FTSE 100 intraday trading - JULY 2003

mully

Established member
967 3
Next support is high of 4115.2 on 22/07 and low of 4116.2 on 24/07. Then if that fails 4044. Any thoughts?
 

bonsai

Veteren member
4,106 11
mully
agree absolutely
but then I don't know of anyone who trades Elliott.
I know a lot of people have GET.

great fun though.
 

mully

Established member
967 3
bonsai

Here is another person who has GET, Elliott Wave Analyser- all part of the learning process that adds to the overall cost of trading. But at least I am wiser.
 

bonsai

Veteren member
4,106 11
if you have GET then have you thought about this?

after a 1/2 a move above the 1 high is likely to be the
start of 3.
if not could be a C with 1/2 converting to A/B
either way there is likely to be a profit in it and a close stop.
any thoughts ?
 

boy

Established member
552 3
sorry for the delay in posting a reply, bonsai yes, i gave it a bit leeway to circa 98, still not out of the woods yet so time stop may come into play.
 

be-positive

Veteren member
4,969 488
Well done Bonsai on your (+22)

Could you please tell us at what time/price you entered and closed this trade ( thanks in advance)
 

boy

Established member
552 3
out @9.5, not exciting i know and it may continue going up but i got stuff to do and so didnt want to give back any.

by for now.
 

bonsai

Veteren member
4,106 11
be positive
that's not the firsttime you have asked me.

I'm concerned your'e trying to use the same trigger points
as me.

you must do your own thing.
 

hungrybear

Active member
209 0
Ftse Ew

Interesting to see all the different possibilities for the Ftse. I hadn't considered the flat correction. I don't think this is likely as the Ftse hit a precise 61.8% retracement on March 12th (from all time high back towards opening price). This suggests it was an impulsive corrective wave - ie most likely either the A-wave or a complete ABC (unlikely). If it's the A-wave, then we're currently correcting the complete drop from the 1999/2000 highs, in which case the current correction should have some time left in it - should be a time correlation with the main wave down.

There is also likely to be a correlation with Wall St markets, which are unlikely to crash before the 2004 election. There is also the correlation, albeit with a 10 year time lag, to the Japanese bear market, which had a long correction at this stage. All this points to the Ftse currently being in wave a of an abc correcting the wave 4 A wave down from 2000. In that respect, the a-wave for the Ftse can be either 3 or 5 waves! :rolleyes:

All IMO of course and I'll be ready to change it if action says otherwise. In any event, the high is either in or will be in within a few weeks, then it should be down for most of the remainder of this year. :devilish:
 

bonsai

Veteren member
4,106 11
hungry bear.
I dont like the flat correction much either
mainly because the fall to 3277 looks more like a natural fall to the low. I have that marked down as the end of C making BIG A.

What ever the wave count is for the subsequent rally to where we are now, I think we are in for a whole series of rather large
rolling corrections for some, maybe many years.
and new lows along the way.

With interest rates already at lows and inflation not an issue
I can see no engine for growth on the horizon and the number
and weight of stale bulls grimly hanging on is intimidating.

I also dont think there is much if anything the politicians can
do about it.
And the current Gordon tax policies on things like Pension funds have virtually killed that market.
 
 
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