MrSandhu - Do you have to do anything at all? If you can't see a way to open a position, why do it? And if anyone else tells you which direction to trade in, how will you manage the position once you're in? Why not let the market come to you, and tell you what to do?
I have already posted here that I am awaiting a failure in the price so I can go short. That could be as soon as tomorrow, but I'm not going to hurry. As long as the high reached is still below 6377. But if we break up through 6377, and the s&P is in an uptrend also, I will have to consider going long.
I have already posted here that I am awaiting a failure in the price so I can go short. That could be as soon as tomorrow, but I'm not going to hurry. As long as the high reached is still below 6377. But if we break up through 6377, and the s&P is in an uptrend also, I will have to consider going long.
Today's options for me - whichever occurs first -
a) FTSE100 breaches 6377.0 (unlikely) - long
b) S&P breaches 1440.2 (unlikely) - long
c) FTSE100 breaches 5708.3 - short
d) S&P breaches 1350.5 but 1366.6 holds - short
I'm going to pass on the FTSE100 5812 as a short entry point if it occurs today in favour of the S&P short opportunity. I like FTSE positions that are with the US price action. I am pretty sure that c) will not occur before d) so will probably end the day short on the S&P.
a) FTSE100 breaches 6377.0 (unlikely) - long
b) S&P breaches 1440.2 (unlikely) - long
c) FTSE100 breaches 5708.3 - short
d) S&P breaches 1350.5 but 1366.6 holds - short
I'm going to pass on the FTSE100 5812 as a short entry point if it occurs today in favour of the S&P short opportunity. I like FTSE positions that are with the US price action. I am pretty sure that c) will not occur before d) so will probably end the day short on the S&P.
Hi tom- I have been long on june calls since 29/5 and it tanked ever since! held on to see if we came back past 6100 area but no chance now before friday, will take a break for a week and wait for market to bottom out 5600/5400 areas before i enter again, will pull back from daytrading i think and take a closer look at swing and position in future, im learning that as others have said, staying out of the market if unsure is a position in itself
steve
steve
Thanks tom - I now realise the importance of looking at a much larger time frame on charts to get the bigger picture even though i was daytrading, my new platform provides excellent historical charts i now know:-0
With this in mind, and another expensive tutorial under my belt, i will move on from this mistake with an improved plan
steve
barjon
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Those who took this are likely to be watching carefully now since we're around the level where the last upward bounce started with the big gap opening (126 points) after the Easter break. Some will already have taken protective action and taken +170 odd off the table for part of their position at least.
Trust me to have been sidelined
good trading
jon
I am short S&P and really hoping it will continue to drop, but there are other possible trades on the FTSE for Monday that might suggest extending or reducing that position. I will give below what I have identified as possibilities, though some of these are a bit rash; for myself I do not intend to be long on the FTSE while short on the S&P, nor long on anything which is in a downtrend -
Swing long - if Friday's high breached but low holds.
Whiplash long - if we open below Friday's close but close up on the open, in top 50% of range.
Whiplash short - if we open above Friday's high but close down on the open, in lower 50% of range.
3-day unfilled gap reversal long - if Monday's high is below Friday's low, place buy order just above Monday's high, valid for 3d.
3-day unfilled gap reversal short - if Monday's low above Friday's high, place sell order just below Monday's low, valid for 3d.
Key reversal long - If Monday's low below Friday's low, but closes above Friday's high.
Key reversal short - if Monday's high above Friday's high, but closes below Friday's low.
80-20 long - if Monday's open below Friday's low, buy if price breaches Friday's low.
Swing long - if Friday's high breached but low holds.
Whiplash long - if we open below Friday's close but close up on the open, in top 50% of range.
Whiplash short - if we open above Friday's high but close down on the open, in lower 50% of range.
3-day unfilled gap reversal long - if Monday's high is below Friday's low, place buy order just above Monday's high, valid for 3d.
3-day unfilled gap reversal short - if Monday's low above Friday's high, place sell order just below Monday's low, valid for 3d.
