where the next stop DC?
where the next stop DC?
It looks like we are going to test 1242 on the ES. We broke above 1230.50 on volume, so the next level up is 1242.69. That's the big 61.8% retracement from Julys high to Augusts low. I am amazed we are up this high based on the eurobabble going on, but that's where it wants to go. What was DC's top target for the Dow. Wasn't it 11898 on the Dow cash. That's about 11832 on the YM. That's only about another 130 pts to go.
dc2000
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cant use none of that no siree bob DOW n FTSE both finished patterns from tuesday now Im wondering how the DOW will complete weekly that figs at 11261 (gulp widget thing )
DC - 11103 and 11022 not any more in play?
Martin
I'm not sure what kit you are using but because of the constant problems with PC's (I was using three of them as a sort of contingency).
I dumped them and bought two Macs. I only use one now but it's like a weight was lifted from my shoulders. It just works. I cannot recommend them highly enough.
Judging by the price action, it doesn't look all that likely. But we are still above the 161.8% retrace level, so maybe we see it in the next hour or after 7pm this evening. We've got US cash share options expiring at 9pm, so I can't help but feel they will keep this up till the close.
If we break below 1228.50, then I think we will sell off or range sideways until 9pm. I am looking for 1242 on the ES which looks a bit difficult right now. Maybe DC is right that the patterns have closed for now, and we have nothing much happening until monday.
DaddyJohn
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short 5486 rolling spread 100, city index , having shorted close and banking some profit have left small position to run , will add if I see price going up further
Thanks Lurkeo. I have a PC clone running Windows XP 64 bit. I have just paid for VIPRE antivirus and firewall, and I think it keeps crashing my system. I have been dealing with their tech support now for 2 weeks. I am also trying to update my NVidia ethernet drivers but nothing seems to work. And when you do something with one thing, it causes problems with another. I installed what I thought were the latest NVidia drivers and it changed my monitor settings to the lowest resolution and only supported one screen. Then I couldn't change it back again! I know MACs don't have any of these problems.
sorry DJ what does rolling spread 100, city index mean?
DaddyJohn
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word of advice Martin.. your computers you use for trading should be completely seprate from your home PCs. In my set up I have three... one for execution.. one for charting ... and one for email.. internet stuff etc.. this means you can keep the first two really clean of any antivirus clutter because they do not get exposed to any other feeds other than what comes from your broker or your charting feeds. If my third gets infected then I can keeo trading
DaddyJohn
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I think it is basically the ftse cash index but trades same hours as futures.. after 4.30 close it just tracks futures movement
DC - when you say that the pattern completed from tuesday, I assume you are referring to 8pm on tuesday night when we got a high of 5490 on the ftse futures. We got a selling day on wednesday. Followed by a Z day that cash closed at lows, followed by a buy day today that was the shorts closing from tuesday night. End of pattern. Is that correct?
Where we go from here I don't know, but I thought the idea of LBR or Taylor is you get 2 and a half days of buying and 2 and a half days of selling. Personaly I would like to see it test the 1242 level before selling off, but it doesn't look like it is going to get there.
DaddyJohn
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Nice call on the cash share options Martin .. where did you get this info?
From Ransquawk. The ES options expired at 2:30pm today. The NYSE cash shares expire at 9pm tonight. I forgot about the options expiry for UK at 10:15am this morning. I tend to only watch for quarterly expiry. Goes to show how important monthly options are and how big a market they are even for the FTSE.
You were spot on.
DaddyJohn
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All.. I have spent some time this morning trying to fit the patterns from Linda's document
to the FTSE futures... Using the Taylor pattern does help you anticipate what the market may do... your book should make calculations of average rallys and declines from
the previous days high / low ... therefore an average move on a Z day will be different
from an avergae move on a Buy day.. anticipating what day comes next should help you
in thinking about possible range extentions.. I have had a go at marking them out on a chart.. not sure if it is 100% right.. I am sure that Sensi DC will comment. Let's get some discussion going on this so we can all help each others advancement. Thanks
to the FTSE futures... Using the Taylor pattern does help you anticipate what the market may do... your book should make calculations of average rallys and declines from
the previous days high / low ... therefore an average move on a Z day will be different
from an avergae move on a Buy day.. anticipating what day comes next should help you
in thinking about possible range extentions.. I have had a go at marking them out on a chart.. not sure if it is 100% right.. I am sure that Sensi DC will comment. Let's get some discussion going on this so we can all help each others advancement. Thanks
