FTSE 100 January

[Hooya]

a bit of a random open

 

[leeshindig]

yes...morning.

 

[Hooya]

I have r3 at 514 and trendline resistance at 511 to watch for

 

[leeshindig]

515 looks a dead cert imo.

 

[Hooya]

but as Bonsai said on Friday but "what then"? Do we hang around up here all day waiting for US tomorrow. Or do we start to retrace to fill the gaps below and ease overbought conditions?

 

[Hooya]

thats the trendline hit on 10 min line chart

edit an now on the candle..

 

[mully]

It has become rather quiet on this forum lately.

Anyway, I will put up the FTSE250/FTSE100 comparison.
Not as good a day for the 250 versus the 100.

One could get more excited about the FTSE100 if you believe
that the positive moves by both the oils and pharmaceuticals today has legs.
It might at last produce a readable wave pattern for the FTSE100 [Hooya]

 

[Hooya]

lol That would be good Mully....but better sort out simple trading
execution first. Some how my old habit of puting a trade on and closing it flat 1 min before it goes the intended direction has come back gggrrrrrrrrrr

 

[mully]

Yesterday's failure by the S&P500 to make a new high
[possibility of a lower high in the making] could influence
FTSE100 over the next few days.
The FTSE250 appears to have lost momentum
and banks appear to be slipping which will not
help FTSE100 short term. Anyway I will post the usual FTSE250/100 comparison charts.
Good trading to all.

 

[mully]

Hooya,

Well, well. The FTSE100 is being supported by another positive day by AZN, BP and Shell. (Defensive stocks in nature)

 

[Hooya]

still not clear imo..looking a bit messy today

 

[bonsai]

hit and bounced up after hitting my 62 fib at 4490

hooya
it did look messy but I think the clue was in the action
yesterday morning when it failed around 4520.
Looked like a classic 'b' wave pattern. One to store away.?
From then on the trend was down as delimited by the 1 day
until the break after completeing 'C' around 3pm

so with a fair wind, we will now see a new high.

 

[Hooya]

thanks for the clues...Im with you on a new high....bit of a no brainer statement but there you have it. Still think we might have trouble getting over the channel trendline at about 540ish. See what this morning brings.

you will ba also pleased to know I had the fib too hence why i went long in the morning but it didnt really produce much....but with a 24 point range intraday it was a tough one...again

 

[Hooya]

I also have this flag that targets approx 547 maybe more depending on where you think the pole started

 

[bonsai]

you are right but I wish I had a £ for every no brainer that
didnt materialise !

 

[Hooya]

lol we got the open high but obviously sbs didnt go with. Looking for either a goose or a gap fill. everything I have points in to the 40s but might need the US data for that

 

[Hooya]

I see you are Legendary LOL

 

[bonsai]

at the moment, it smells of a test rather than a gap fill.
testing your top line ?

 

[Hooya]

which is also 511...

 

[Hooya]

sorry Jonny I dont have futures