FTSE 100 intraday trading - JULY 2003

[bonsai]

For those who dont have the facility to track the market
after the ftse has closed.
Thought you might like to see the potential.

Currently quoted at 90/94

 

[bonsai]

its moving up
now 95/99.
Its gonna be worth shorting in a minute ?

 

[Sledgehammer]

for your information

23 July 2003 07:35:36
Exchange [Liffe] : Exchange message. , FTSE 100 OPENING CALL PRICE IS 4100.0 .PRICE LIMITS ARE SET AT 50 TICKS.

 

[bonsai]

lol

you could have gone short this morning at 4115 at the open
and closed at 4085 for a very nice 30 pts.
and taken the rest of the day off !

(don't try this at home)

 

[bonsai]

old fib at 87, where we are now and the sb's have not gone for it
quote is 94/91

 

[reactor]

it's looking very flat on the futures at the moment. is there some major report coming out later on today, which everyone is waiting for?

 

[bonsai]

I've had a look around for you, but I cant find anything.
nothing in the US either.

anybody else found anything?

 

[2468steve]

Glaxo numbers at 12,but thats about it.

 

[bonsai]

reactor
I'd just put it down to traders letting it work off its
momentum from overbought.
we've had quite a sharp rise only based on 2 spikes from 4045
yesterday.

 

[reactor]

okie dokie bonsai.

the glaxo numbers must have been good...

 

[bonsai]

this is probably where I get it wrong but
I suspect this is a bit of a 'suckers ' rally.
A/D is falling.

might just sit on 100 for a while and wait. ?

 

[bonsai]

reactor
I have glaxo up 60 and azn up 11 in the last hour
but nothing else seems to have moved.

 

[reactor]

bonsai

the best opportunity today to enter long on the futures would have been just after 4068 was tested for a second time, just before 10am. i don't see another good opportunity turning up today to go long. how's it looking for you?

 

[bonsai]

hasnt moved up much but it does look determined to test
resistance at 115 ?
I am getting contradictory signals today so may not trade
until that stops.

 

[Ghost Dog]

Reactor,

there was a second chance for me around 4075, CCI had bounced into an uptrend and went through the zero line at 12.00

Only of significance because I've noticed that if there's no bounce in the morning, one often comes at 12.00, even if it is feeble.

Academic for me, was looking to short it at 4080 and missed it the rise. Addicted to looking for the countermove, got to get out of that mindset.

Maybe a low around 14.00 before the US open?

Not inspired though.

 

[bonsai]

reactor
with the benefit of hindsight. the low today was when the cash sat on the old fib at 85 just after 9.30.
but at the time, no reason to suppose that was the low and
the subsequent action looked corrective

 

[Sledgehammer]

looking at it from a different (albeit novice) viewpoint:

the future broke out of yesterday's range on the open which made me think this may be an up-day. i then didn't have the courage to short, so i sat with an order to buy at 4066 (the pivot). never got filled. it then took me ages to realise that the low of 4068 is 32 points below the Opening Call. My friend who does EW's said the Top could be 4131.5 (equidistant from the OC). when this did dawn on me i bought at 78. then i got nervous at 92 so came out.

am i completely barking up the wrong tree? or just barking!

 

[reactor]

bonsai

you were right about the fake rally.

sledge

4092 was a good exit given yesterday's high of 4089.5.


ftse 100 futures is back pretty much at the bottom for today.

 

[bonsai]

needless to say no contradictions now exist !

lol

now looks to have been an exercise to take out a few stops.
or quite a lot !

they dont take prisoners.

 

[bonsai]

I have said it before and it may get boring but it
seems a good moment to emphasise the point, especially for
newbies.

FTSE likes to fill its gaps.

and it may create new gaps in doing so. !