FTSE 100 February

[FetteredChinos]

hmm yes maybe waiting til the auction is over is best, but these things even up over time.

im afraid i trade in a slightly different way to you guys, where the closing price isnt actually the most important factor. im sure i have posted my reasons for this elsewhere. i don't pay much attention to elliot,gann or fibs. whilst useful, they tend to cloud my judgement in times of emergency.

radical i know, but it works for me, and that is the important thing.


see you tomorrow chaps. im off to go and work on my stop-loss levels

FC

 

[bonsai]

Fc
I would be interested to know your reasons.


pretty good day to day but unusual as we only had the one swing

it seems we come to the apex on S&P either late tonight or tomorow, depending on where you draw the lines.

 

[FetteredChinos]

ok guys, since im still online as im struggling with an excel formula. (amazing isnt it - ive been using it for 15 years and still pivot tables trouble me lol!!!)

my "method" is based upon the idea that the market will tend to "blow off" when a move reaches a climax. eg when in an uptrend, the final day will experience a low near the day before's close, and the high will be a long way above the previous few days' highs.

this is then my trigger that the move is coming to an end and a retrace is on the cards. usually i get such a trigger (there are a few other Chinos Fudge Factors in there) every 3 days or so.

its not the most efficient trading method, but still i average about 30pts a week after spreads.

it is of course a good lesson in backtesting, as before i went live, my testing assumed a return of about 45pts a week lol.

such is life..


FC

 

[bonsai]

interesting

so in barjon's terms you sell a long solid candle ?

or in today's terms something of a shooting star as we have an opening gap ?

 

[FetteredChinos]

precisely Bonsai.

i never could get fib levels to really work for me im afraid. too many times the market would gap through levels and take out my stops. lost a lot more than i won.

which is why i have gone back to basics.

im still trying to hone it further. trying to improve the win rate from 70% (ish) so that i can risk a bit more of my trading capital and buy that speedboat and indonesian island a bit sooner lol

FC

 

[Hooya]

sounds like you have a system that suits you....now
if I can just find a system thats suits me LOL

 

[Hooya]

shocking email from cmc

"INTEREST RATE QUALIFICATION LEVEL

The interest payment qualification for deposited funds from February 23rd will be<b> increased to 10,000 GBP</b>. The interest received on deposits over this figure will be based upon the Bank of England base rate with a 2% deduction on credit balances and 2% addition on debit balances.

SAME DAY PAYMENT CHARGES

Same day payments from the 23rd of February will be charged at <b>£25 per transaction</b>. Please note that 3 day BACs payments remain free of charge."

 

[FetteredChinos]

cheeky beggars!!

im glad i left them. though they did charge me £25 to get at my money!

 

[bonsai]

OVERNIGHT FINANCING RATES

From February 23rd, the overnight financing charge on all positions will be based upon LIBOR rather than SONIA. Further to this change, the percentage added to the overnight borrowing rate will increase to 3% on long positions and on short positions 3% will be subtracted from the overnight borrowing rate.



lol

think of it as an aid to good money management !

they are almost as quick off the mark as the mortgage banks .

 

[barjon]

delicately poised don't you think?

a nice strong and positive candle keeps the short term bull
snorting but it finished sitting in that resistance area from the last swing low.

Bit of a toss up. FC may be on a winner, but I'll need a close
below today's low to further confirm the intermediate bear.

 

[Hooya]

Barjon, I know you like candle/ and bar charts so here's one for you. Only quickly drawn it but we triggered a long today with stop at the lows

(also we have had 4 higher lows)

 

[bonsai]

good points, both of you.

but I like my apex even better.

 

[barjon]

hooya

nice one - but only 3 higher highs (or 2 if you're going to be really
picky)

ps: a close below 4402 will complete the first reaction after
change of intermediate trend (allegedly ) and signal a short
(possibly )

 

[Hooya]

can we have a picture of your apex please

 

[bonsai]

sorry, thought you had already picked up on it

 

[Hooya]

thanks will check it out


edit: its only a few hours away by the looks of things

I had, but thought you had spotted a UK one

 

[Hooya]

once (if) we fill the gap to 402 the we have two to the upside to fill and uptrand will still be intact,

 

[bonsai]

no real clues from here on UK
but a rush for the fib on S&P pull back (2) would fit in nicely,

 

[Hooya]

ooooo!....just noticed £$...looks like the beak out could be on there

 

[Hooya]

Looks like a mirror image of the spx traingle LOL