FTSE 100 Intraday - November

[Hooya]

Here's a blown up diagram of trendline support...although not it might not be a valid trendline...it's just taken across the last two lows in 10 min lin chart.


Notice how the 10 min after the close below the trend line coses back above the trendline...Would have kept you from going short

 

[Hooya]

just seen your post...agree its always easier in theory

 

[barjon]

sorry bonsai - didn't see you were having problems

 

[bonsai]

so, for the second time ......
(and if the other reply ever falls out of cyber space, dont be surprised if its different)

support/resistance is a huge subject,imo and usually glossed over in most books.They tend to show successful examples and not the unsuccessful.

I tend to use the elements of my system rather than a visual which can be hugely subjective.

so things like
single stair treads
fibs
elliott
roc divergence
gaps up/down at key points
ft relative
break of sma's
etc.

so no rule of thumb at all.
I suffer the same as you and then move on.
None of us can forecast the market. No-one.

and of course it also depends how much profit in a deal you are prepared to risk before you are satisfied you were wrong.

 

[barjon]

Thanks bonsai

I'll just keep suffering then. Depends on which side of the bed
I get out of - one day I'm too bold and get whip-sawed, the next
I'm over cautious and lose the opportunity (or get in just as the
move is about to finish!!). Perhaps I should just stay in bed.

jon

 

[bonsai]

by the way, although I have put a wave count on my chart, you
do appreciate that its only a preliminary road map. It may/may not change as things develop.

but so far so good ?

a bit more on resistance
------------------------------
in my posts yesterday, I had already earmarked the fall from the spike as the 'A' and the subsequent pull back as a 'B'.
so I was 'primed' for the subsequent 1/2 into the close.
then, following the Dow last night (which I dont usually do) it
was apparent something was breaking down, so I went short
overnight.
the gap down and pull back today was simply an opportunity to pyramid
especially as my macd was below zero at the start.

so for me resistance was at 4340 a la Fluke.

 

[Hooya]

bonsai is right you can only use support and resistnace in conjunction with other information. I missed the short this morning so having to sit and wait for something else..I have a break on my short term trendline but am not taking it..as I am oversold short term

 

[barjon]

ah well, golf beckons - much profit for the rest of the day
everyone

 

[Hooya]

Still havent really worked this out but here's an update

<img src='http://www.advfn.com/p.php?pid=profiledisimg&user=orestis&id=0&filename=graph'>

 

[lockstock]

Bonsai,

Top o' the morning,


What charting package are you using?

Also, what's the 'short' sign on your charts, does the software tell you when to go short?

What's your take on this rising channel on the UKX,price currently at the bottom of it on a supporting line@ 4,295?

 

[bonsai]

lockstock
the charting package is my own
yes, the software gives me 'advisory' signals on each indicator and rings a bell.
(one has just switched to 'long' so we may see some sort of pullback for a while)

can you define the rising channel you are referring to ?
I have a broken trend line from 4219 on 24th ?

 

[mully]

Amvescap lower highs. lower lows

 

[mully]

Bonsai,
Did you see my post/request re FIBs around 9.50am?

 

[bonsai]

as you have shown me yours, I'll show you mine.

 

[mully]

Bonsai,
This could get us both into trouble!!!!

 

[mully]

Now this is my type of chart..... higher highs, higher lows.
There I go again exposing myself again.

 

[bonsai]

sorry mully, I did miss your post
I use intra day high/lows for fibs although I have a 2 min filter
so I may miss a point or two at tops and bottoms.

 

[bonsai]

nice chart of Spirent
wish I had it, but not in my stable I'm afraid.

 

[mully]

bonsai,

It is in "my stable" because
One of London's few hardware tech stocks (no comment on its quality!), therefore potential play on NASDAQ
very liquid- regularly trades over 5 million shares a day.

 

[jonnyy40]

At times like this I've taken to staring at the Laser of my new Optical Mouse.I think my P.B is approaching 30 seconds.I don't know for sure as it's strangely getting hard to see my watch's face.