Mornington Crescent
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You say that , but most elliot wave theorists I have spoken to the last few weeks seem to have got the last few moves completely wrong.
that was my point really
they probably take it too seriously
but a "smattering" can be useful to understand the patterns involved
in thinking about highs and lows
the patterns tend to repeat more often than you might suppose
trading a swing (trend) is a bit like riding a bronco
the market will try to unseat you
Mornington Crescent
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China downgrades France
that must be a first
but its not
http://news.xin.msn.com/en/business/article.aspx?cp-documentid=5633845
that must be a first
but its not
http://news.xin.msn.com/en/business/article.aspx?cp-documentid=5633845
DaddyJohn
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DC.. apologies for stupid comment above... this only applies of course if we are in a uptrend.. if we are in a down trend then the Sell month should NOT make a high above the Buy month
I would have thought just short of 5700 should do it though?? (take out stops just above trend line..
barjon
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All at sixes and sevens this morning. The 8:30 try was a tad early and caught me by surprise so no entry (just as well since the weight of you guys' money proved too much for it); 9:00 price was in no-man's-land; and it seemed more interested to bounce from yesterday's close than wait for 10:00 with price in no-man's-land again as the clock strikes.
I keep prattling on about these times - can those of you trading futures tell me if there's any noticeable increase in volume activity around them? Or is it just business as usual?
cheers
jon
); 9:00 price was in no-man's-land; and it seemed more interested to bounce from yesterday's close than wait for 10:00 with price in no-man's-land again as the clock strikes.I keep prattling on about these times - can those of you trading futures tell me if there's any noticeable increase in volume activity around them? Or is it just business as usual?
cheers
jon
That 5 minutes of stupidity is why a lot of traders are just sitting on the sidelines these days. Spike up on meaningless euronews. Spike down on enforcement by those in control wanting the downtrend to resume. Triggering stops of those conned long by the good news. Followed by a breather where everyone says what the **** was that?
DaddyJohn
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doesnt help that they have this dozy girl on the squawk who cant even read the news items clearly.. still she's better than that other idiot they have who keeps calling the wrong numbers out and cant prenounce basic financial terms.. he couldnt even say Drachma the other day
Mornington Crescent
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personally I dont find volume all that convincing
futures are too inter-related with the options market
and the big players dont place all their trades in one go
Mornington Crescent
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I usually have them on mute
the news banners seems to be enough for me
that way I can listen to Clapton and "The Edge of Darkness"
seems appropriate somehow
barjon
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aye, just wondered whether there was any sign of increased activity around those times
Mornington Crescent
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Sidekicker
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ECB day, it's always like this before big news. More of a scalpers paradise.
Gold and aussie dollar seem strong, which should lift FTSE. However, the bond market is also getting a bid today and euro still in downward mode.
Pretty much buying gap fill has been the main decent trade of the day.
MC - In my small scalpers goldfish bowl, I find volume very important but usually only on the 1 min chart. For example we had a spike in volume at 9:34 am and 9:37 am that coincided with a bounce off the bottom of a channel. This alerted me that a reversal may be imminent and to exercise caution.
But your comment about futures being linked with the options market rang true for me, and as a futures trader we have to be aware that there is a massive options market for the FTSE, and the people that write these options don't like to lose money. Hence the strange price action leading up to expiry.
barjon - your question re volume and the 8:30am, 9am, 10am turns. There is an increase in volume around those times but it is difficult to decide if it is because of the timing or because it just reverses anyway and people change their positions.
I took money out of my account for Christmas and I am used to trading at 3 GBP per point which requires margin of 180. I'm very close, at present. I've had a poor morning but the last short, at 1243 opening at 5573.1, gave me 12 points, which I took at once. Whether it was too early, or not, remains to be seen. The close was 5561.1. Its been a bad morning, and I am still down 8 points. If I have to reduce my stake I shall be disappointed.
