dc2000
Veteren member
- Messages
- 4,766
- Likes
- 129
a breach today would see me megga bullish rather than bullish for today and tomorrow
I would like to see hits at 295 and 343 before more down
a breach today would see me megga bullish rather than bullish for today and tomorrow
I would like to see hits at 295 and 343 before more down
DaddyJohn
Experienced member
- Messages
- 1,375
- Likes
- 9
I agree DC.. I want more up first before I can consider any more shorts...
for those interested in value areas... 5235 was the top of the value area 7/10 and 5244 was the bottom of the value are from 10/10 which was the following trading day.... we are now consolidating between the gaps from these two days to decide if market should go back to test higher and down to test lower. I want FTSE to go back over 5268 before I am long.
We have struggled to retrace much of the down move from the open. The ES is the key at the moment. It stopped exactly at the 161.8% extension at 1192.00. Any break of this support and, it should take the FTSE with it down to 5200. We are forming a downward sloping triangle at the moment, which more likely will break to the downside. On the 1 hour chart we have a supporting trendline which is the only thing keeping it up for now.
Attachments
DaddyJohn
Experienced member
- Messages
- 1,375
- Likes
- 9
Hey DC... I know you don't use Market Profile ,, but thought you would be interested to know that the Value Area Low on the 7/10 was 5086..; the value area high of the 6/10 was 5069 !!!!! kind of fits neatly with your prediction and my appointment in Woolworths...😎
Sidekicker
Well-known member
- Messages
- 407
- Likes
- 11
Still holding.
Thanksgiving coming up soon so volumes likely to be low and markets might float.
There are still too many bulls given the current environment.
Still holding. Impressed with that. Its been hard work just getting down to this price.
When the market goes to sleep like this, it is very tempting to try and anticipate a move and look for something that isn't really there. I always look for some volume at times like these to tell me that it is coming back to life. Volume is just above 50 lots per minute on the FTSEZ1, which is too low for me to get involved.
It is easy to give back all the gains you made when it was trending. Don't look for a trend until it is clear that one has been established. You need to see a break of support or resistance, followed by confirmation of that break and a continuation in the direction of the break. It's 11:30am now and we are headed into what should be a quiet lunchtime, but lunchtimes in the last couple of weeks have seen some reasonable moves, so be prepared for a move, but only on some volume.
It is easy to give back all the gains you made when it was trending. Don't look for a trend until it is clear that one has been established. You need to see a break of support or resistance, followed by confirmation of that break and a continuation in the direction of the break. It's 11:30am now and we are headed into what should be a quiet lunchtime, but lunchtimes in the last couple of weeks have seen some reasonable moves, so be prepared for a move, but only on some volume.
Something else that is going on and sure to bring added uncertainty. Some time this afternoon, the US Congressional committee is going to announce that talks have broken down regarding the budget ceiling. In august this caused a big sell off, and I don't see it being any different this time. The deadline is wednesday, just before Turkey Day. Gobble, gobble! So you could add to that depressing news a french downgrade from Moodys, bond spreads going stratospheric again. All we need now is for Berlusconi to turn up as the new head of the IMF after the mysterious disappearance of Christine LaGarde, and a flash crash is inevitable.........
DaddyJohn
Experienced member
- Messages
- 1,375
- Likes
- 9
they are probably together locked up in a Motel room somewhere...
DaddyJohn
Experienced member
- Messages
- 1,375
- Likes
- 9
11595/ 75 approaching on DOW
dc2000
Veteren member
- Messages
- 4,766
- Likes
- 129
I hate mincy markets. They are the kiss of death for scalpers who like to see a little bit of flow to the price action. The FTSE wants to go up and the ES wants to go down. No one wins. Been stopped out twice in the last 20 mins, as each breakout reverses.
Martin
I usually scalp off 5 min chart and today has been very difficult ( esp since about 10.30am )
Just no momentum to get going and then we drift downwards again
f
