FTSE 100 January

[bonsai]

lol

we seem to have had 5 legs down so we may get 2 wave tomorrow.
So H&S on dow is false alarm ?

lol

 

[Hooya]

sorry I meant inverse head and shoulders....only targets just above the highs

 

[JeanM]

Bonsai


Sorry if I'm being thick but I have got rather confused with all these wave counts. When you say we may now get a C does that mean down?
Thanks.

Jean

 

[bonsai]

ok, that could do it.

just waiting for the final final closing prices and then I'll be off.

no reason to stay on tonight.

Lee, just realised I didnt respond.
I agree, the longer you go out the smoother things get but
for day trading, you need to keep pretty close.
for position trading that's fine and I use hourly charts for that.

 

[bonsai]

jean
a stylised count looks a bit like this.

so the abc shape depends on whether you are in a rally or correction.

in our case we may have had A and B already, so we could
be starting C (down)

 

[Hooya]

cmc already down to 84/87

 

[bonsai]

futs about 76, so that's about right.
(but it is after hours)

 

[Hooya]

I was surprised futs were that low considering FTSE close and the US has moved up since cash close.
But as alway where ever the Futs close at 5.30 wont be where they will finish...probably end up at about 81.

 

[bonsai]

Jean

 

[JeanM]

Bonsai


Thanks. I can usually manage the 5 waves but find the abc bit very confusing.

Jean

 

[barjon]

bonsai

azn put on a bit of an upward spurt prior to close and I covered
my short in anticipation of the "warning shot" high wave candle
that would result. Would normally wait for tomorrow's action but
off piste all day at a golf/bridge match and didn't want to come
home to find the mice had been at the cheese on the table.

Not sure if you're short as well but, if so, you may want to keep
a fairly close eye on what transpires tomorrow.


btw that long legged doji I circled above sounded the warning
bell and was confirmed by a shooting star a bit later. can't
really bring myself to trust candles over "artificial" time periods
though.

good trading

jon

 

[leeshindig]

bonsai, no problem, you didnt have to reply so thanks anyway.
Yes smaller timeframes for entries but I do like to see by the hourly what type of pressure overall is on the market.......

 

[hungrybear]

Good call on the Ftse Bonsai

It didn't seem likely with the US markets pushing to new highs. They're still being incredibly resilient (manipulated?).

 

[bonsai]

morning

certainly got a touch of Hooya's 'impulsive' about it.
problem is likely to be finding additional entry points.

we may even have seen 2 wave already around 4490 ?

depends on strength of pull back to avoid making a new low.
(if it happens)

 

[bonsai]

barjon
I know you are out today but you can read this tomorrow.

both azn and gks appear to have completed an abc correction
and have fallen below my magic 65 day.

so it may be worth keeping to the short side ?

 

[hungrybear]

A good short entry may be risky (that sounds like a contradiction doesn't it!) now, so I'll wait for a pullback or more likely a long entry. I went short yesterday but closed for peanuts on the strength of the Dow & SnP

 

[bonsai]

if you do go long, 4480 looks important ?

what's with the dax ?

 

[jonnyy40]

File Error:chart data file not found or read error. This refers to chartbook6 -- all my DAX charts!

 

[bonsai]

Oh jonnyy , you do seem to have a lot of problems ?

do you make daily back-ups ?
maybe it's in your back-up folder.

 

[jonnyy40]

I can get the charts back but any lines or studies have to be re-applied.