FTSE 100 Intraday trading - August 2003

bonsai

Veteren member
4,106 11
only if you are impatient ?

edit
there is not much I can promise about market trading.
but I promise you, the 'secret' if there is one is in only taking
LOW RISK opportunities.
 

SUNSEEKER

Established member
872 12
Bonsai

I am sitting here doing some work on the FTSE cash. I just noticed on the hourly that the last major retracement from the 28th july lasted 63 hours. The current retracement has also last 63 hours. you could put a case that a move above 4229 could initiate a new move higher towards the 4300. This unfortunately goes against the overall call of a top yesterday in the Dow.

For what its worth, as they say :)
 

barjon

Legendary member
10,705 1,809
bonsai

happy with market stops when in with a good (sic) entry but
for more chancy ones there's something to be said for running
with a close stop or covering immediately it doesn't go in the
direction you're looking for. I know, I know - shouldn't make
chancy entries!!! On the other hand all entries are chancy -
some are just more chancy than others!

jon
 

bonsai

Veteren member
4,106 11
thx sunseeker
lol
sounds like the market is doing its job well and
making it all ambiguous. Which is of course exactly what
the market is meant to do.
 

hungrybear

Active member
209 0
There does seem to be some upside potential based on wave count.

all the action since 19th Aug looks corrective, so the most likely scenario is an abc-x-abc. We're currently starting the c-wave of the X, so the upside is probably to about 4260 cash. This would correlate with the usual bullish action at wallst going into their holiday, then a decent drop into the second week of Sept. That would complete the abc-x-abc.

If this is right, there will then be a rally to new highs for the year going into Sept option expiry at least.

Short-term looks like Ftse going gap filling.
 

hungrybear

Active member
209 0
Sunseaker - I'm going against the trend here as I think there's more upside potential for the Dow, before dropping next week. This is based on my wave count analysis for both the Ftse and the Dow.

Your analysis does make me a bit uncomfortable as you're so much more experienced than me and I usually follow your analysis.
 

SUNSEEKER

Established member
872 12
hungry, I see the same as you are and with month-end and the 401K money etc, i see the potential, but you know....you got to follow your own analysis, and that is what the pattern is telling me...

we are coming out of a circle right here.

:)
 

bonsai

Veteren member
4,106 11
once again ftse has filled its gap.
anyone keeping count of ratio between gap fill and continuation ?

would have thought it was about 20 to 1 in favour of gap fill .

but very nice start to the morning. now looking for another possible higher low on macd.
(bit muted so far)
 

hungrybear

Active member
209 0
If the Ftse breaks yesterday afternoons low my wave count must be wrong. I've gone long as it's a relatively short stop.
 

bonsai

Veteren member
4,106 11
starting to pick up.
but even if it does break yesterdays low, I would still read yesterday as an abc making A with todays pullback being B
so this fall could be C which puts the final stop as 4173.
 

jonnyy40

Experienced member
1,329 11
Getting back to normal after harddrive transplant.The pcworld engineer didn't install the motherboard -- 'there's no need,it's these SEAGATE harddrives,we're always replacing them!' I should have known -- first they were out of stock on 5/7 days' order,then I got a phone call,'we can do it on Thursday' -- They want to ofload the remainder! If it happens again I'll buy a Maxtor which he suggested is the best.Worth it for hassle saving.Meanwhile lots of backing up.Should be ready for Monday.He couldn't offer any help with the Pig squeals though.
 
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oatman

Senior member
2,879 22
Has he replaced the hard drive with another crap one?

Just thought :idea: did he mean Seagate?
 
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