Swingin' the ftse 2010

Tom

Well, for me, the new up swing trend is still intact which leads me to favour longs, both for the position trade (which is back around entry level atm) and for intraday stuff.

A couple of points:

Both FTSE and DOW finished strong on Friday. FTSE traded very strong against the DOW in the last half hour before its close and the DOW put on over 100 points in the last hour or so without any backward step near its close. Bullish?

A straight correlation from DOW close would have FTSE opening at around 5380. If US futures hold those levels after the week-end, FTSE will likely open higher but I wouldn't expect it up at the 5380s. Significantly lower than that and I'll be looking for it to play catch up. When (and if) it has I'll hand over to you for your short :)

good trading

jon
 
barjon said:
gamble :eek: GAMBLE :eek::eek:. No-one on here gambles, OT. We gain our profit or take our losses with an elegance born from a finely honed appreciation of the market's music and the style to take the floor gracefully as we dance to it.

gamble, forsooth, perish the thought :mad:

jon
Click to expand...

World Class Statement from a world class trader :clap:(y)

Anyone who thinks trading is a gamble, he/she has not approached the level of trading which is required to allow money to flow in the account effortlessly.

In some cases, money will flow out of account but that should be effortlessly as well with no pain attached to it :LOL:

For gamblers, i will advice reading Mark Douglas Trading in Zone. It will change your life. Kiss to Mark Douglas for changing my trading career. :smart:
 
I agree current short-term trend is up Jon. Establishment of price tomorrow above Thursday's high would complete a 1-2-3 pattern started by the swing low 30/07. This would immediately negate the hikkake short entry set up by Friday's proce weakness and be an earlier long move than the 3-day bar method would allow.
 
Hello chaps. Have to say Im pretty impressed with how strongly the markets rebounded from pretty poor jobs data in the US. I made some ok money on Friday trading the news I was in a short position before the news release at 1:30pm. I kept a buy order 4 points above the price as we got closer and closer to 1.30. It would be impossible for me to to know the outcome of the jobs data in the US before the major players so I just use the above to get me into a position and will stay in the position for about 15 minutes. We tend to get a massive move in either direction then a smallish retrace and then another move in the same direction.

I try not to have any preconceived ideas on daily movement nowadays.
 
barjon said:
..........FTSE will likely open higher but I wouldn't expect it up at the 5380s...........
Click to expand...

Coo, it did and more - good for the position trade :) but mucked up the plan for long daytrade :(.

good trading

jon
 
But still, this is just the weakest up day ever charted. It maintains the uptrend and becomes a putative swing high by all of 1.8pts. If you're not long already, its too late anyway.
 
Took short from 10/08 and closed yesterday as market looked oversold. I don't see current levels as a buying opportunity and the 12/08 swing low, coming in lower than the previous, looks vulnerable.

Hoping for a close today below yesterday's low so I can get in short again.

Negative divergence on stochastic suggests a fall to 5090, first target 5245 already achieved.
 
I took a couple of short positions recently. I tend to take the longer term options (in this case 'December' spread bets) rather than the rolling daily ones.

Getting a bit frustrated as one trade is currently bouncing between a 5-10pt profit/loss, whilst the other is about 90pts in a loss. Not big £ numbers, and sentiment seems to be a retrace for the FTSE is on the cards.

I am tempted not to cut my losses yet as they are potentially long term positions. Opinions?
 
Hi Wino - I tend to favour TA-based stops so, for me, if the chart doesn't show your entry was wrong, I would hold on.

But when you entered, did your (TA?) signal suggest the move would be on by now?
 
tomorton said:
Hi Wino - I tend to favour TA-based stops so, for me, if the chart doesn't show your entry was wrong, I would hold on.

But when you entered, did your (TA?) signal suggest the move would be on by now?
Click to expand...


Thanks, was hoping for more of a move by now but happy to hold on, as I said it isn't big numbers.
 
Options expiry tomorrow... hoping a little rally followed by another big fall.. or just a big fall would suit me as short and in profit but we'll see..:rolleyes:
 
Wino said:
Now there's question. A big drop usually corrects doesn't it? Long for a while and then maybe short again?

Hard one to call.
Click to expand...

I'm also thinking long, but given the data from the US today i think the asian and european markets might be in the red tomorrow.

When the US markets open i think we may see some gains, the S&P 500 is getting support at 1070. But who knows some more bad data and we could plummet.
 
robable scenario for tomorrow is further negative price action, though short-term RSI and Stochastics sugest a possible bounce into the weekend, and Options Expiry is always a lottery. I am short from the Close and don't expect to be shaken out, even by a 1-2 day bounce.

Actually, my 3-bar swing chart shows today as putative swing low, having extended the downswing from high 09/08. Do others concur?
 
I am short. Made ten pips then panicked and got out.
Unsure what to do now.
 
Last edited:
Wino said:
I am short. Made ten pips then panicked and got out.
Unsure what to do now.
Click to expand...

I lost ten, panicked and got out! :D

What to do? Well for what it's worth, all my hourly averages are down and that pin at about 0925 hit my main average on the hourly and I should have sold and did not. So now I'm like you, out of the market and looking in!
 
To finish what I was going to say, I'm going to short again above 5210, if I can.

This is just my opinion on the market, ok?
 
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