FTSE 100 Intraday Trading - October

[mully]

2 hours into the day and still no conviction. Instead the auction continues between 4329-4348. The only interesting observation is that the second rally was not as strong at the first in price. However, the market did subsequently hold the 4329 base line again.

Anyway, I'm going to get a cup of coffee in the meantime.

 

[oatman]

certainly a bit choppy this am.

 

[oatman]

There you go locko. your pivot and my P&F :cheesy:

 

[sandpiper]

lockstock,

Apologies if it came over that way .

I wish I could get some kind of "feel" for the order flow around the pivots on UKX & DAX like I can with SP and ND. I just can't.

There are indeed many ways to skin a kat. And, as I said, continued good trading with them (and whetever else you use ).

Right now, I'm thinking the pivot on SP at 1041-42 is more of a factor in where the market goes from here than R2 on UKX. What about you?

 

[mully]

Action to-day confirms the robustness of the 4330 support which has been tested on 14/10, 16/10, 17/10 and today and held each time.

I could get rather optimistic on any pullback.

 

[lockstock]

Sandpiper,

No problem, it's not the best vehicle to get a point across.

Yep, agree the S&P @ 1040/41 imho holds the key to whether we go up or down.

If you ask me to put my neck on the line, I think we'll test the 9800 on the INDU , 1044/5 S&P, then we'll go down.

Which then should provide a good entry point to go long @ c.1020 on the S&P.

All in mho.

 

[jonnyy40]

Bit cagey?Looks like I'm about to be stopped out but will stick with the system.

 

[mully]

Yesterday, the FTSE 100 tried to break out of last week's value range. However, it closed in the middle of that VA. To-day, there is another attempt to trade above last week's VA. What is the chance of success?

 

[jonnyy40]

Well it went against my system so I would say 65:35 in favour.

 

[mully]

14 odd points of trading range to-day isn't going to feed many stomachs. The only good thing about bracketed markets is that they eventually come to an end. I'm off for a spot of lunch. So it may all now start to happen....

 

[mully]

The FTSE appears to be flirting with the 38% fib (4378/4341) (10am/ 3.20 pm yesterday)

 

[mully]

To-day, saw a classic Bonsai FTSE 100 Gap fill all the way back to 4347.

 

[mully]

Interesting Day. The attempt to break out north of last weeks the value range appears to have failed again with pm prices returning back inside last the value range- a good old bracketed market

 

[lockstock]

Morning Chaps,

R2 4388.66
R1 4370.33
PP 4358.66
S1 4340.33
S2 4328.66

Just tested PP @ c 8.25am

 

[jonnyy40]

Got up late.

 

[neil]

Take a look at the Dax.

Looks like the FTSE is better to trade so far todsay?

 

[jonnyy40]

Oh dear! Poor old FTSE could be in serious trouble.Has there been any news out today?

 

[mully]

FTSE100 has broken it uptrend established since October 1st. (below 4324). However, we may pause here because we are very close to the bottom of the VA of the last 7 days (when the market peaked).

 

[jonnyy40]

If it breaks down from here I might start to worry for the country.

 

[hungrybear]

Interesting comment Jonnyy. Why start worrying at theses high levels? Although I don't think the high for the year is in yet, I'm pretty sure we'll be seeing MUCH lower levels within a few months.