Message For Ftse Traders......

[Geofract]

Morning all!

I have minor trendlines drawn as attached, and percieve the overall trend to be down. Looking to short at pivot.

Does anybody else see it the same? Did I miss something?

Thanks, Ollie

 

[Bloodhound]

Long FTSE @ 4157
Stop @ 4137
Target 4174

Moved stop to break even and sold one lot for 10 points profit

 

[Mr Squirrel]

Morning all!

I have minor trendlines drawn as attached, and percieve the overall trend to be down. Looking to short at pivot.

Does anybody else see it the same? Did I miss something?

Thanks, Ollie

Sorry to be a thickie, but what timescale is your chart? Am I reading it right that it's a 5 min chart over one day...?

 

[Geofract]

Yes, 5mins.

 

[Bloodhound]

Moved stop to break even and sold one lot for 10 points profit

Closed out at 4169. Dax doesn;t seem to be getting there at the moment....

Now short FTSE @ 4163 for a quick scalp

 

[Lloydyd]

Short FTSE @ 4176
Stop @ 4196
Target 4150
KJ

Well done, did you get out when it just touched the 4150?

 

[Bloodhound]

Well done, did you get out when it just touched the 4150?

Not quite. I closed the position at 4155 - got cold feet!!!

 

[Geofract]

Looks to me like a small triangle is forming, and I think I will wait for the break to come from either side. Also, will wait for a new low or high to form to confirm trend.

I did short at 4164, but bailed for -1

 

[wallstreet1928]

keep an eye on the Banks people as they will determine direction of FTSE.....

all banks are recovering from a sharp drop from friday and this morning?

just bring up a chart of Barclays and LLoyds?

sorry Kitejedi my battery died, its on charge and I will ring you later

 

[Mr Squirrel]

Morning all!

I have minor trendlines drawn as attached, and percieve the overall trend to be down. Looking to short at pivot.

Does anybody else see it the same? Did I miss something?

Thanks, Ollie

Hmm... I appear to have missed the bigger picture. The way I NOW see it is that the high of today so far is roughly the pivot, right? Furthermore, I should have exited my long at that point. Bugger. I didn't plot my lines back far enough and was focusing too much on the mini upward trend support beneath todays low. Thank goodness I'm still demoing.

 

[Bloodhound]

keep an eye on the Banks people as they will determine direction of FTSE.....

all banks are recovering from a sharp drop from friday and this morning?

just bring up a chart of Barclays and LLoyds?

sorry Kitejedi my battery died, its on charge and I will ring you later

No probs - I thought so!!

 

[wallstreet1928]

Mr Obama is signing the rescue package tomorrow so be careful with any shorts people, hence banks recovering...........

I would be looking at going long on banks personally..............but I'm not trading?

take care geezers.

off out to the bank....

will posts my analysis when I get back in a bit

 

[Geofract]

Hmm... I appear to have missed the bigger picture. The way I NOW see it is that the high of today so far is roughly the pivot, right? Furthermore, I should have exited my long at that point. Bugger. I didn't plot my lines back far enough and was focusing too much on the mini upward trend support beneath todays low. Thank goodness I'm still demoing.

Try watching three timeframes at once... well, at least 2 anyway.

Don't take my analysis as correct though! As WS mentioned, the banks are stronger today.

 

[Bloodhound]

Mr Obama is signing the rescue package tomorrow so be careful with any shorts people, hence banks recovering...........

I would be looking at going long on banks personally..............but I'm not trading?

take care geezers.

off out to the bank....

will posts my analysis when I get back in a bit

Looking forward to it. I'm still short from 4163 - looking at a target of 4147...

KJ

 

[wallstreet1928]

Looking forward to it. I'm still short from 4163 - looking at a target of 4147...

KJ

watch out for 50 day MA(4156) if not then intraday support 4152 .........strong support here and I think market will bounce from it??

I am bullish people............I think market will go up from here?

 

[Geofract]

I hope that short goes well KJ! I bailed.

So slow today, I presume that's cause the US is not trading?

 

[Bloodhound]

I hope that short goes well KJ! I bailed.

So slow today, I presume that's cause the US is not trading?

I think you're right. Only short term players in at the moment. I'm moving my stop to break even on this and adjusting target to 4155.....

KJ

 

[Bloodhound]

I hope that short goes well KJ! I bailed.

So slow today, I presume that's cause the US is not trading?

I don't think the US being closed is helping but there will also be a certain amount of anticipation about what the US will do when it opens tomorrow. At present it looks to me as if the FTSE is finding value in its pricing and sticking to it. The Dax has soom room to move upwards and might take the FTSE with it, although it's had 3 bites at the 4400 cherry and fallen back off each time.... I think this could be a Market Profile Normal Day - i.e. price meandering without much conviction to move too far.

 

[Geofract]

Thanks for the analysis KJ.

The base of the triangle was tested, now the top will be tested. If there's significant break out in either direction, i will wait for a pullback to get in.

Equally, I may fall asleep... zzz zzz zzz

 

[Bloodhound]

Thanks for the analysis KJ.

The base of the triangle was tested, now the top will be tested. If there's significant break out in either direction, i will wait for a pullback to get in.

Equally, I may fall asleep... zzz zzz zzz

Thanks - for anyone that's interested I think this article merits a read. I find the T2W knowledge base very useful and this article basically mirrors how my trading has gone so far today. In other words I should have avoided my 3rd trade of the day and probably gone for a walk or something!!!

T2W Day Trading & Forex Community

All the best
KJ