FTSE 100 August 2004

[barjon]

Been busy exploring sharescope's new bits. This Renko looks interesting (20 point blocks) - the idea is that you buy when a green block appears and sell when a red(ish) one appears. Looks nice, but appearances can always be deceptive 😕

Haven't got round to Three Line Break or Kagi to bore you with yet 🙄

Any experts out there?

 

[bracke]

Good Morning All

Either mully is taking a long holiday or he has forsaken us. If it is the latter it is a pity as he was able to contibute very useful observations and views. If you read this mully, please come back.

barjon

The 20 point reversal chart you show above appears to be a variation on the point & figure theme. Does it offer a suggestion for exit EG when a reversal occurs or do you decide on your own.

Regards

bracke

 

[alliance]

Morning Bracke:
Up early 2day I see 😉

I was wondering about Mully as well....like u, I hope he returns soon.

Bracke, would u be so kind as to post todays key TA points for me pls? My usual source of res/sup/piv info is on hols til Monday 🙁

Many tnx
Cinders 😆

 

[Bill G]

Hi guys,

thought you might like a change from candlesticks - this is sharescope's new point & figure toy. It's set on high/low, not close.

What box size did you have? If that was a stock that would be a Sell (double bottom)
I set my box to 2% of the value which gives me a completely different picture

 

[bracke]

Hello alliance

I have been looking at some other threads and look what I found.

"I know just the site to indulge ur cheapskate tendencies.....not necessarily 4 ur asdl answer (tho they do have a thread on that too I believe)
www.moneysavingexpert.com I have saved a fortune there using some tips/info, especially the www.call18866.co.uk phone one @ 1/2p per min ..24/7 ..uk and 1p per min ..24/7 most of rest of world "

Now what was it you were saying about Thrifty Caledonians being a fallacy, fallacy my rear end !

I have made a note of these sites, if I can't join the ranks of the great lovers, i'll join the the ranks of the great cheapskates.

I will ignore the eary morning comment.

I am not certain what key TA points you require. The pivot is 4319 R1=4344 R2=4374 R3=4399
S1=4289 S2=4264 S3=4234

If there is something else you require let me know and I will post it If I can

Regards

bracke

 

[hungrybear]

Hi all,

Several months since I last posted; also some time since I last visited according to the welcome message. The main reason is that I returned to FT work, so commuting into London each day and now I'm just swing-trading. This is considerably less stressful and enjoyable, much more suitable for me; I never did make a good day trader. Working from home today so I'm using the opportunity to catch up with old friends!

On the charts, things are looking pretty bearish and time wise I'm seeing a low sometime late Sept or into Oct. This is not what I expected with the elections in the Autumn, but it's what I see. We may see a decent bounce soon, but as the Ftse hasn't broken it's July low or got to it's lower BB another wave down is probably due first. In e-wave terms this would fit with a 5/3 followed by a 4th wave retrace and a decent fifth wave down into the Autumn. Some traders are saying the top is in for some years and whilst they may be right, from experience (bad) I'll trade what I see and the markets haven't confirmed the return of the bear yet.

 

[barjon]

mornin' all

ah, bracke, the dreaded exit decisions 😕 don't know really. If you waited for the reversal to print it'd cost you at least 40 points off the top (or vice versa) - probably move to a lesser scale chart to make those decisions (and then you'd probably close too early 😆 ). It was ever thus. Or you could take the bulk on a set target. Or.........

the PF set to 1%, billg, and it is on high low rather than close remember.

It'd be good to see Mully back (And Bonsai if he ever tunes in :!: :!: )

Good trading all

jon

 

[bracke]

hungrybear

Would not a further fall in the US followed by a strong rise in from Mid/Late September onwards be to the electoral advantage of Mr Bush
I still ask the question how much manipulation is going on.

barjon

As you say one could use a shorter time scale and perhaps combine it with moving averages eg 50 day & 200 day.

Regards

bracke

 

[alliance]

Thanks 4 info bracke,just what I wanted! 🙂
Re that post...Iol..u know I was thinking of u and ur comment as I posted....and hoping u didnt read it...haha
Kinda busy 2day but will pop in when I can...Good Trading all!

 

[barjon]

hungrybear

which bear is that? The short term bear seems awake, the intermediate bear is awake, too, but both may yet retreat to slumber if the 4285 area support holds again, but the long term bear sleeps soundly on with its alarm call set around the 3940 fib50%.

good to see you back.

 

[hungrybear]

bracke,
I agree, this may play nicely into Bush's hands and if Bush is re-elected spur further bullishness into next year.

barjon,
I started using this name when the market was well into it's bear market in2002. My inability to shake the bear mentality in 2003, despite the Fste making a perfect 61.8% retrace to it's low, was a big learning point for me. I only keep the name as it's a reference for other traders who may have seen previosu postings from me. Your point about the the state of this current bear is and what it's proved to date is quite correct; I was refering to the LT bear . The Ftse has also been relatively strong, thanks largely to the banking sector, and until I see real weakness in the Ftse I'll be cautious in any other markets as well.

 

[bracke]

Good Afternoon All ( Or One Or Two )

Mr Greenspan upped the rates, markets liked it but then along came Cisco and spoiled the party.

I am still on the sidelines watching events, I don't think even a gap would induce me........but never say never.

Views from our myriad readers would be interesting.

