Anyone scalping the FTSE Futures??

The bulls want this to turn into a IHS. 15 minute chart.

We have what looks like the left shoulder already, for a neckline at 5800. If we get a rally c5760 this could be the head. It's a sharp fall which could retrace 100% and then reject at the 5800 line, creating a right shoulder.

Would it be a real IHS or a fake? Dunno.

If it were real, neckline to head = 30 points. 5800 + 30 pts = my 5834 line. However the 2hr chart looks very bearish... at this stage this is only supposition.
 
et. said:
The bulls want this to turn into a IHS. 15 minute chart.

We have what looks like the left shoulder already, for a neckline at 5800. If we get a rally c5860 this could be the head. It's a sharp fall which could retrace 100% and then reject at the 5800 line, creating a right shoulder.

Would it be a real IHS or a fake? Dunno.

If it were real, neckline to head = 30 points. 5800 + 30 pts = my 5834 line. However the 2hr chart looks very bearish... at this stage this is only supposition.
Click to expand...

thanks et
 
et. said:
The bulls want this to turn into a IHS. 15 minute chart.

We have what looks like the left shoulder already, for a neckline at 5800. If we get a rally c5760 this could be the head. It's a sharp fall which could retrace 100% and then reject at the 5800 line, creating a right shoulder.

Would it be a real IHS or a fake? Dunno.

If it were real, neckline to head = 30 points. 5800 + 30 pts = my 5834 line. However the 2hr chart looks very bearish... at this stage this is only supposition.
Click to expand...

don't suppose you want to pop a chart up et?
 
We also completed a mini IHS (1 min chart) at the hypothetical bottom of the head of the hypothetical larger IHS. Neckline to head = 10 points. Projection 5781. Worked.

Looked to have been an attempt at one between 13:30 and 14:30 which was less well defined and didn't breakout. I've not been noticing IHS & HS until this week when I've been free to just post large targets and ignore the lower chart signals.

It seems to be the better defined and symmetrical the HS is the more likely it is to be real. :clap:
 
Dick Lexic said:
don't suppose you want to pop a chart up et?
Click to expand...

I'm just waiting for a reply asking how I can post screenshots of them... they have "Powered by Ariel Charts" in the corner which is annoying if I only want to show a close up.
 
Even trading it like a bouncer, it would be showing a useful profit right now. As usual, I've missed this one.
 
Here's a chart anyway. Remember this is speculation as I haven't got analysis supporting this move. I'd like it to happen but the 2hr and 4hr charts could also be interpreted bearishly. Do have a tentative bullish signal for 5793 though.

2laectc.png
 
et. said:
Here's a chart anyway. Remember this is speculation as I haven't got analysis supporting this move. I'd like it to happen but the 2hr and 4hr charts could also be interpreted bearishly. Do have a tentative bullish signal for 5793 though.

2laectc.png
Click to expand...

sorry et i don't usually look at flags h&s ect (maybe i should) 800 has held since 6/aug but we have moved below now.... this could signal more downside ....of course we could still get the quick reversal
 
16:06 and 16:23 1 min chart.
= good example of gap showing S/R line.

When price goes over exposed gap (that is, line drawn from gap) it reverses in direction the gap was originally laid. Gap = gap between close of last and open of next candle.

Another gap at 16:24. Will a reverse kick in third time in a row? No. Doesn't always work.

It's one of my favourite market moves, thought I'd share.

Also, sometimes the reverse is just a short pullback of a couple of points. If you have an expectation of the general direction it can be useful.


A lot of volatility on chart at the moment... resistance at 5784, which is around about the low of the hypothetical left shoulder. We didn't get to 5793 quickly so if it's an IHS it will have to be one with a W at the bottom.
 
Dick Lexic said:
sorry et i don't usually look at flags h&s ect (maybe i should) 800 has held since 6/aug but we have moved below now.... this could signal more downside ....of course we could still get the quick reversal
Click to expand...

I agree - right now it's not looking anything like an IHS. Will we get a new low?

Seems like it was just speculation (as I said it was). Shows you what a bad thing it is to just speculate... sorry for getting carried away.

I consider my 5793 prediction is broken. Sorry about that.

Generally bearish, whilst not ruling out a 5800 retest.
 
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