Declare your positions for FTSE- 10th Nov 08

[wallstreet1928]

OK so I want everyone to forecast the market for the following week using charts/news/fundamentals...etc!! whatever your trading tools so we can all learn from another

I personally think we will have some upside till around 5500/5550 where we will meet some resistance RSI is approaching oversold level (70) and MACD is neutral.....my bollinger bads aren't really showing me much!!

I will be shorting the market at around 5500- 5500, if not lower depending on how weak the market opens on monday?

MOnday is light on economic news in the UK & US until friday therfore no major market move expected other than consolidation/ trending sideways (or according to my theory short the market)

Retail sales in USA may move the market considerably and puts a negative bias on the market till Friday?
"On Friday, the government will report on retail sales for October. Given the credit squeeze, as well as exhaustion and despondence among consumers, bad news is expected.
Analysts see a fourth consecutive month of falling retail sales. A fourth drop would be the first time there has been such an extended decline since 1974.
For September, the Commerce Department reported that U.S. retail sales fell 1.2%, with weak results in almost all kinds of stores. For October, economists surveyed by MarketWatch are looking for a drop of 2% -- the biggest decline since 2001."

any body else dare to declare there position/intentions for the week?

 

[montmorencyt2w]

I won't be betting on it, so in a way I don't care, but from a gut feeling/semi-fundamentals point of view, I think there will be a rally which will fizzle out and not go anywhere much.

 

[tomorton]

US main indices made ID/NR4 patterns Friday, FTSE was almost NR4 but for a few points. On this basis, opposing orders are justified and I have buy order above Friday's range and sell below.

 

[wallstreet1928]

whats does ID/NR4 patterns mean Tomorton?

 

[Lee Shepherd]

It could be a long wait for the ftse to get to 5500 mate.

 

[TomTom]

For me will be looking for a short tomorrow , doing nothing today .
The pull back I expect will be no more than 200 pts footsie ( 300 ) dow (30 ) spx.

On the filp side if no selling happends ( footsie below 4500/ 4450 ) its longs away .

Trading style is short term and not a swing trade for days.

 

[nickel80]

wallstreet, if you expect the fTSE to rise to 5500, aren't you going to go long? or did you mean 4500?

 

[wallstreet1928]

haha...... yes you people are right?

I meant to say 4500.............

I have gone short @ 4520 people ..........

 

[wallstreet1928]

yes I did go long for a quick 25 point scalp this morning as FTSE looked poised to break 4500 barrier....

but now I am short as i am not convinced of any further upside as no justification or reason for it to?

but any other theories welcome

I always keep a 50 point stop loss, so i will be stopped out @ 4570 having gone short @ 4520??

 

[wallstreet1928]

Ok so I have taken 20 point profit as there could be a mini bounce off 4500 again........

and once it bounces I will go short again

 

[tomorton]

Hello all - ID/NR4 is an inside day, with high lower than yesterday's high but low high than yesterday's low: NR4 signifies the actual range was the narrowest of the last 4 sessions. Often taken as a pre-cursor for increased volatility, demonstrated by a violent break-out either upwards or downwards.

 

[wallstreet1928]

I think i will take my healthy profits in my short position now..................hey i was right for once..huh hum!!


I predicted it 100% right ....not bad hey!!

OK thats enough of massaging my ego?

I must learn to be humble as pride always comes before the fall

 

[wallstreet1928]

oil sector got battered as Oil price fell to $62 and the banking sector got bruised as rumours of Goldman Sachs Q4 loss?