FTSE 100 August 2004

[alliance]

Good Morning viewers! (if any)!
Friday 13th doesn't appear to have spooked mkt ....thus far However some key US data due later which (as always) could send us rocketing or plummeting...place ur bets now!
Data due:
US: July PPI (1330 BST), June trade balance (1330 BST), August preliminary University of Michigan consumer sentiment survey (1450 BST).
No Uk news, so guess all eyes on US.

Bracke;
Use some shower gel next time

Barjon:
My gut feeling took a beating last week ...so I aint listening to it @ the moment. Sitting on hands til clear and present dangers have passed. I agree with bracke's sentiments..could go either way...tho downside surely has the edge despite this mornings performance thus far!

Happy trading one and all

 

[barjon]

mornin' all (briefly, off to golf soon)

at the risk of flogging the horse, that support held again (so far!!). although the downside clouds have gathered that sailors trousers patch of blue sky needs to disappear if the storm is to hit?

 

[bracke]

Good Morning viewers! (if any)!
Friday 13th doesn't appear to have spooked mkt ....thus far However some key US data due later which (as always) could send us rocketing or plummeting...place ur bets now!
Data due:
US: July PPI (1330 BST), June trade balance (1330 BST), August preliminary University of Michigan consumer sentiment survey (1450 BST).
No Uk news, so guess all eyes on US.

Bracke;
Use some shower gel next time

Barjon:
My gut feeling took a beating last week ...so I aint listening to it @ the moment. Sitting on hands til clear and present dangers have passed. I agree with bracke's sentiments..could go either way...tho downside surely has the edge despite this mornings performance thus far!

Happy trading one and all

Good Morning alliance and others

I am not certain that good data will make much difference, the US appears to be in down mood mode currently. There was some reasonable data yesterday but Oil and HP results ruled.

The bears seem to hold sway and until the oil price can be brought down and steadied it will need some very special news to get minds off it. The success or otherwise of the Google flotation may also play a role.

I missed the opening down gap this morning which has now been filled.

In the meantime I am still wary of the direction that this market will eventually take.

Regards

bracke

 

[bracke]

mornin' all (briefly, off to golf soon)

at the risk of flogging the horse, that support held again (so far!!). although the downside clouds have gathered that sailors trousers patch of blue sky needs to disappear if the storm is to hit?

Hello Sailor !

The flogging has got to stop, people are starting to talk.

If my records are correct yesterday was the third day since last Friday that the dow has made 9815 which is a year low. Something has got to give soon either the sun comes out or the storm lets rip. I keep thinking of the November election and the effort that will go into keeping things afloat until then.

Regards

bracke

 

[FetteredChinos]

morning all, been a while since i ventured onto here...

personally, pattern-wise, im bullish for the rest of the day..

low point marked on wednesday leads me to a 5-pattern week (cant legally disclose much more than this) leading to a bullish thursday/friday, perhaps another attemp at 4340, and then 4360-ish...(latter more optimistic!!)

looks like the market is pointing to good US data today...

just my thoughts. please dont trade off them.

have a good weekend one and all.

FC

 

[FetteredChinos]

forgot to add, a break of wednesday's lows is a sign to bail out ASAP....

(covering my **** slightly there!)

FC

 

[alliance]

Hi FC:
Welcome! Always nice 2 have "visitors" no matter how infrequent!"!

I will assume ur thots stem from Dc's system...tho - as u said elswhere - no Fri trades! What does it say bout Friday 13th's? Excellent result on dow 4u y'day tho!
Gr8 to have ur input..hope u pop in more often

 

[FetteredChinos]

friday the 13ths? well, according the system rules, that involves having a long lie down, followed by a lengthy trip to the pub.. apparently its the only way to cope

i'll pop in as and when i can. i still work full-time.. (getting closer & closer to quitting and trading full time tho...) so time can be a problem.


hope you are enjoying the learning curve...

is it home-time yet?

FC

 

[bracke]

FC

If Wednesday low gets broken I doubt you will see many traders for the dust as they rush to the exit !

alliance

I feel that I should know this but what is 'Dc's system' ( why do I have the feeling that I am going to regret asking this )

Regards

bracke

 

[FetteredChinos]

bracke. DC's system is the Genesis system.

he has basically taken a few systems and cobbled them together to produce a daddy of a system.. it can either be traded on overnight futures (as i am doing until i get used to it fully) or day-traded.

in backtesting it seems to make about 100points a week on the DOW, with proportional success on the FTSE.

the hit rate of 80+% should give it away that it is a counter-trend system..

it is the use of patterns combined with this that seems to make it a killer..

FC

 

[peterpr]

Hi all

I'm tempted to bet the ranch on it breaking below the 4290ish support and going a lot further over the next week or two.

As usual the trouble is timing it right. With support having been tested so thoroughly already, and with loads of bearish technicals, my guess is that it will go down with rush when it does happen. I'm trying to judge things so I don't miss the first big part of the move, but fighting a temptation to get in too early - its called dithering I guess.

I'll be bloody annoyed if I miss it though.

 

[peterpr]

Should have added that my best guess about the upside limit before we see that down move is 4350'iss

 

[FetteredChinos]

peter, why dont you set up some limit orders and just wait?

let the market pull the trigger for you, rather than umm and arrr?


since we have the us data at 1.30, might be worth bracketing the ftse just beforehand , a la forex, and letting the market choose which way it is gonna go...

