FTSE 100 intraday trading - JULY 2003

[bonsai]

FTSE 100 Intraday trading - JULY

....................................JULY STARTS HERE ..........................................[img src="http://www.proudtobebritish.co.uk/ptbb/intropics/uk.gif"]

<img src="http://chart.neural.com/servlet/GIFChart?sym1=ls:ukx&cbcku=FFFFFF&cbckl=EBF5FF&cbckd=cccc99&ctxtu=000000&ctxtd=000000&ctxtl=000000&csym1=000099&csym3=000000&cbckg=FFFFFF&cind7a=FF0033&cind7=009900&cind8=blu&cind9=6666CC&avg1=55&avg2=510&ind7=macd&periodMACDLow=510&periodMACDHigh=60&height=350&width=450&source=SP&multipane=1&watermark=splogoblue.gif&dres=min&plottype=range&ignore=1220025226&dperiod=days&coname=1&image=PNG"></img>
<img src="http://cchart.finance.ukl.yahoo.com/z?s=^ftse&a=v&p=m100,m50&t=5d&l=on&z=l&q=c&i=uk">

 

[bonsai]

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[bonsai]

At least on July 1st, we are higher than we were on January 1st !

But only just. It seems to me the buy and hold strategies leave a
lot to be desired ?

 

[bonsai]

I notice there seems to be a gap up around 4052/8.

Ftse likes to fill its gaps.

 

[lockstock]

Morning chaps & chapesses,

Hi Kev,

Ain't seen Surfspike on my surfing. Do you miss the fish tank? LOL


Aisian markets seriously =ive last night.

Dow at the bottom of it's current upward channel .

New month.

Could be a +ive move Northwards- (kind of flys in the face of Sunseekers' 4th July predictions) whose views I respect immensely. Ok three days- will do. All IMHO

 

[lockstock]

Heh Bonsai,

Never mind the helpfulsites. Where did you get the eye candy adorning the boxes ?? LOL

 

[bonsai]

lockstock
just for you, I have added another bit of eye candy ?

LOL

 

[ChowClown]

...some useful +ve divergence on the RSI now. All aboard?

 

[bonsai]

only waiting for confirmation

 

[ChowClown]

what confirmation do you use Bonsai?

 

[bonsai]

2 if possible
1 bounce off trend line from 4200
2 break of 1 hr ma

or change of trend in Winners/Losers Line
or fib level
or bounce on gain line
etc

this bounce looks a bit suspect.

 

[ChowClown]

...agreed, I'm looking for 1 more higher low on the RSI and will see if that looks more promising. Thanks for your reply.

 

[bonsai]

don't use the rsi you get on charts. seems too ambiguous for me.
I have my own version which works much better.
But you have to have a real time spreadsheet to do the calcs.
It involves working off the averages to calc the ups/downs.
Very very smooth and tops and bottoms very well on ftse.
I'll post a picture if I get time later on.

 

[ChowClown]

...that would be great Bonsai, thanks.

 

[bonsai]

looks like the sb's smell a rally ?
want to make it expensive to enter ?

 

[bonsai]

Chow
here is the pic.
since I snapped it, rsi is now lower and in oversold territory
so the trigger is cocked !

 

[bonsai]

Have just edited the rsi to put in a wave count !

 

[ChowClown]

Thanks for the insight, much appreciated - intraday chart forming a nice triangle now, shouldn't be too long b4 she blows.

 

[jonnyy40]

There's a wonderfull thread in Techies Corner -- 'LCD SCREENS' anyone like to contribute?

 

[kevin546]

Well the FTSE has dipped its foot in the water below 4000 today, and is testing the lower channel of this last rise from 3300.

The question, is this a retracement of this rise before it gets another attempt up, OR is it a continuation of the downtrend with this last rise just being a correction of the previous fall.

I don't know is my answer maybe someone with knowledge of EW can assist, for my part what I can mention is that at the very least it will produce a retracement and on that basis a rise of approx 900 points would produce approx point reversals of 30% = 270 or around 3930, 50% = 450 or around 3750 or a conservative 60% (because the upper level is said to be between 62 - 66% but 60 is easier,LOL) = 540 or around 3660.

The % are conservative f you wont to be more precise then there are also the Fibonacci retracements which are slightly different to the basic retracement theory 0f 33%, 50% and 66%, Fibonacci figures (if my memory serves me correctly) are 38%, 50% and 62%. Often when the upper level is breached ten it can be in the 80% region and obviously if strong support then 10 - 20%. Although we have not yet had a confirmation with a closing figure below 4000 the intraday moves are already around a 25% retracement.

The move from 3300 to 4200 must be a wave so can anyone shed some light on this for possible future analysis

Kevin