Uk 100 - How do people think it will open?

[rickstarb]

Hey,

Just wanting to get peoples take on how they think the UK 100 will open after closing on 7032.81 in a bit of a sell off?

I mean we did see a high of 7044.81 earlier on in the day, do you expect it to spike up / drop down / just open steady.

I personally think the sell off we saw was due to people who don't like holding a position over the weekend, which to tell the truth in most cases is a smart thing to do.

Anyway just wanting to get peoples take on how they think the UK 100 will open up on Monday.

 

[TechQuant]

riskstarb, the people who 'don't like holding a position over the weekend' are not those that will have the greatest control over where the ftse starts out on Monday morning, or where it heads after the open. For the record I have no idea where it will open or what it will do after the open. My suggestion is to look at the daily, even if you're trading intraday, look for support and resistance levels and trade into or away from them.

 

[rickstarb]

Of cause its all about reading the charts / support & resistance. I guess I am just seeing what people are speculating the UK 100 will do when it opens.

I know people won't know what it will do, just seeing what peoples personal thoughts are that's all.

Thanks for your reply.

 

[tomorton]

Hi rickstarb - I'm honestly not trying to be a smart-@rse but you can never really know for sure what the market will do. The only thing you can know (must know) is what you will do when the market does X and what you will do when the market does Y.

I know what I'll be doing based on what this market does - nothing - I don't trade the FTSE100 (or any other indices or stocks) as it is just too volatile. It also has a definite schizophrenic intraday pattern with a London-centric am pattern, then following New York, often in the opposite direction, based on the US futures prices as they emerge in UK mid-day time.

That said, why not put up here your game plan for Monday morning, let people argue for and against for you?

 

[rickstarb]

No I fully agree you can't ever truly know what the market will do. Just seeing what people are speculating will happen.

The volatility is where I make/lose my money. It allows we to me to scalp profits of £50+ wwithin less than 5min at times.

To tell the truth today has been a bad day for me I have some self reflection to do. I need to setup a stop to manage my risk and see what the market does.

 

[wysiwyg]

It may be possible to make money scalping, it doesn't suit me. I look at support and resistance levels, pay attention to the general news and "feel" of the market. And of course the trend.

As you asked, but you definately shouldn't let my opinion(guess) sway your own judgement, my current outlook is the FTSE going higher, but going long now is playing with fire, just as is shorting it until it shows a top or reversal.

I went long at 6860 (as it moved past some levels I was watching/was nicely following the bollinger up/above the MA), i'm waiting for around 7163, but of course I will be paying close attention to various charts and instruments before I make a decision, as we could go higher too.

 

[tomorton]

I think the FTSE100 is one of those things you can either take a very short-term or a very long-term view and make a profit but in between, with holding period of 3-5 days, you will get killed by its unpredictability. Short-term meaning intra-day momentum trades on tiny bars, long-term meaning a month plus, where a 300pt stop will make sense.

 

[kalott]

http://www.ig.com/uk/ig-indices/ftse-100

"82% of IG client accounts with open positions in this market expect the price to fall"

http://en.wikipedia.org/wiki/Contrarian_investing