thehoops16
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Hello everyone, been a while since I've posted on here. My normal Ftse trading technique, consist's of buying the two most nearby contracts for example Daily and at the moment Aug10(whcih trades roughly 26-30 points lower than daily)
The Ftse has been very interesting lately, my opinion is that it couldn;t really break through the 5400 mark comfortably and therefore a retrace was due. My two trades on it last week were: Sftse AUG 17/08/10 @ 5298 SL @ 5328 - This was closed out on my stop so -30points.
Then I sold again at EODay 17/08/10 @5325 (Aug) - This i made about 45 points on so +15 ovrall.
I know it's profit, but it was such a bad mistake to sell out of the second trade, I got the timing almost spot on, selling v near the high on 17/08/10, yes I was too early with the first trade, but with the second, come friday I could have made 125points.
I feel we will see small bounce - rises however the overall direction of the Ftse will be down towards 5100's and then lower heading towards bank holiday weekend.
I have Buy's set up for Bp. EMG (MAN group). IQE AVIVA and Taylor Wimpey. They are all limit orders, and have been set with tight Stops, and low £ per point However, I have set buy orders to average each of them up, when the ftse returns bullish, I feel these will all be great buys.
THOUGHTS!?
Hi hoops - I broadly agree - a small bounce, probably only to 5300, followed by continued falls with repeat breach of first target 5210, then quickly on to next target 5090.
As for what will be bullish when the FTSE bulls regain control, this might not be until 2011 so I haven't a clue.
As for what will be bullish when the FTSE bulls regain control, this might not be until 2011 so I haven't a clue.
Well, I was wrong about that and I must admit to not liking these far away stops. Finally, I had to close it, I could not take any more!. Closed for 5241.3 -34.3 points.
Hi Split - trying to pick tops and bottoms is a risky business.
My TA for the FTSE currently shows 5 shorting patterns still valid but they were signalled on 13, 16 and 19/08. I have a short position open from 19/08, signalled at the Close, 5195. The earliest (lowest) rational TA exit from this that I can make out would be a stop on breach of the 61.8% retracement from Friday's low to Thursday's high, that is, 5269.1 = -109pts.
That's a bit steep for anyone's money but is due to the massive down day 19/08 which raised the stakes for shorters. The short-term RSI and Stochastic say very over-sold, so a bounce from today until possibly Wednesday was likely but I don't think it will shake me out - then we're going south 1000 points. It's only a matter of time and you get can back in short again for a good gain.
My TA for the FTSE currently shows 5 shorting patterns still valid but they were signalled on 13, 16 and 19/08. I have a short position open from 19/08, signalled at the Close, 5195. The earliest (lowest) rational TA exit from this that I can make out would be a stop on breach of the 61.8% retracement from Friday's low to Thursday's high, that is, 5269.1 = -109pts.
That's a bit steep for anyone's money but is due to the massive down day 19/08 which raised the stakes for shorters. The short-term RSI and Stochastic say very over-sold, so a bounce from today until possibly Wednesday was likely but I don't think it will shake me out - then we're going south 1000 points. It's only a matter of time and you get can back in short again for a good gain.
Thanks for your post.
The first sentence. Where have I heard that before?
My God, I believe that I said it!!
This is not a bad position. It's always good to put bank profits, and it's too early for the next short position. I'm still short from 19/08 but if I was flat right now, I would be waiting for a bounce to get back in.
Could be another shorting opportunity tomorrow or soon, as we may get a bounce. Dow is in positive territory tonight, against the downtrend, short-term RSI and Stochastic show oversold, FTSE's main price action today was mid-range.
I am still short from 19/08 and may get the chance to add to this.
Good luck all.
I am still short from 19/08 and may get the chance to add to this.
Good luck all.
bangkoker
Well-known member
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I am still short but wish I had got out earlier on.. as would be enjoying the bounce more, for the chance to get back in at a better price.. but can't grumble
Got out 55 pips up mid-PM before the rally. Used my 'greed is bad' philosophy and it paid off as not long after I closed off post-Bernecke the market rallied.
Then went short again after the rally at about 5200. So I'm in the red at the moment. I would be very surprised if there is not a retrace next week on the major stock indices.
Then went short again after the rally at about 5200. So I'm in the red at the moment. I would be very surprised if there is not a retrace next week on the major stock indices.
The Bernanke speech seems to have been taken very well in the US, and other recent news has not been as bad as feared, but I wouldn't venture that the market had gone from a bearish to a bullish mood in one session. I am still holding short but the position has entered a zone of stop-loss levels. I will have a detailed look later at how high I can ride this.
I still think the market should see the world as a bearish environment and a Bernanke rally will not last.
I still think the market should see the world as a bearish environment and a Bernanke rally will not last.