Regards

bracke

 

[alliance]

Good Afternoon Bracke...(and myriaders/ettes)!
Was hoping u might voluntarily post ftse TA info 4 me again, but I see u want me to beg each day 😉
Wouldn't mind the Dow info as well...or am I really pushing my luck now?..lol

I have been lurking in the newly revived Trading room of late....trying to glean educational pearls of wisdom pre my course. It is Dow specific hence my lack of ftse input here. That said, I agree with ur sentiments!

 

[bracke]

Hello alliance

I thought you might be.

It's time you did some of these things for your self, especially as you are a budding TAist.
Go to http://www.stelaronline.com/resource/pivot.htm
All will be revealed, its straight forward. Even you can do it.

Yes I saw you lurking there yesterday, it was my first visit. Interesting but I think you need a minimum of two screens and a data feed to understand it properly

I note that at the time of typing the ftse is down to S2 level

Regards

bracke

 

[alliance]

Good afternoon all/anyone!
Bracke:
I answered ur last post y'day and cant think of anything I said that merited it being deleted...so can only assume that the gremlins in the T2W system which plagued me most of y'day are responsible for its non-appearance🙁
I had said ty 4 link, and I couldnt understand how diff ppl come up with differing pivots/supp/res if the formula to work out is universal...any ideas?

Still hanging around trading room "with the big boys"..but only to listen watch and learn...still nursing my burnt fingers from last Thurs....so no more trades for me til bandages come off🙁

May all ur gaps be filled😉

 

[bracke]

Good afternoon all/anyone!
Bracke:
I answered ur last post y'day and cant think of anything I said that merited it being deleted...so can only assume that the gremlins in the T2W system which plagued me most of y'day are responsible for its non-appearance🙁
I had said ty 4 link, and I couldnt understand how diff ppl come up with differing pivots/supp/res if the formula to work out is universal...any ideas?

Still hanging around trading room "with the big boys"..but only to listen watch and learn...still nursing my burnt fingers from last Thurs....so no more trades for me til bandages come off🙁

May all ur gaps be filled😉

Good Afternoon alliance & the odd lurker ( thats odd as in occasional )

There are, I think, two methods of calculating pivots. The one that I gave you is the usual one.
As you may be aware there are plenty of methods to calculate support/resistance based on:
Charts, Fibonacci, Waves (more than I type I think) and all sorts of otbers.

Do you have two screens so that you can follow what the chat roomers are doing, if not how do you follow what they are talking about ?

Do I take it that you have closed your long positions or does hope still spring eternal.

I am still out of the day and futures market. Watching events and a number of shares on my watch list

Regards

bracke

 

[alliance]

Hi Bracke:
Thanks 4 info..I understand the reasons supp/res are diff..depending on which indicators one is using, but the pivots I had originally thot were "universal" no matter the system...ho hum!

No, I dont have 2 screens..don't be silly!..with my lack of TA wot would I use them for?..I suppose I could touch up my make-up in the reflection of one 😉 lol! I just listen and watch index climb/fall..as some explain what they are reading from charts...fascinating stuff really! 🙂 and am just picking up on the lingo and wot it means, from some very patient ppl in there.(patient with my all my questions I mean). However most seem to be day traders/scalpers and @ the moment I find futures scary enuff, so am certainly not about to jump on that train....no matter how much gravy is available 😉 I watched smarwood time a perfect entry AND exit last night for summat like 55 points(dont quote me on exact number) and was amazed at the whole process. Methinks (as I suspected already) that my TA training is going to be very very enlightening 🙂 Apart from the enlightenment, the craic is quite good especially when mkt is rangebound.

No positions open now bracke......did some "hedging" and pulled a a bit back, but still took a hit 🙁

Happy Trading!

p.s.This is becoming like a big private pm thread for us bracke..do u think if u changed ur aftershave and I changed my perfume it would help? 😛

 

[barjon]

Gaw'd - can't stand the thought of different pongs oozing off the screen 😆

bracke - from a TA view
alliance - from your gut feel or whatever

Don't you think the support area stemming from 24 March is looking more and more important? It's been tested 4 or 5 times now.

 

[bracke]

alliance

You could watch day time TV on the other screen.

I have traded the dow in the past and it has been responsible for my largest gains and losses.

I have printed off chartmans method of trading the dow and may venture back to it when I think I know a little more about what I am doing.

Perhaps we should re-title this thread the ftse 100 graveyard its about as lively as one. We lack regular posters of the bonsai and mully calibre, it is becoming the alliance and bracke mutual cry on shoulder show. Perhaps we should propose an amalgamation with the dow thread but I suspect that it would be treated as an unwanted, unrequested, impudent approach.

Regards

bracke

PS I know its not BO as I had a shower in March.

 

[bracke]

Gaw'd - can't stand the thought of different pongs oozing off the screen 😆

bracke - from a TA view
alliance - from your gut feel or whatever

Don't you think the support area stemming from 24 March is looking more and more important? It's been tested 4 or 5 times now.

Very much so. There appear to be 2 schools of thought. If it is tested 4/5 times and has not broken it will hold, or, it is only a matter of time before it breaks

I was looking at what the next support levels might be, looks like 4200 and then 4000, after that everyone is jumping out of windows.

I have no thoughts on which way it may go, there are too many factors in play, so keeping my powder dry. If I do trade I will not want to hold for very long, ideally in and out in a day.

So smellavision does not appeal ? Shame, alliance was off to Tesco to buy a couple of litres of their finest smelly stuff

Regards

bracke