Key reversal long - If Monday's low below Friday's low, but closes above Friday's high.
Key reversal short - if Monday's high above Friday's high, but closes below Friday's low.
80-20 long - if Monday's open below Friday's low, buy if price breaches Friday's low.
Banks again
Hi Guys
I wanted to talk Banks again. We have had a small bounce and now have a double bottom which looks like its failed to me. I fancy a short here and just wandered what your thoughts are. The pin at the bottom could signal the bottom will hold. 1D and 1H charts attached.
I guess with a 40 point spread through IG I should just leave the banking sector alone really unless anyone can point me to other companies I might want to investigate for a tighter spread width.
PS also does anyone know why the attachments are not showing as thumbnails?
Hi Guys
I wanted to talk Banks again. We have had a small bounce and now have a double bottom which looks like its failed to me. I fancy a short here and just wandered what your thoughts are. The pin at the bottom could signal the bottom will hold. 1D and 1H charts attached.
I guess with a 40 point spread through IG I should just leave the banking sector alone really unless anyone can point me to other companies I might want to investigate for a tighter spread width.
PS also does anyone know why the attachments are not showing as thumbnails?
Attachments
Hi atrim -
I don't argue with your TA, but although we might call these patterns reversals they are really interruptions. The main trend is still firmly down but from your point of view they suggest the possibility of a further short a little higher, when this counter-trend rally, or congestion, whichever it turns out to be, fails and we go down again. Way too early to go long unless you are ready to manage a really aggressive and low probability position.
The first bottom's support has been breached but you could wait for further action on Monday to confirm its' failure. This might be especially prudent as banks look to me to be only barely above their March 2003 support and we might expect them to at least trade sideways along this level: this cuts down your potential profit from a short right here of course.
I don't argue with your TA, but although we might call these patterns reversals they are really interruptions. The main trend is still firmly down but from your point of view they suggest the possibility of a further short a little higher, when this counter-trend rally, or congestion, whichever it turns out to be, fails and we go down again. Way too early to go long unless you are ready to manage a really aggressive and low probability position.
The first bottom's support has been breached but you could wait for further action on Monday to confirm its' failure. This might be especially prudent as banks look to me to be only barely above their March 2003 support and we might expect them to at least trade sideways along this level: this cuts down your potential profit from a short right here of course.
barjon
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atrim
I agree with Tom that there's nothing in the charts as yet to indicate a reversal although, as I said earlier, we're at around the level where the last major rally started in the ftse100 so you never know. That said, I'm currently scaling into three of the banks for my long term portfolio, but that's investment not trading.
cheers
jon
I agree with Tom that there's nothing in the charts as yet to indicate a reversal although, as I said earlier, we're at around the level where the last major rally started in the ftse100 so you never know. That said, I'm currently scaling into three of the banks for my long term portfolio, but that's investment not trading.
cheers
jon
spanish89
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Aloha boys, if you all trade ftse daily / futures come by my chatroom during the day whole our trading, watching market...
Its got upto 30people from here and other sites in at at some points, and im normally in there so come talk ftse..
Vyew.com - - Free Anytime Collaboration and Live Conferencing
Its got upto 30people from here and other sites in at at some points, and im normally in there so come talk ftse..
Vyew.com - - Free Anytime Collaboration and Live Conferencing
I've done very well assuming things when trading. It makes me decide, one way or another, with no "ifs" or "buts".
I broadly agree with you, but am assuming that any rally is a pullback and will be shorting it.
There is important support, though, I agree.
Split
Managed a couple of points on my short trade. The trend is, still, down. I'm going with the trend.
For Bollinger followers, though, the 2% band was breached on 40 and 60 day averages. A bounce or a continuation? I'm glad that, for right or wrong, my mind is made up!
For Bollinger followers, though, the 2% band was breached on 40 and 60 day averages. A bounce or a continuation? I'm glad that, for right or wrong, my mind is made up!
