Anyone scalping the FTSE Futures??

Dick Lexic said:
i could never really get to grips with ew...sometimes it works out fine other time not so good and then what time frame to use? prob best to start long term and work in.
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Nor could I but within the last week I suddenly realised how to spot them... Wave 2 corrections usually pullback 61-100% to touch a range recently broken from, while Wave 4 correction are 23-38% and do not get back that far.

EW exist at all timeframes. The EW on the highest timeframe drives the ones below. On lower timeframe in a powerful trend driven by upper level you can get lots of Wave 4 fakes, what appear to be many "Wave 4" corrections in a row are actually Zig-Zags. This will occur on occasion at higher timeframe because ultimately nobody can observe the highest timeframe.

if you draw the Fibonacci from origin to current high/low at the highest level when the EW is in usually the most powerful Wave, Wave 3, you can observe on the lower charts when the price pulls back and continues 23-38%. That happens because the lower timeframes, in succession, all have to pass through their Wave 4 corrections, and they do that at about 23-38%. This is why after a period of really strong trending chart you can get hours and hours of chop and spiky continuation - it's the 30 min+ timeframes all going through their Wave 4s.

It's still not easy to base a strategy on it alone though.


BTW my view of today was - within the higher timeframe possible Wave 1 (may not be) - the morning was Wave 1. Then we got a 61% correction which I predicted to the range. The surge in the afternoon was Wave 3. IMO you were expecting Wave 5 to reach a new high. however, Wave 5s are often truncated which means they don't reach a new high.
 
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et. said:
It might happen

1. If it is Wave 1 of an Elliot wave. Wave 2 often pulls back some way to an obvious S/R level.

2. If it were to do this then reverse it would create an IHS on 2hr timeframe.

3. Price doesn't usually go vertical very long, as it is doing on 2hr timeframe which makes one expect a pullback. However, pullback could be less than 61% if this Wave 1 is not yet over.

I would be very happy for it to continue straight up but I think it either has now found resistance level for the moment, or will do shortly at a price not much higher than the current high.
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Thank you for your input............

Morning all.........

Had expected a pullback when opening screens at 06.00 but not forthcoming yet........
 
Morning All
Morning jungerns
BHP +2.3%
RIO +4.2%
All Asian markets up strong, China up 4% wow.
ASX underperforming, FTSE current value is 5,732 to ASX after FTSE close
Not expecting FTSE to pull back before NFP. ASX to catch up after the close.
 
SuddenDeath said:
morning all

morning Bustech
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Morning SD

Hong Kong looks like it will close strong could be up over 600 points(over 3%) into the close 2 hours to go, should give the FTSE a kick at the open.
AUD gone past 1.03 and held, lot more upside from there.
 
bustech said:
Morning SD

Hong Kong looks like it will close strong could be up over 600 points(over 3%) into the close 2 hours to go, should give the FTSE a kick at the open.
AUD gone past 1.03 and held, lot more upside from there.
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Hi, I pointed out how the AUDUSD had punched through the 100ma 1.021

must be huge shorts who were forced to cover

the 100ma is key it looks like
 
after strong move the Dow usually needs a day of digestion, so on closing basis dow will be flat/down
 
SuddenDeath said:
after strong move the Dow usually needs a day of digestion, so on closing basis dow will be flat/down
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Flat(ish) at the moment prior to London opening.

Where are the NFP figures going to push the market.....?? Squawk boxes and most Twitter feeds that I have are suggesting higher than expected........
 
thread members please remember I posted a video from trimtabs yesterday where madeliene schnapp said that the jobs figures would be good.
 
Morning guys

so few trades in forex this week,thought Id have a look at ftse again. like many I started years ago by trading the Ftse and like many got no where. I wonder if it was just my discipline and MM, so Ill try a few again using my forex patterns. So ill try some small stake trades. Great thread always have a read every day

Short at 5777 sl 5797
 
jungerns said:
Thank you SD........

I for one missed or skipped it. Will take a view now.
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13298

page 1663

posted 4th september, trimtabs methodology is superior to bls and adp and all gov lies and distortions

also would the US criminals put out a bad jobs figure when Obummer is making his big speech
 
Heres chart of why,offers good r/r for a fall
 

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Lord Flasheart said:
Morning guys

so few trades in forex this week,thought Id have a look at ftse again. like many I started years ago by trading the Ftse and like many got no where. I wonder if it was just my discipline and MM, so Ill try a few again using my forex patterns. So ill try some small stake trades. Great thread always have a read every day

Short at 5777 sl 5797
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welcome Lord Flasheart,

Barjon has a pretty good system doing long/short dow/ftse
 
Lord Flasheart said:
I sort of read the bases of it a while ago.Glad to see its been profitable for you guys.Are you all sticking to the rules are is there your own discretion involved
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just picking up stuff from someone who uses it, it is good, but u need a differential chart of dow/ftse spread. Soloquan i think uses it
 
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