Anyone scalping the FTSE Futures??

[reksa]

Very slow start. Hopefully the economic data will spice things up.
Bang in the middle of the channel at the moment so who knows where were going.

 

[Mornington Crescent]

several things need to be in place to see bounce off the flag and a run up thru new year

first is to put in a higher low on 5 min

tick one job done

 

[MartinC-J]

Those spanish bond auction results are good enough to make people think all the problems have been solved.

The ES is at 61.8% retracement on the 1 hr chart, and is dying to break the channel. Just don't know what will give it the power to do that.

 

[Mornington Crescent]

Just don't know what will give it the power to do that.

They say Dark Energy is everywhere even in a vacuum

 

[MartinC-J]

I blame Higgs-Boson. If only they knew where he was.

FTSE not as keen as the ES and FESX to partake in the move up. Odd really as oil is up over 1%. I am looking at the 78.6% level next up for the ES, which is at 1214.56, but it is slowing down in its haste to get there. Could be we range until the next bit of eurobabble.

 

[advfntrader]

mornington you used to be over on advfn right ?

 

[Mornington Crescent]

second is to put in a second higher low

tick

 

[MartinC-J]

Depends if you are calling the low at 9:45am a low, or are you ignoring it? Because the low at 12:15pm and 12:30pm is below it. So in my book we haven't had a higher low yet. Unless your charts are saying otherwise.

My gut feeling is we are treading water until the US opens, and as last night the ES dropped in the last half hour, I can see that downside momentum being reestablished when the market opens up at 2:30pm. We've only got building permits/housing starts for data and that should not provide the impetus for the channel to be broken to the upside.

 

[Mornington Crescent]

I have pattern lows at 8:05 and 12:30

 

[Mornington Crescent]

a long way to go yet before we can say this will run thru holiday period
but we seem to be off to a good start

Martin
can you see those higher lows now ?

 

[MartinC-J]

a long way to go yet before we can say this will run thru holiday period
but we seem to be off to a good start

Martin
can you see those higher lows now ?

No problem with the higher lows. The small tick down at 9:45am then is not considered to be a low.

I've been out for the last two hours and I see that we broke out, and last nights sell off has been ignored. ES is ahead of the FTSE at the moment and has broken out of the channel on the 1 hour chart and has put in a higher high with the move above 1225.00. That bodes well for the next few days and the year end.

 

[Mornington Crescent]

No problem with the higher lows. The small tick down at 9:45am then is not considered to be a low.

correct

it occurred mid cycle while the pattern was unfolding up to the high at 10:50

Lows only occur after the high of each cycle as a correction of that cycle

 

[Mornington Crescent]

now cash market has closed we can look at its daily
where we have a new high and a new low (again)

so quite hopeful

that wont appear on futures as its low came in last night

 

[dc2000]

target for the DOW 12212 which sould just leave another 100 in it quite apt as we head to 2012

looks like Ive got some reading to catch up

 

[Dick Lexic]

They say Dark Energy is everywhere even in a vacuum

well i hope it's not in my dyson.....it's not in my guarantee!

 

[supernovered]

well i hope it's not in my dyson.....it's not in my guarantee!

 

[Mornington Crescent]

futures now trading at 5422
and with fair value abour 40pts, cash should open around 5460 (ex div)

nice gap for the gap traders
if they let you in

 

[Mornington Crescent]

only problem is that the first tick came in at 5419
so gap of only 3 pts

so it may get hung up on previous resistance which could now be support

 

[MartinC-J]

correct

it occurred mid cycle while the pattern was unfolding up to the high at 10:50

Lows only occur after the high of each cycle as a correction of that cycle

MC - when you say "pattern" what specific pattern are you looking for? I am watching for prior levels of support and resistance, as well as Fib retracements and extensions. Should I be looking for specific time cycles too?

 

[dc2000]

Z day for me so a chance to exit and reload for the next journey north FTSE producing a target 5567
the 12212 DOW would probably do early doors before reload for the 12314 and 5642

as I type exit DOW 12218 and 5474 FTSE