barjon
Legendary member
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how about a double bluff?
high open to suck in the euphoria longs - fast reaction to trigger
their stops and suck in the shorts - back to a steady rise to trigger
short stops and bask in the "feel good" sentiment caused by the
happy news. can hardly wait!!
high open to suck in the euphoria longs - fast reaction to trigger
their stops and suck in the shorts - back to a steady rise to trigger
short stops and bask in the "feel good" sentiment caused by the
happy news. can hardly wait!!
ok this time ? and here was the text posted by finirama.
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Using simple end of day close line shows a rising wedge if -
U draw a trend line through the following peaks together (15/10, 14/11, 1/12)
and
U draw a trend line through the following troughs (24/10, 20/11, 8/12)
A rising wedge, as u will know, is formed by higher highs and higher lows.....confirmed by the above. Normally a continuation of a down trend, or reversal of an up-trend. Volume normally expands at the start of the triangle or wedge, contracts as the pattern develops and then expands on the breakout. Rising wedges exhibit higher volume on the down-swings.
Check the volume charts for the period and u'll notice the above to be true, i.e. higher volumes on the downswing with volumes significantly lower than the 20 day average since the 24/11, i.e. the pattern is coming close to end.
There has also been major divergence against major market indicators (advance/decline ratio, new highs/new lows ratio and breadth thrust), which further suggests a break downwards.
Rising wedge target :
Peak - trough = 4,410 - 4,239 = 171
Target Move = 171 from breakout point.
I have taken the breakout point to be 4,360.
Target price = breakout point - target move = 4,360 - 171 = 4,189.
Interesting to note that 4,183-4,189 is a Fib retracement from 1st Jul trough.
Suppose we'll have to wait for the breakout to see wot happens.
All thoughts welcome
-----------------------------------------------------------------------------
Using simple end of day close line shows a rising wedge if -
U draw a trend line through the following peaks together (15/10, 14/11, 1/12)
and
U draw a trend line through the following troughs (24/10, 20/11, 8/12)
A rising wedge, as u will know, is formed by higher highs and higher lows.....confirmed by the above. Normally a continuation of a down trend, or reversal of an up-trend. Volume normally expands at the start of the triangle or wedge, contracts as the pattern develops and then expands on the breakout. Rising wedges exhibit higher volume on the down-swings.
Check the volume charts for the period and u'll notice the above to be true, i.e. higher volumes on the downswing with volumes significantly lower than the 20 day average since the 24/11, i.e. the pattern is coming close to end.
There has also been major divergence against major market indicators (advance/decline ratio, new highs/new lows ratio and breadth thrust), which further suggests a break downwards.
Rising wedge target :
Peak - trough = 4,410 - 4,239 = 171
Target Move = 171 from breakout point.
I have taken the breakout point to be 4,360.
Target price = breakout point - target move = 4,360 - 171 = 4,189.
Interesting to note that 4,183-4,189 is a Fib retracement from 1st Jul trough.
Suppose we'll have to wait for the breakout to see wot happens.
All thoughts welcome
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hungrybear
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The Ftse top BB is at 4413 and it's flat, unlike the Dow. This allows some scope for a strong upward move but 20 points+ over this should be a good short opportunity - if it gets there.
The pattern over the last few days/weeks has been ambiguous and allows a strong move in either direction, though it would take a brave person to bet on a down move tomorrow morning. Unfortunately I'm out until the afternoon, but I'll be looking for a good short sometime tomorrow, which I've been expecting to be a turn date. Question is, if it does turn tomorrow, will it be a top turn or just fior a retracement before rallying up to next year....
The pattern over the last few days/weeks has been ambiguous and allows a strong move in either direction, though it would take a brave person to bet on a down move tomorrow morning. Unfortunately I'm out until the afternoon, but I'll be looking for a good short sometime tomorrow, which I've been expecting to be a turn date. Question is, if it does turn tomorrow, will it be a top turn or just fior a retracement before rallying up to next year....
lol
it will be interesting to see how low this can go without them having to lower the a/d.
now +94
edit
if you remember I mumbled about a double bottom
with a projection of about 430.
that has now been met, so anything could happen
even 1/2 1/2 is in play unless we break 4407 ?
it will be interesting to see how low this can go without them having to lower the a/d.
now +94
edit
if you remember I mumbled about a double bottom
with a projection of about 430.
that has now been met, so anything could happen
even 1/2 1/2 is in play unless we break 4407 ?
Last edited:
fotheringham
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Hmmm... funny old world - ended up adding more FTSE shorts in the 390s.
Got the following Fib Zones and Bands for today
RESISTANCE BAND 2 4399.47 4385.33
ZONE 5 4385.33 4366.83
RESISTANCE BAND 1 4371.20 4366.83
ZONE 4 4366.83 4348.33
BALANCE POINT 4348.33
ZONE 3 4348.33 4329.83
SUPPORT BAND 1 4329.83 4325.47
ZONE 2 4329.83 4311.33
SUPPORT BAND 2 4311.33 4297.20
RESISTANCE BAND 2 4399.47 4385.33
ZONE 5 4385.33 4366.83
RESISTANCE BAND 1 4371.20 4366.83
ZONE 4 4366.83 4348.33
BALANCE POINT 4348.33
ZONE 3 4348.33 4329.83
SUPPORT BAND 1 4329.83 4325.47
ZONE 2 4329.83 4311.33
SUPPORT BAND 2 4311.33 4297.20
hi jonnyy
think of a rise/fall or zig zag in the market as if it was a staircase.
it moves from tread to tread. But the bits in between the treads
(risers) do not get retraced due to momentum in the market at the time.
However when the market reverses, it hunts out those risers
where there has been no support/resistance.
until eventually it can go no further due to incoming traffic.
That's the concept in a nutshell. I use daily charts for this.
so, if we can break through the overhead resistance at about 4450 and then 4540 there may be a clear run up to 5100
think of a rise/fall or zig zag in the market as if it was a staircase.
it moves from tread to tread. But the bits in between the treads
(risers) do not get retraced due to momentum in the market at the time.
However when the market reverses, it hunts out those risers
where there has been no support/resistance.
until eventually it can go no further due to incoming traffic.
That's the concept in a nutshell. I use daily charts for this.
so, if we can break through the overhead resistance at about 4450 and then 4540 there may be a clear run up to 5100
