1st December- 2008

[wallstreet1928]

morning people, I'm feeling extremely ill today .............

I take it you have been having fun shorting the market from 4300 ?

I have been shorting Oil from last night as OPEC delayed oil production cut?

so what have you people been up to, any interesting trades?

 

[wallstreet1928]

The light volume rally didn't last long..........

date out today should be negative putting further pressure on the market.......

its a shorters paradise!!

3:00 PM GMT US ISM Manufacturing (NOV)
3:00 PM GMT US ISM Prices Paid (NOV)
3:00 PM GMT US Construction Spending (MoM) (OCT)

 

[Manya1983]

Whats your price target for the FTSE?

 

[wallstreet1928]

I only trade intra day my friend...........day to day because this market is so volatile and irrational!!

Its a day traders world............!!

I have made my 50 odd point profit shorting FTSE, I'm no expert and don't know where it will hit!!

All I can do is forecast.........

on my charts its showing as over sold.....RSI & bollinger bands!!

so i wouldn't short any more for today.....but if your holding for longer than that then I'm not the person to be asking my friend!!

 

[Manya1983]

I think we've got support at 4156 (in the shorter term) so if we get any good news later on today I think we could see some upward movement.

 

[wallstreet1928]

taken 2 paracetamol & feeling a bit better now so will post my trades............

OK short FTSE @ 4178 ...target 4100 or depending on emotions...haha!!

anyway.....stop loss 4200!!

lets see how this plays, US data at 15.00 should force it lower...........

 

[wallstreet1928]

taken profit at 4125

 

[wallstreet1928]

exterminate, exterminate................


FTSE - exterminate...............

 

[stuart72]

I got out at 4100 from 4180 so i am happy too!
Now gonna look at some gold!

 

[wallstreet1928]

are you long short on gold?

any analysis would be appreciated?

 

[Manya1983]

My take on gold (if you don't mind).

Move to the downside came at the 61.8% Fib retractment. Gold moved all the way down to the previous Fib level of 38.2% along with a strong historical pivot line and found some strong support. This pivot line has been touched on 7 occasions (including today) which makes me think we will see a brief rally and no more downside moves in the near term.

I've attached a graph of what I've seen anyways. Bit messy but the red dots show where the pivot has been touched.

 

[wallstreet1928]

interesting...................keep in touch Manya as I have currently just started to be more active trading oil!!

do you have any good website for supply & demand variables and fundamentals..............?

 

[Manya1983]

Will do Wall. When charting I only look at technicals, dont really trade commodities so haven't looked at oil.

Anyways, we had a doji bar form late on in the day on Gold after which price moved lower and beneath the pivot I highlighted earlier! If we get a weak opening we could see further downside movement. If this happens I would definetely look to take a long-term position shorting the price targetting 700.

I'm no expert at this but just my opinion.

 

[wallstreet1928]

interesting keep me posted on my email address we could discuss and open trades together?

[email protected]

 

[wallstreet1928]

"lets see how this plays, US data at 15.00 should force it lower..........."

WOW!!! I din't think it would force it to 4000 level and below that quickly.............

that was some move last night!!

anybody buying on the basis its oversold?

 

[wallstreet1928]

I'm still ill people...................really bad virus going around at present!!

so what are people doing this morning?

 

[wallstreet1928]

Exterminate, exterminate..........................FTSE sure was eterminated last night!!

 

[Manya1983]

Gold is heading further south. I also think a good entry to SHORT the FTSE would be around 4020.

 

[clark66]

Ftse 100

Whats your price target for the FTSE?

ftse by the end january 2009 will rech third lowes low 3600 than we will have one up to around 4000-4150 and end of march another low of around 3000-3300 and that will mark botom of the market and the end of 2009 will rally at around 4800-5250.

 

[Manya1983]

FTSE to hit 4700 before we see any real resistance then freefall once more?