FTSE 100 January

[Sledgehammer]

jonny

future opened at 4504.5 and made a low of 4502 before 8:06

 

[Sledgehammer]

... and a high of 4509.5 before 8:06

 

[bonsai]

so it found support on my old fib at 4516 ?

 

[Hooya]

this is where it gets difficult for me...should I or shouldnt I?? I guess it comes down to experience but find it hard to decide whether suuport has been found. Would rather wait for a gap fill or trendline test etc but then might miss out ? Some would scale in a long, some would reduce stake and widen stop to allow for the above. Me, I will just sit here like a plum LOL

 

[jonnyy40]

Thanks Sledge.(I'll look into the Databull.com backfill service.99 Euro one off payment).

 

[bonsai]

understand and you may always be right to stand aside.
nothing wrong with that.
selecting the best trades is probably the best edge you will find.

but as far as we can tell we are still in an uptrend, so the issue is
how big a stop loss do you want to risk ? as we are in s/term overbought status .
we have support at 4490 so 27 pts may be far too much for the
potential return. This may be yet another relief rally !

 

[Hooya]

is that triple support at 16 on 1 min chart...I guess stops can be placed just below that if you are expecting it to move up straight away. If this was the Dow you could probably get away with a trade like that but on the FTSE I would be asking to be stopped out :-0

 

[bonsai]

the 'secret' was to go long yesterday afternoon after
4490 followed by break of 1 day.
Then you wouldnt have these problems at all ?

 

[Hooya]

yes I know Mr Smug:-0

 

[bonsai]

oops, sorry if it sounded like that. it wasn't meant to.

 

[Hooya]

I know I was only joking...I can see these things too but about 20 points later than you

 

[Hooya]

nearly back to pre auction close

 

[Hooya]

and now at the 1 day

 

[bonsai]

lol
well that has got rid of the overbought situation.

now, I think we need new clues.
(left some weakness behind in the fall - around 514 ?)

 

[Hooya]

as some one just mentioned Nokia out at 11...

 

[Sledgehammer]

yes jonnyy, after the open it went up to 4509.5 and hasn't been there since

 

[Hooya]

I see the weakness Bonsai I have a couple between 13-15 but it
probably appears as one to you. Note: to myself.....must remember to short anything above 520

 

[jonnyy40]

completely forgot about Liffe!Will go therein future.Thanks for your patience.

 

[Hooya]

well Im lost again LOL..these gaps up where the sbs dont follow
really do leave me in a pickle. it has left my charts in a bit of a mess i.e they have rolled over but near the LOD so hard to know what to do. BTW it was alower high on 60 min line chart

 

[Hooya]

triangle it is