morning barjon
i think on the 5 min charts ( have cac and dax up at mo ) that markets look quite weak
ftse looks similar - were you trading the bounce for a swift turn or think long was more likely position for longer
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Morning all. I'm not convinced by this bounce and am watching the 50% level (5879.5) and the 20 EMA for a move back down.
I've started posting a vertical line on my 5 min charts that is 51 pts long (average daily range). I've set the top at 5908 the overnight high at 1:40am. Not sure if I should use the out of market hours or not, but for now I will. It has more or less picked the bottom of the opening move. I would be surprised if we went lower, but equally it is looking like a one way down day, so I am not totally sure. Lets see if we print a lower low and the price action goes to sleep.
I've started posting a vertical line on my 5 min charts that is 51 pts long (average daily range). I've set the top at 5908 the overnight high at 1:40am. Not sure if I should use the out of market hours or not, but for now I will. It has more or less picked the bottom of the opening move. I would be surprised if we went lower, but equally it is looking like a one way down day, so I am not totally sure. Lets see if we print a lower low and the price action goes to sleep.
DaddyJohn
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morning all.. was short on first pullback this morning and was really fortunate to be in when the big move down came... 5863 was my first target this morning to buy from , so I quickly reversed inot this long.. nice morning's profit.. target hit.. so just gonna chill now
Chalky_trader
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Morning All
5900 Cash holds the key in my view (Dax near to 6800 too)
trade the move away from the magnetic number therefore is my plan
just hope it moves ......
5900 Cash holds the key in my view (Dax near to 6800 too)
trade the move away from the magnetic number therefore is my plan
just hope it moves ......
Hi DJ good to see you posting again. Did you get your 5863 from Taylor or another way?
So far price has bounced nicely off the 20 EMA on the 5 min chart. The Italian bond auction was a good one, and yields continue to drop since December.
barjon
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Had an eye on ftse/dow pair trade since ftse had been weak vs dow first hour, although not a big extreme. Played the 9:00 reversal time (bit late today) with ftse and would have held it if it hadn't promptly gone backwards - so then made it the pair trade with dow. You'll appreciate that I'm not interested in direction now - just that ftse will trade strong compared to dow whether it goes up or down.
Although the pair trades have been doing ok the drop off in the weak/strong volatilty between ftse and dow has been 'orrible recently
DaddyJohn
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Hi Martin.. price was based on fibs which also lined up with previous value areas. This was the price I mentioned the other day (22nd).. but it didnt make it, but you were spot on that day... am not too ready now to put any more shorts on unless we get a nice pullback... but will look to buy at around 5850 which is where I see good support. depends on how well they try to flush out any weak buyers
I do something very similar. But I have only used market hours.
These are the cash ranges of late:
Oct-11 104
Nov-11 122
Dec-11 82
Jan-12 66
Feb-12 49.2
Now if you take out the two atypical ranges this month we are down to 42.
John, are you using Taylor at all? I prefer to chart the swings on the 1 hr chart and keep a close eye on the 38%, 50%, 61.8%, 127%, and 161.8% fibs.
Mark, normally I use market hours too, but last night we had a high in the out of hours, so for once I am using it, and for now it is working. But if 5861 gets broken, then I'll be looking for a new low close to 5850.
DaddyJohn
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try using different fib numbers as well.. there are two more that happen far more frequently....
will let you work them out ,,😎
So far today, you could have traded a bounce off the 20 EMA (5 min chart) several times with a 4 pt stop and not be stopped out all morning.
I actually have 5836.5 popping up as a target on two time frames. My preferred target is still 49.5, but the price action has not made a decent up move for a while, and it does seem quite bearish for once.
I actually have 5836.5 popping up as a target on two time frames. My preferred target is still 49.5, but the price action has not made a decent up move for a while, and it does seem quite bearish for once.
