Damnit! Stopped out my FTSE long this am.
Looking to maybe get short on S&P this pm if it breaks Friday's low and the high holds, though it was really an inside day and should not be regarded as a putative swing high, so if I do go short it will only be a small position as a result.
Looking to maybe get short on S&P this pm if it breaks Friday's low and the high holds, though it was really an inside day and should not be regarded as a putative swing high, so if I do go short it will only be a small position as a result.
well, the magic 6000 held eod and we have a new potential swing low, but this is probably last gasp saloon. long signals at 6052+
meanwhile split and pelzar are wading in a sea of gold
good trading
jon
I wish!
It's been a good morning, but no sea of gold.
I took 43 points. The fall from 0800 was too quick for me to catch, I entered at 6023.
Good trading
Split
Tiny gain from S&P short, but happier to be flat again - this market nervous, choppy and open to sharp reversals.
FTSE has made swing low so technically I should have gone long yesterday. I don't like to take a position contrary to S&P trend so will await US open to clarify / confirm situation, but hopefully ending the day long on one or the other.
FTSE has made swing low so technically I should have gone long yesterday. I don't like to take a position contrary to S&P trend so will await US open to clarify / confirm situation, but hopefully ending the day long on one or the other.
SuddenDeath
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FTSE100 two quotes, one from IG and one from capital spreads, 13 pt difference , is this "free money"
My take on yesterday's bar was that the high pipped the previous day's high by about 8 points. Therefore, using Jons assumption that that these are all pullbacks until the trend has been confirmed as changed, I am still short in this market. Now that the market has pierced the downside of yesterday's bar, that has been confirmed.
justtraded
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Any advice what to buy now?
It's too much responsibilty to advise anyone what to do. But, if you are a swing trader, holding overnight, I'd say that today is a new swing low, so do not buy anything today.
Wise words pelzar
justtraded, you shouldn't be buying anything!
In fact sell everything, the house, the wife/girlfriend, EVERYTHING!
The bad times are a coming boy....
Split - that was what I saw in Sharescope also. 03/06 was a day with higher high and higher low than 02/06, suggesting a buy at the high of 02/06, 6051.2.
However, now I look at the ADVFN chart, they show 03/06 as an inside day, with lower higher and higher low than 02/06. This is a bit worrying: obviously, 10 points more or less isn't going to kill me, but it makes a big difference when it comes to pulling the trigger whether we are 5 points above a high or 5 pouints below.
Any ideas?
barjon
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split
mmm, as you say yesterday's bar pipped the previous day but only the super aggressive would have chanced a long entry. The more cautious approach waited for today's action which nullified any prospect of a long.
Today saw the low of the previous swing low (5952) taken out which changes the swing trend to down subject to the confirmation of a close below 5952 and then a few days staying below. We are still in the key +6000- area so a bounce wouldn't surprise.
Rather contradictorily the monthly swing trend is down (for the real long termers that signalled short at 6041-) whilst the weekly is still up (long would signal at 6059+). All saying something about the volatility of recent weeks, as does the fact that we've only had the one trade signalled (albeit profitable) in nearly six weeks.
good trading
jon
barjon
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Tom
Not sure how advfn do it but sharescope stick strictly to LSE rules and index value with the one exception that LSE rules work on "today's close=tomorrow's open" which doesn't allow for the pre-market auction which results in the reality of a gap opening which sharescope recognise.
good trading
jon
Thanks Jon - This is a problem I had not anticipated. I had assumed greater reliance should be placed on Sharescope data rather than ADVFN, but the existence of conflicting highs and lows for the FTSE100 makes accurate trading difficult.
Sharescope Gold shows 03/06 as an up day, with a buy signal: ADVFN (and Yahoo) show it as an inside day, no entry signal. Given today's fall, ADVFN and Yahoo would have been the better guide - but what is the real range of the index?
Sharescope Gold shows 03/06 as an up day, with a buy signal: ADVFN (and Yahoo) show it as an inside day, no entry signal. Given today's fall, ADVFN and Yahoo would have been the better guide - but what is the real range of the index?
The fact that the index closed on its high on 3/5 did not enter into my calculations, which it should have done. I'll pay more attention to that in future, although I had this as a fall day, so no damage done.
I cannot justify a rise day, today, either, because I see the trend as down, (until it confirms a change).
This assumption of yours, that they are all pullbacks until the trend changes has solved a lot of my dithering problems!
Regards Split
Given yesterday's moves up in the US, it seems likely today's price action will confirm Wednesday as a swing low (discounting yesterday as an inside day on the FTSE). I will be looking to go long from 6031 (ADVFN), assuming (and with stop at) 5933 holds. Not making an early entry this time, as every time I break the rules I regret it.
Yes, it looks fair for a rise, today, but I am still basically short.
Yesterday, I did well in the morning. I hope that you long traders did well in the afternoon.
Split
