FTSE 100 Intraday Trading - October

[bonsai]

hb
it's an illusion.

sb's quote you a price based on futures less fair value.

cash has little to do with it.
it just takes time for cash to trade to its equivalent level.

unless you want to sell all the underlying stocks ?

 

[hungrybear]

I feel I need to be careful today. On the one hand the market's been making higher lows and highs, so is an upward market, but then I have today as a fib turn day. One more rally with Wall street this afternoon perhaps?

I see we have the early morning turn again!

 

[bonsai]

don't want to spoil things but the chart is crying out to me for a break of 4240 to get rid of some weak bulls.

but the market could be stronger than I suspect.

If I was an mm, I would like to test 4225. ?

 

[bonsai]

and there is this.
It will need to do better if we are to move up this morning ?

<img width="500 height="450" src="http://money.cnn.com/markets/morning_call/globex.png">

 

[bonsai]

think I saw a gap up through resistance ?

its the cash market that seems to be driving this.

 

[bonsai]

lecter
sorry, its S&P futures.

have posted it several times before
just didnt allow for new comers.
if you are ever unsure about a chart, just put your mouse
on it and right click and select properties.
it will show you the url of the chart.

lol
its bigger now !

 

[bonsai]

well I got that both wrong and right ?

it clearly doesnt want to go down , not yet anyway.

but the trend line from 4082 was important !

so the trend is intact.

 

[hungrybear]

Dax has bust straight through the 61.8% retrace without pausing for breath. Suggests a lot of strength in this rally. Dax & Ftse have both achieved the fib day duration targets. I'd expect a breather Mon/Tues then up to Friday next week. If Monday's up (unlikely) it would suggest 5 days up next week!

Dow & SnP still have to perform this afternoon. Also, price target is also important. I'm unclear on a target for the Ftse - I'll have another look later today - but SnP & Dow are clear and are too far to be hit today unless we see a mother .... of rallies and way way through their top BBs.

 

[bonsai]

hb
that would be a pity.
start my holiday next week

 

[hungrybear]

How long are you away for Bonsai?

I'm off on the 24 and back on 31st Oct, which should correspond with a low point using my time projections, so I'll probably leave a small short in place whilst I'm away - assuming the market behaves accordingly up 'till then.

 

[hungrybear]

Ftse BB at 4350. I've got a feeling we may hit it today.
4351 is a short-term fib extension point.
4349 is an intermediate term fib extension point.

 

[bonsai]

I have three weeks as a plan.

three planes and an suv will bring me to a place called Ellensburg.
washington state.

 

[bonsai]

have opened a short
hoping to attack 1 day.

 

[Wideboy]

Looks like its turning up again?

 

[Pete Hannan]

I've closed longs on the break down.
What do you usually count as a break of the moving average, Bonsai? 5pts.
I'm using ema rather than sma in this graph ,btw.

 

[Pete Hannan]

Anyone use a Renko chart?
I got a sell signal at 4319. (Not that D4F gave me that of course).

 

[bonsai]

its a bit more complex than just a number of points
as I am watching price action (line chart)
but the second fall on your chart tested the 1 hr
but the next fall broke it.
and if you look very closely, after that break there was a small pull back.
when it failed that was the trigger
and 1 hr was already turning.
so it had been tested from above and below.

doesnt guarantee anything, its just my trigger.

edit
of course it did help that the fall produced a divergence on the macd.
and we were overbought
and all that other stuff

edited
typos everywhere
lol

 

[bonsai]

that post didnt make sense.
so have gone back to edit it.
hope its ok now.

 

[bonsai]

not going anywhere
closed for petty cash
sb's still quoting under cash though.

but it may be trying to form a base of some sort.

 

[mully]

Dr Lecter,

I hope we are all of sufficient strength to plough our own furrow. However, I do find Bonsai contribution invaluable. It up to each and everyone to take or leave any contribution. You can of course log off to relieve the "hunderance."