dc2000
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sorry forgot to say thanks for the headsup
There are days when you just know something is going to happen into the close at 4:30pm. You get these opportunities about twice a week in the current market conditions. For some reason, the last 5 minutes in the trading day cause a big move, usually up. This offers a nice trade for scalpers. I call it the 4-29 trade. The FTSE will detach from the ES momentarily while the cash market scrambles to close out positions before the cash market closes.
The price action since 3:30pm had mostly been up. At 4:14pm, there is a strong up bar on both the ES and FTSE, indicating that there was some buying strength around. Both ES and FTSE form a high at 4:17pm, but then the ES drifts away slightly downwards, but the FTSE holds steady and starts to inch up. At 4:25pm, the FTSE starts to show neat tidy little uptrend bars, and by 4:28pm you can clearly see it wants to go up. On the 5 min chart you can see a clear target of 5154.5, the previous swing high from the ISM data at 3pm.
I entered on a limit order at 4:28:01 at 5142.5, and I closed at 16:29:15 at 5150. I could have let it run longer, as often the high is reached right on 4:30pm, but 5150 is a round number and I was happy with 8 pts.
And now the americans can force it down........
The price action since 3:30pm had mostly been up. At 4:14pm, there is a strong up bar on both the ES and FTSE, indicating that there was some buying strength around. Both ES and FTSE form a high at 4:17pm, but then the ES drifts away slightly downwards, but the FTSE holds steady and starts to inch up. At 4:25pm, the FTSE starts to show neat tidy little uptrend bars, and by 4:28pm you can clearly see it wants to go up. On the 5 min chart you can see a clear target of 5154.5, the previous swing high from the ISM data at 3pm.
I entered on a limit order at 4:28:01 at 5142.5, and I closed at 16:29:15 at 5150. I could have let it run longer, as often the high is reached right on 4:30pm, but 5150 is a round number and I was happy with 8 pts.
And now the americans can force it down........
Dick Lexic
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good day for the fibs....nailed the low.......nailed the pullback......nuf said 
dc2000
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Nice trade martin I was trying to remember if Ive ever been in a trade that quick but cant
nice to see someone else looks at the end of the day action
that 142.5 you got is now where I will be looking to get on in the morning after the US pushes higher tonight
142 to 340 kinda nice rounded numbers me thinks
nice to see someone else looks at the end of the day action
that 142.5 you got is now where I will be looking to get on in the morning after the US pushes higher tonight
142 to 340 kinda nice rounded numbers me thinks
DaddyJohn
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No problem, I could understand the shock
DaddyJohn
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Martin,
I was waiting for this too, but missed the start of the move as was dying for the loo. However now you have mentioned this , I also like to fade a close like this if I see the US markets drifting down, which is what happened tonight , so shorted ftse about 4.33 at 63's and got out at 50. I found this morning a treat, but this afternoon difficult, this final fade got me back some of the profit I had given away during the afternoon. Wish I had gone home at 12 , still money in the bank , shouldn't complain.
I was waiting for this too, but missed the start of the move as was dying for the loo. However now you have mentioned this , I also like to fade a close like this if I see the US markets drifting down, which is what happened tonight , so shorted ftse about 4.33 at 63's and got out at 50. I found this morning a treat, but this afternoon difficult, this final fade got me back some of the profit I had given away during the afternoon. Wish I had gone home at 12 , still money in the bank , shouldn't complain.
DaddyJohn
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Hi dc ,
Am intrigued.... This kind of approach is very powerful, if you can predict the shape of the price action, them you can look for good entry points on confirmation . How do you decide what kind of shape you think will occur? l , J, W. ??????
Am intrigued.... This kind of approach is very powerful, if you can predict the shape of the price action, them you can look for good entry points on confirmation . How do you decide what kind of shape you think will occur? l , J, W. ??????
DJ - You've got to get to the loo earlier! I thought about the fade too, but recently the yanks have taken it up further after 4:30pm, so I was happy to sit it out.
As for the rest of the afternoon, you could see the walk up prior to the data at 3pm, then you could follow the sell off after 3pm, and then it went into spinning tops for 30 mins, which was tradeable, when the pattern was clear, then the walk up to the close.
Dick Lexic
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if this market goes back up over 200 then they may have been doing their GCSE'S today
General Clearance of Stops Exercise
job done
well there you go what you want and what you get 2 different things
time to have a quick short 5266
Thank you for that call plus all your recent observations.
