FTSE 100 - May

[Hooya]

"you've not been tempted by candles have you" not really. The problem is that candle intraday will in my experience only produce a 50/50 hit ratio. Its really what happens after that. Trendline resistance was hit
and thus we got a rejection.

 

[Fluke]

Mully.
Re your post No 814 para 5( Looking at.)
Should your fib 50% be 4415 and not 4472

 

[Hooya]

10.30 gmt
maybe now ?
kj

no 10:05 was better entry than 10.30 but know what you are saying

 

[KJH]

"Trendline resistance was hit
and thus we got a rejection.

Also 50% ret of range may 5th high may 17 low = 4468
Intra day high thus far = 4466.5 on my print.
kj

 

[mully]

Fluke,

Sorry about any confusion, but i was trying to say FTSE
has retraced 50% of the move that had topped at 4472, ie

50% of 4472-4363= (0.5* 109 points)=4418

 

[KJH]

no 10:05 was better entry than 10.30 but know what you are saying

yeah, I like some sort of conformation and then my stops are usually too wide !
I have to get to the point of pulling the trigger earlier....on something like on post #825
kj

 

[Hooya]

I only would get in before a trend change if I saw the resistance ahead and everything was looking towards a spike occuring. BUt there was still plenty of time to get 60 afterwards so you dont have to jump the gun

 

[Fluke]

Mully.
Sorry about that,I was looking at the retracement when I spotted your chart.I was'nt critisizing you.
lol

 

[barjon]

hooya - agree with you about intraday candles (false trading periods?) but they're much better than 50/50 when reversal signals occur at support/resistance levels and they give good clues about the strength of moves.

 

[Hooya]

"much better than 50/50 when reversal signals occur at support/resistance" ..

.exactly hence why its the s and r that is more reliable than the candle???

 

[barjon]

absolutely - candles confirm s/r not vice versa

 

[Hooya]

looking like another push up later??

 

[Hooya]

I am really stuck in no mans land at the moment. 5 mn says up 10 says down..

2 different wave counts pointitng in opposite directions

 

[bracke]

So not waving but drowning?

Regards

bracke

 

[Hooya]

not drowning..just floating on +20 points

 

[barjon]

time to go?

 

[Hooya]

if its following my chart above i t should bounce here and not trade below 33 . but its nearing the end of the day...

 

[Hooya]

well it nwent below 33 which suggests that we could now be in c wave down as indicated last week...we borke back under a trend line, and few indicators crossed over..etc so we might see that 403 fib tomorrow. Only one trade for me which I should have held longer. Hopefully a few more posts tomorrow?

 

[mully]

Volume (2119m) was pathetic at only 72% of Friday's total

 

[Hooya]

but two 30 point swings.....I say bring on low volume days then