Anyone scalping the FTSE Futures??

I watched a guy on youtube using Fibs in a different way it gives FTSE target of 5420
I'll post the link if I can find it again.
 
Two edges to the field 5359 & 5292 which way will the bulls go?

Answers on a post card please:)
 
DaddyJohn said:
Martin, your scalping method is very, very similar to mine. I enter on break of the retracement candles, with a stop just underneath the candle. If price moves 55 pc back inside the candle I remove half my position and leave the rest to run to stop. However if it breaks again , I add it back in. I use 1 min charts, and like to see the price on the 5 minute chart above the 20ema for a long , under for short. In addition , I will reverse and fade a move if I judge it has moved too quickly, too far, or if I believe they have squeezed through a key price.
Click to expand...

DJ - have you read Al Brooks's book? He uses the 20 EMA on the 5 min chart too. I like using the 1 min chart and 5 min chart in combination. Also the trick is to notice when the price action is unpredictable and to stay out until it is.

This morning looks like an indecisive day with low volumes and no-one clearly in control. This move back up from the 5289 low at 8:40 was without any retracement on the 1 min chart for at least 30 mins. A typical low volume suspend belief move up. You keep waiting for a pullback and it never comes.
 
Dick Lexic said:
Two edges to the field 5359 & 5292 which way will the bulls go?

Answers on a post card please:)
Click to expand...

Two important areas 5359 & 5292 I drew a line in the middle at 25 as a tigger to go long. The bulls had their noses out of the gate at 59 for 4 hours yesterday so I figured not much fear up there also they were quick to bounce of the other gate at 92. I am out now with a small profit I might regret coming out but hey I'll just catch the next train.
 
Dick Lexic said:
Two important areas 5359 & 5292 I drew a line in the middle at 25 as a tigger to go long. The bulls had their noses out of the gate at 59 for 4 hours yesterday so I figured not much fear up there also they were quick to bounce of the other gate at 92. I am out now with a small profit I might regret coming out but hey I'll just catch the next train.
Click to expand...

Dick - remind me where you got your 5292 number from? I had 5287 as the 61.8% retracement off the overnight high, but I really don't like using overnight prices for the FTSE. The volume overnight is so thin I can't be sure of any genuine support and resistance levels.
 
MartinC-J said:
Dick - remind me where you got your 5292 number from? I had 5287 as the 61.8% retracement off the overnight high, but I really don't like using overnight prices for the FTSE. The volume overnight is so thin I can't be sure of any genuine support and resistance levels.
Click to expand...


9/8 high
 
I have this image of a herd of bulls gathered at the fence all a bit wary of whats on the other side. The gate is open but they want to make sure that they will be safe over there.

hmmmmm steak for me tonight :)
 
DaddyJohn said:
Where is this going to stop?
Click to expand...

It is looking like a one way day right now until midday. The high is 5365.5 and if a one way day is correct, then we should print a new high. Pullbacks should be contained by the10 EMA on the 5 min chart.
 
DaddyJohn said:
Martin which price target do you refer to? Sorry if been a bit thick
Click to expand...

I don't know which target you are refering to either. So we should get back to the Sunnyhill Care Home and get on with our game of cribbage.

We've had a 161.8% extension this morning off the low, and now it is treading water. I don't see anything much happening until 1:30pm. It even shrugged off the OECD news at 10am. It's just not interested in anything bad.....for now.
 
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