FTSE 100 intraday trading - JULY 2003

2468steve

Experienced member
1,076 39
mully said:
On a short term basis that must be seen as a positive

If the US hadn't turned around we would have gone straight thru and tested 4080/90 instead.
As it stands Dow up 139 and we've tacked on 19.Hardly +ve

Cheers
 

mully

Established member
967 3
2468steve

I do not forecast, I only observe. The market could have taken out previous support but did not. The US needn't have turned around, but it did....My comments referred to "short term"- i think that is true.
I have no idea what the markets will do. What I do not do is try to formulate an expectation (based on personal EW view) on where I want the market to go ( to justify my position???). The market will do what it has to do. All I do is notice where it holds or breaks support/resistance and very humbly follow the markets lead.
 

mully

Established member
967 3
I forgot to add that a short term move from 4115 to 4160 (current) is not to be sniffed at , by me certainly. But then I am no star trader, just humbly following the market's lead. Tomorrow is another day another opportunity etc...
 

mully

Established member
967 3
one last thought for the day, before I have to go and get the children their tea (having already spent 2 hours at the local swimming pool keeping them occupied at lunchtime!)

Remember it is not about being right (EW tries to satisfy that need) but MAKING MONEY that is important.
 

bonsai

Veteren member
4,106 11
mully
by the time the market opens tomorrow it may well have
been a positive.
Has formed the makings of a pennant ? ready for a big rise
up to 4200 .

but if the dow tops out people will say we started wave C this afternoon.

The market will always be ambiguous , imo
 

2468steve

Experienced member
1,076 39
Mully,
I was not being critical,moreover just trying to point out that price action on FTSE suggested we would have led lower if not for the US.
Agreed ,the FTSE moved forward and you can only trade what you see,but the move up didn't seem convincing IMO
 

Sledgehammer

Member
75 0
bonsai

have you ever studied the correlation between the direction of the auction compared to the 16:30 close and that then providing a clue to tomorrow's open?

during one of my brainstorming moments i had a look, but came to no statistically conclusive answer.

any thoughts?
 

bonsai

Veteren member
4,106 11
steve
you could be right but how about this.

from the high of 184 I can see three 'bottoms'.
cant read the numbers exactly but
1 - 4140
2 - 4128
3 - 4115 (which finished with 5 legs)


that makes 5 waves ? and as it reached the previous low
on 25th ?(previous 4th) we were all set for the end of the
correction and a new rally.
 

bonsai

Veteren member
4,106 11
sledge
interesting idea isn't it.
I have to admit I have looked at it . Shouldnt have done really.
Couldnt find anything consistent enough for me.

in the end found nore correlation with the last tick/move of the live trading and that was a negative correlation.

when you think about it , who is going to trade on the last move ?
somebody has to I suppose. But what are they up to ?
 

2468steve

Experienced member
1,076 39
Bonsai,
4140,28,15 could also be considered lower lows.
Todays close above 4150 could be significant tho',monthly high.4170/75 key for 2row.
As ever,much depends on US but it will be interesting to watch whichever way it goes.

Cheers
 

bonsai

Veteren member
4,106 11

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