd been a bit hasty entering the longs that I did yesterday. Fortunately they're doing OK so far today but we'll have to see whether the US indices have really reached a short term bottom now or whether they continue to decline.

Over the last few days, it seems to me that the UK has been more bullish than the US: the FTSE has tended to rise in the morning and then fall back in the afternoon, as US markets open and proceed to decline. Also, the "indicative Dow Jones" index (showing European sentiment before the the US opens) has generally moved higher than the actual Dow, once it opens. Most days the indicative index has been positive whilst the Dow itself has ended in negative territory.

When US markets eventually go positive, I suspect UK markets will turn up sharply.

Good trading all,

Mark

 

[PitBull]

Covered EMG @ 1542 for +43

 

[Nelz]

What should we be expecting from the US today. I agree that ftse is rising am and falling pm.

Has anywone got any news on Smith and Neph

Cheers,

Nelz

 

[marben]

What should we be expecting from the US today. I agree that ftse is rising am and falling pm.

Has anywone got any news on Smith and Neph

Cheers,

Nelz

Bloomberg commentators (FWIW) are reckoning the US markets will go higher today but that any rally may be shortlived, with no real recovery coming until around the end of the month.

No news on the wires I can see for SN. Looks like its bouncing off a support level @ 465. Resistance is at 485. It goes through 485 & stays above it that'd be qute bullish. If, OTOH it goes below 465 & stays there, you wouldn't want to be long!

The signals aren't strong enough for me to trade SN. but I'd prefer the short side to the long one on it at the moment. Low volumes traded are also a bearish signal.

Good trading!

Mark

 

[Nelz]

Cheers Mark, good info

Pete

 

[Euro_d]

Well popped in to see how things are and even though we are 20 points in the green I see nothing that is enticing!

My plays on VED & LMI are slightly + but I missed most of the move due to entering late, for me these are longer term, a few days, trades.

For those interested in the US markets I can recommend http://www.signalwatch.com/markets/markets-dow.asp, I dont trade the US but monitor this commentary and it is v. good.

Sorry to report but the rain has stopped so I am off to play a round because tomorrow is a holiday in Spain and I have a tournament, practice needed!

Back on Thursday,

Dave

 

[barjon]

.............................Last week was SCARY.

What was interesting was that there was nothing obvious to me predicting the big and sudden fall in the markets that happened. The only possible predictor, for me, was that lots of stocks were giving long signals! In the light of experience, I'm beginning to wonder whether a large number of stocks suddenly passing a trading filter is a warning to take care?

Whilst no-one here predicted the falls in advance (as far as I recollect), I wonder whether, with hindsight, there were some warning signs?.....................................................

Mark

mark

Interesting thoughts. I rely on reactions for my signals so always get a lot of potential longs when there's a sudden or extended fall. But, when that reaction is severe, I will also start getting potential change of trend signals as prices fall below previous swing lows and that makes me cautious. I've not attempted to quantify it though - maybe I'll have a look.

Still busy catching up so no positions or even potentials as yet. For what it's worth I've got 6 in uptrend, 5 in downtrend and 3 indeterminate in my ftse 14 list

good trading

jon

 

[silviaic]

...Last week was SCARY.

Yes, it was!

I'm keeping a very low profile at the moment, so I'm more on doing some studying and long-ish term filtering. I'm keeping an eye in supports, I'd like to see either that they're working or that they're being broken clearly, something that clarifies the picture because I still feel confused. So, just studying charts getting ready to get in as soon as it's clear where we're heading. (By the way, I'm still short HG. and ABG).

Good trading!

Silvia.

 

[silviaic]

Well, I'm not short ABG anymore.

Silvia.

 

[Splitlink]

My WPP and PRU trades were stopped out in early trading- net loss 5 points. Are my stops too close? I'm going to keep this up a while longer.

S/O BP at 638.9

For those interested in SB bias and spreads, I was stopped out of WWP at 557.4 and I had a market stop on at 559

PRU was stopped at 491 with a mkt stop 490, Difficult tp know what to use with stops- Mkt quote or theirs.
How long is a piece of string?

Split

 

[chump]

best stops imo are technically placed to tell u u r wrong about direction

 

[marben]

...I'm keeping a very low profile at the moment, so I'm more on doing some studying and long-ish term filtering. ...
Silvia.

Hi Silvia,

Very wise! I've been watching the US open & reactions like a hawk. There's a lot of nervousness out there. Took small profit on BP long @ 637 (opened @ 632.5 on 10/10)). This is after it broke through an intraday support. I'll re-enter, though if it breaks intraday resitance.

Tightened stop on SMIN long & duly stopped out @ 934 (opened @ 939.25 on 10/10). It's beginning to look like SMIN's long term uptrend may be faltering seriously.

Current position: long BG, short MRW. MRW is now at a key resistance level. Let's see whether it bounces or crashes through! My stop is now @ B/E (177.5) so I'm protected if it bounces strongly.

I shall think long and hard about whether to stay long in BG overnight.

Good trading all,

Mark

 

[marben]

best stops imo are technically placed to tell u u r wrong about direction

Agree totally. That's what I try to do but allowing enough room to be pretty sure that you are wrong. It's very hard to get it absolutely right.

 

[bracke]

marben

Regarding mrw. It has been on my watch list for somewhile.

I can see nothing in the chart that would produce a minimal rise let alone a bounce. At best more sideways movement until it sorts out itself out on the Safeway front.

Regards

bracke

 

[marben]

marben

I can see nothing in the chart that would produce a minimal rise let alone a bounce.

Hi bracke,

Hope you're right! The only thing that might produce a bounce is the support level itself - and there do seem to be a lot of buyers coming in at that level.

Today's closing auction will be interesting.

Regards,

Mark

 

[marben]

Think I'll stick with BG long overnight. No obvious sign of imminent price collapse (famous last words :cheesy. Oil price has risen a fair bit today. Serious worries about gas shortages this winter. Short/medium term fundamentals seem sound IMHO, irrespective of possible problems for US consumers.

 

[Euro_d]

Morning all,
Well my Tuesday trades, long in LMI and VED look pretty dismal this morning with the 40 odd point fall on th eFTSE!
VED bought at 586 stop 575 and almost hit!
LMI bought @ 1294 stop moved to 1300 but has fallen from yesterday's highs.

I expect to loose VED any minute LMI may hold.

Nothing else on the horizon and as I see very tricky markets any trades will be highly speculative and intraday. I do not want to hold anything overnight!

Good trading to all
Dave

 

[barjon]

a good start back
--------------------------------------------------------------------------------

mornin' all

well, back in the fray yesterday with a blt long which was stopped out this morning for -22 and with an abf short which is one of the few bits of blue on my screen today better stand aside 'til the dust settles a bit methinks.

i've got mostly longs waiting in the wings but several of those are making new lows this morning and all the others are moving that way so unless there's an explosive bounce nothing to do there. i've also got an increasing number changing their trend to down so things are looking pretty iffy on the long side at the moment.

good trading

jon

ps: stuck this on the wrong board originally!!