FTSE 100 - April

[oatman]

I like to drop in on the thread but all I seem to see is wave up wave this wave 5 or whatever. I know what you're talking about but wave count doesn't necessarily interest me. I suspect that most people dropping in on this thread haven't got a clue what you're talking about.
Maybe talking in less technical terms would attract more contributions.
Just a thought.
Gotta go, I'm watching the Blues on BBC4 :cheesy:


edit, like this
Alternative wave count...... Could still be in a wave 5 of a zig-zag (5-3-5) correction??

 

[Finirama]

Bonsai, Mully, Hooya...you can't leave us....we would be lost without your wisdom.

Who would be left to answer my stupid questions...like is this just a correction or a change of trend???

A suggestion..... FTSE competiton to increase participation perhaps????!!!

If not...come one all..share your thoughts.

 

[Finirama]

Fair point Oatman.

I remember when i first started reading this thread it took a could month or so to get used to the wave count talk and only after reading Prechter.

 

[mully]

Finirama,

Here is my chart (hourly) of the FTSE100 with a 1 week SMA band.

I also include break lines.

1) There has been a break, and subsequent failed test, of the major break line from the low on 24/03/04.

2) Minor break line is pointing down

3) The weekly SMA bands are turning over.

All suggest that the bulls have all to prove.

There appears a short term support/resistance around 4524/5 (red dotted line).

 

[mully]

Additionally, if you believe the current bull market is being led by the techs (NASDAQ), then the current NASDAQchart doesn't paint a bullish picture

 

[Hooya]

Even Bonsai confuses me sometimes too :-0 but thats not the point. I think that what Bonsai is looking for is some form of exchange of ideas...even if its somethings as disagreeing with something you had read in trading book or your thoughts on a macd crossover. The bbs have become quite and seems it is mainly part time posters. If Bonsai or Mully do not post on this thread everyone disappears; it take sevral posters at once to create a learning environment imo. BUt all bbs are the same. Two few posters dotted all over the place. PLus most want to trade FX or Dow

 

[Finirama]

Nice example of trading in tune with the corrections....selling on the 7 bar would have produced nice trades on Tuesday.

 

[Fluke]

Mully.

Just so I can understand your chart,can you tell me how many periods are in your 1 week sma band.I cannot get a 1 week
sma on my charts.

 

[Fluke]

I agree with you blokes,and would like this to continue.
I want to take part,but I am still learning and do not feel confident enough to give you any chart advice.
Keep it coming chaps
My main interest is the FTSE 100,all others talk about the dow etc

 

[Hooya]

hourly chart...8.5 hrs in a trading day, 5 days in a week, so
42.5 on an hourly chart???? I think

 

[mully]

Fluke:

Construction of a 1 week moving average will obviously depend on the time frame used.


As an example, a daily chart would use a 5 period SMA to get a 1 week MA (5 days in a week),

A 10 min chart would use 39 periods for a 1 Day SMA (390 minutes in a FTSE100 trading day) and a (5*39)195 periods for 1 week chart.

Hopes this helps.

Remember only use what you feel comfortable with. It is very dangerous to use other peoples indicators if they are at odds with your own trading style.

Hooya you beat me to the answer (school run got in the way!)

 

[Hooya]

lol

 

[Finirama]

Seems like a low volume day perhaps due to May Day holiday... leaving the market makers free to manipulate more than normal???

Also got some self evident sideways movement/congestion which can be identified by the measuring bar (1 hr chart).

U can see that all subsequent bars have either an open or close within that range.

So, we need a close followed by an open above 4,530, or a close followed by an open below 4,505 to change this.

Cant see this hapnin soon so away for jog and a sauna/jacuzzi.

Enjoy

 

[Hooya]

hopefully Bonsai will be kind enough to give us his wave count as a final post seems to be in a b/2 with c/3 up to come but not sure where we are in the bigger picture

 

[mully]

Hooya,

I would remind you that Bonsai's 'established' system "does not include Elliott" (Bonsai own quotation from some time ago.)

I treat all EW with a great deal of caution. Unless the 'pattern' is screaming out at you (so that a 5 year old could see it) I think it only adds to confusion/uncertainty.


So clear ABC patterns can be useful and very very clear 5 wave patterns can suggest an ending of the move and a tightening of stops. But that is no guarantee.


Otherwise leave it well alone..

 

[Hooya]

I only want to know to help my Ew learning not for trading

 

[Fluke]

Mully.
Sorry to be a pain.
I cannot see how you get 39 periods and 390 minutes in a trading day.I thought a trading day was eight and a half hours
390 mins =six and a half hours.Cant quite understand you

 

[mully]

Fluke,


Sorry, you are quite correct (i was still in School run mode and still reviewing US markets and I had inadvertantly used US trading hours of 6.5 to answer your question.)

The correct UK hours are of course 8.5 = 510 minutes per day or 2550 minutes per week.

So a 10 minutes chart would use a 255 SMA to get the 'weekly' MA.

Sorry the confusion and just goes to show we are all fallible. Very important when trading markets.

 

[Fluke]

Mully.
Thanks again,I understand what you are doing now.
I was a bit embarrassed to query you answer but I am glad I did now,Because I was a bit confused. lol

 

[bracke]

I visit this thread on a regular basis but do not contribute to it because my technical expertise does not match the contributors.

The use of highly technical language coupled with much abbreviation makes it dificult for anyone but the enlightened to fully understand.

I am gradually coming to grips with the jargon but it is a long slow job.

The suggestion that the elite should take themselves off to somewhere where us plebs cannot read their posts seems somewhat churlish, what difference does it make to them other than denying their technically challenged brethren the chance to read their posts and improve themselves.

Regards

bracke