FTSE 100 - May

[mully]

Clin

I have noticed that you are a regular reader of this thread. However, you have never contributed. This thread will shrivel if there are only lurkers. It needs a variety of contributions. Don't they say variety is the spice of life. No observation or question is too little because it may contain a useful insight. We all have our blindspots and need others to spot them.

 

[mully]

and i see another regular lurker is on line

john joachim

 

[clin]

hi,
yep lurk'g n still learn'g with not alot of experience n this thread has been very useful

looks like es n ym has made new lows

 

[Fluke]

Mully.
What smas and macd setting do you recommend for my 10 mins charts.
regards

 

[mully]

Well I pay homage to Bonsai and use 1 hour/1 day/ 1 week. They seem logical time frame deviders.

Because a ten minute chart covers a greater number of days and i use it more for position trades I default to the 1D/1W = 51 and 255.

But the real answer is use those timeframes that you feel most comfortable with.

 

[Fluke]

I have looked at the fib grid 4602/4490.I have 786 retracement at 4578 and 618 at 4559.and 500 at 4546.

On my chrts it went to 4570 and has now descended to 4545,be interesting to see if it holds at the .500 level.
I currently long on the S&P.

 

[bonsai]

there is a 'logic' behind them as well as the fact they keep close to the action.
complicated to explain but involves the concept of 2 swings per day.

down 5 since I last posted and now hit the previous break line.
ftse likes to sit on break lines - its one way of testing them
rsi is also back to 50

so, Gordon, its up to you ? lol
(where are the smileys gone ?)

 

[Airthrey Capital]

Lurkers

I don't understand what your gripe is with lurkers.

"Lurkers" may well be people who are less experienced / knowledgeable than you, and are looking for some sort of guidance.

Not everyone who reads these boards are expert traders. In fact, many are novices.

Therefore, it is likely that they themselves feel nervous or uncertain about posting.

If you feel aggrieved because you feel you are doing all the work, and nobody else is then.......

Don't bother.

 

[Finirama]

Afternoon All!!

Its getting later and later every day i get up. Getting to the stage where i will either have to give up day trading the FTSE altogether or move to positional trading.

Nice charts and posts Mully.

3 peak negative divergence marked the top yesterday along with a 1-2-3 marking the exit at 4,568.

Notice the big drop in rsi relative to price around 9.40ish. Means the move is relatively week and more likely than not its corrective. Also, 2 hr sideway price action at 4,548 with rising RSI gave further signs/confirmation of a move up.

Got an ema pullback target of 4,540.

Having probs with attachments so will try again later

 

[Finirama]

Here it is.

Blairlogie, we have nothing against lurkers.

We are just interested in others views of where the market is going (long and short term) and reasons why and how they trade their beliefs in the market.

 

[Airthrey Capital]

Finirama,

I respect what you are trying to do, and of course the thread is vastly improved with the more contributions you have.

Just don't forget that there are those who are new to the game and looking for guidance...

Don't scare them off! They may be the champion traders of tomorrow whose views you may be wishing to seek out in time.

 

[Finirama]

Cool

 

[john joachim]

May Ftse 100

Hi Mully

I do lurk into your FTSE CASH as we do not have a FTSE FUTURES {LIFFE} thread I am a Futures trader I do not trade the FTSE 100 and may not be able contribute much.

Keep the good work going , you are a wonderful team

JOE

 

[mully]

How do you learn if you do not ask questions?

Yes you can read all you want, but one person's perception
of what they have read may not in fact be the reality of the facts.

Asking others can help.

If one can go back to one's school days, classes hopefully were not one way dialogues.

Expertise is a relative concept. I'm certaintly no expert, but glad to exchange observations for my continued further education.

 

[mully]

Hi Mully

I do lurk into your FTSE CASH as we do not have a FTSE FUTURES {LIFFE} thread I am a Futures trader I do not trade the FTSE 100 and may not be able contribute much.

Keep the good work going , you are a wonderful team

JOE

Great to hear from you and welcome.

Given that the tail (futures) can sometimes lead the dog(cash) any insights you can pass on about the FTSE futures would be very greatfully accepted.

Anyway, a number of members trade the rolling cash bets which are a hybrid of the FTSE100 and its future contract, so your obervations/comments would be relevant.

PS: this is a FTSE100 thread (no distinction made over cash or future, and over time frame-day/position/investor.)

 

[bracke]

MGBRoadster

Thank you for your explanation.

If you exit when the index drops below the opening level do you ever re-enter later?

mully

You are doing a good job and it is appreciated,.I particularly like the style of your posts which I find relatively easy to understand.

Lurkers

Lurkers of the World Unite! Perhaps we could start our own thread and call it Lurkers Anonymous and sit watching a blank screen.

Regards

bracke

 

[mully]

Bracke

Like your sense of humour

 

[Finirama]

Hi Bonsai,

Just a wee note to say thank you for your recommendation...it means a lot to me and my aim for trading perfection...in which you have a major guiding influence.

Thanks Again
Fin

 

[bonsai]

Blairlogie
you sound very patronising

I suggest you go back over the last year and read previous posts on this issue

in the meantime, if that's the best you can offer, I would suggest ....................
















you dont bother

 

[mully]

Well, what a difference a day makes.

Rising blue trendline broken very early on.(bearish?)

This was followed by the break of the 1 day SMA. (bearish?)

This breach was then tested by the FTSE rallying back to its 1 day SMA.

This failed and FTSE fell to 4540 level. (bearish)

See chart.

As I said last night, markets are lacking any strong conviction. I think they need to see the US employment data on Friday to get a better handle on the "measured" move in US interest rates.
As we all know it is not the rhetoric but the actual economic data that will determine the degree of rate tightening.