FC

 

[bracke]

bracke. DC's system is the Genesis system.

he has basically taken a few systems and cobbled them together to produce a daddy of a system.. it can either be traded on overnight futures (as i am doing until i get used to it fully) or day-traded.

in backtesting it seems to make about 100points a week on the DOW, with proportional success on the FTSE.

the hit rate of 80+% should give it away that it is a counter-trend system..

it is the use of patterns combined with this that seems to make it a killer..

FC

FC

How long have you been trading the system and so far do you consider it a good buy ?

alliance

Did you also buy the system, if yes, same question to you.

Regards

bracke

 

[bracke]

Hi all

I'm tempted to bet the ranch on it breaking below the 4290ish support and going a lot further over the next week or two.

As usual the trouble is timing it right. With support having been tested so thoroughly already, and with loads of bearish technicals, my guess is that it will go down with rush when it does happen. I'm trying to judge things so I don't miss the first big part of the move, but fighting a temptation to get in too early - its called dithering I guess.

I'll be bloody annoyed if I miss it though.

peter

This is going to read like a reprimand, it isn't meant to be one and I am also aware that my trading skills are somewhat limited so I am in no position to query the trading of others.

However I would like to make a couple of observations

1 Should you not be trading what you see not betting what you think.

2 Have you got an entry and exit strategy written down.

3 If you have got 2 above you are not dithering ,you are trading correctly.

4 No room for anger or any emotion they will get in the way of correct trading decisions. Again if you have 2 above no need for emotion, you will know what you are doing and when you are going to do it

5 You may well be correct about a fall but remember that the markets can kick you in the teeth when you least expect it. Be prepared....no I was not a Boy Scout.

Please excuse the lecturing tone but it was the easiest way to make my points

Regards

bracke

 

[FetteredChinos]

hi bracke.

just started it this week. gonna paper trade it for a month to see its merits. it kinda ties in with my previous counter-trend strategies, but it is the patterns that make for interesting reading..

only drawback is the manual, which isnt that fantastic, and leaves a lot of questions unanswered..

entry points are covered well, but pattern failures/exits arent covered in any great detail. hence why i am paper trading it to see how i would normally cope with exits etc.

i would be able to evaluate it better in a few weeks, but inital impressions are pretty useful.

DOW bagged 105 points this week. FTSE bagged 65 points...(theorectically)

3 wins from 3. 170 points. even at minimal stakes it pays for itself. and without too much intra-trade drawdown (DOW went 35 points against at one point, but swiftly returned to obedience)

i do have to say that it does appear to work. whether it does long , long term is another matter. but i would say that for £149 it is good value for money. a lot lot better than some of the other crap that people seem to have encountered at ten times the price...


just my 2 zlottys...

FC

 

[bracke]

hi bracke.

just started it this week. gonna paper trade it for a month to see its merits. it kinda ties in with my previous counter-trend strategies, but it is the patterns that make for interesting reading..

only drawback is the manual, which isnt that fantastic, and leaves a lot of questions unanswered..

entry points are covered well, but pattern failures/exits arent covered in any great detail. hence why i am paper trading it to see how i would normally cope with exits etc.

i would be able to evaluate it better in a few weeks, but inital impressions are pretty useful.

DOW bagged 105 points this week. FTSE bagged 65 points...(theorectically)

3 wins from 3. 170 points. even at minimal stakes it pays for itself. and without too much intra-trade drawdown (DOW went 35 points against at one point, but swiftly returned to obedience)

i do have to say that it does appear to work. whether it does long , long term is another matter. but i would say that for £149 it is good value for money. a lot lot better than some of the other crap that people seem to have encountered at ten times the price...


just my 2 zlottys...

FC

Thank you for your reply FC. Does dc2000 intend to update his manual.

At a £ a point you would have got you money back.

From what I have read no system lasts forever they need to be adjusted over time but if the work well even for 6 months then it has to be a winner.

I hope you keep us updated with your success or otherwise

Regards

bracke

 

[FetteredChinos]

no worries i will do. im going to journal for a few weeks, then perhaps update periodically...


it has given me some more ideas regarding my own strategies, so instead of working this arvo, im gonna get cracking with some excel coding.

will keep you posted.

FC

 

[alliance]

wow bracke:
There is life on planet ftse Busy thread 2day..nice change No, I didnt purchase DC' system tho I am interested in it.....however he told me it was as simple as a "calculator and excel" but I have heard differently from others. That said, nothing I have read has been to the systems detriment...most have to do with the clarity of the manual and the need for coding..therefore tho I agree with FC bout relative price..if I cant understand it with my limited knowledge...I have to ask what benefit I would get from it Shame, coz otherwise I would give it a try! Would also addd that all my comms with DC have been answered promptly! FC has a journal page on TW2 home page bracke...and @ moment he is doing daily updates

FC:
Tnx 4 journal..very interesting! My learning curve is just starting but has taken some steeeeeep bends already

 

[FetteredChinos]

4340/4360 anyone?

seems to have broken out of the down-channel.

watch for the dow 3pm reversal though.... could take us into the doo-doo

FC