Message For Ftse Traders......

[Chelski]

Breakout was very very very valid . went long at 4025. 50% Out at 4036. rest is at b/e.

are your figures Cash or Futures?

 

[KillPhil08]

cash dude, only because SB = 1 tick spread. the futures for me is around 4 ticks or 2.5 on vdmgm. kinda sucks.

 

[tennisball]

All indices have broken S2 and have broken support on a daily chart. Is there any good reason to be long this market? As mentioned before - I'm nearly always wrong.

 

[Chelski]

Nice entry, 5 min chart has Regular Divergence, from opening low to the low you came in on.

 

[ashuk1981]

the support is at 4040 for the past month

 

[wallstreet1928]

OK huys, now FTSE is a great buy............

If I were trading I would have bought @ 4055....stop loss 4020!!

If i were trading i would have been looking for a nice oversold pullback of 10-20 points or more........

looks like i was 20 points too early as we have had the pull back ..........

happy trading people!!

 

[S_D]

Just caught 15 points from 4035 - 4050.

 

[wallstreet1928]

Just caught 15 points from 4035 - 4050.

well done SD, good timing for the entry.......

 

[S_D]

Thanks WS, although I bow down to your anaylsis in predicting that plunge earlier. Still, I owe you 12 points from that one too.

 

[mEmmerrr]

Looking for a head and shoulders on the 1 min. Then down she goes.

Left shoulder is good, head has been formed. Looking for a slight rally and then to sell.

 

[mEmmerrr]

Apologises for the late response, im short at 4046 stop 4053. Shoulder formed.

Well, that didnt really work as planned.

Out for +2 from a trailing stop :/

 

[wallstreet1928]

Apologises for the late response, im short at 4046 stop 4053. Shoulder formed.

Well, that didnt really work as planned.

Out for +2 from a trailing stop :/

just be careful with you short my friend ......... there could be a small bounce before the big fall........!!

 

[wallstreet1928]

its worth having a long from here with stop loss at 4000........

the probabilities of success are definitely in your favour as there too many support lines before 4000!!

2 days no trading feels weird.....

 

[Dentalfloss]

dow.there is a downside vertical count of 7660.this has been achieved now

 

[S_D]

You cannot resist it's mystical draw much longer WS... You will not resist!

 

[Bloodhound]

Thanks for this KJ. Do you trade FTSE using 10/15 min bars usually? If so, what longer time periods are you looking at to establish trends - just the 4 hour? What MAs/EMAs are you applying?

As mentioned in my earlier post, I'm up to speed on the DBLHC, DBHLCs etc, but its establishing the confluence that I'm struggling with.

Hi there,
I think 4 hour seems to work well. As far as I can see the shorter the timeframe the more chance of fakeouts. At present my view on where we are is based around quarterly, monthly and weekly charts........ I don't use any indicators, MA's etc. for this type of trading. Not wanting to go against those who like them, but I want to be able to trade pure price action with reference to market profile & support and resistance.

I do have an indicator set-up I use but it only works when used in conjunction with price action!!

All the best
KJ

 

[S_D]

dow.there is a downside vertical count of 7660.this has been achieved now

I can see myself going long again if it breaks 4050... Target 4070 S/L 4038

 

[Bloodhound]

I have just placed one cancels other orders as follows:

FTSE long @ 4065 - target 4100
FTSE short @ 4020 - target 3990

20 point stops on both. I may move targets depending on what signals the US give us....

KJ

 

[tennisball]

its worth having a long from here with stop loss at 4000........

the probabilities of success are definitely in your favour as there too many support lines before 4000!!

2 days no trading feels weird.....

I like it when you're trading WS - feels like safety in numbers. When you report your winning trades it provides inspiration.

 

[Dentalfloss]

enclosed chart of the dow,the arrow has the counting column/vertical count .this is from the previous thrust down.there is a horizontal count from previous consolidation also with a target 7660 area
hourly data.10 point box size.3 reversal