ftse (and other) 20ema crossover and test

[StephenMcCreedy]

hi split i'm short from 92 which is nice, i have 60 as a target but it's not quite got hit yet. it was resistance on 17th of august after the swift breakdown. i reckon this makes this a key level. i think it might break this afternoon but we'll see. if it holds it's onwards and upwards i guess.

 

[Splitlink]

hi split i'm short from 92 which is nice, i have 60 as a target but it's not quite got hit yet. it was resistance on 17th of august after the swift breakdown. i reckon this makes this a key level. i think it might break this afternoon but we'll see. if it holds it's onwards and upwards i guess.

I just got stopped. 10 points stop on my trade. I should have entered when you did. Mine was going to be 88. Well, next time!

Mind, at this time, yours is under threat, too!

 

[Splitlink]

The 4H is getting touched again (when it gets to at 5414) but this time it could be a short signal. What do you think?

 

[StephenMcCreedy]

yes this bounce was quite out of the blue (well for me!) saw 60 as potential support but didn't see the bounce of that scale as likely.

 

[Splitlink]

Frankly, I don't know which way this is going to go, now, because it could be that that 4h average signal that I posted yesterday was correct and the upward trend will be continued. Or it could reverse on a return to that average , which is now at 5414. I can't do much more, to-day, myself, so I wish you luck.

 

[StephenMcCreedy]

don't worry, tomorrow will present another chance and maybe the picture will be clearer

 

[Splitlink]

don't worry, tomorrow will present another chance and maybe the picture will be clearer

Have you noticed how Tom's Big Ben range, as I worked it out, was 35 points, which would have made his stoploss 5401-35 = 5366? Have I got that right? If it is right, it would have made a very low risk entry point for us to use, don't you think?

I'm going to work now, so you have time to ponder before you answer!

 

[StephenMcCreedy]

yes split but i do not understand the 5401-35, where does the 401 number come from?

 

[StephenMcCreedy]

here is a nice one for cable. it seems you have to get up early to get the good morning fx moves. i don't, as a rule, trade fx so what time does it 'open'.

 

[Splitlink]

yes split but i do not understand the 5401-35, where does the 401 number come from?

I made 5397 the high and added the 4 points Tom uses for spread, etc,

Actually, it is just the 2 hour range, isn't it? Whereas Tom and Big Ben are using the lower figure as a stop on the long, yesterday we would have done well to enter a long trade at around that point.

It is a matter of having a long or short view and that is the bottom line in trading. Who will be right and who wrong?

Let's see what it does to-day.

 

[StephenMcCreedy]

my view is short today. although i think it's going to be a long choppy drawn out affair rather than a straight drop. here is an hourly ftse chart i'm using that is making me bearish. that said it's still above the 20ema on this time scale and it seems to be 'important' as we are bouncing up and down on it. when we dip below and the average dips down it looks quite bearish and when it rallies only 10 points or so it looks a lot less bearish. we'll see what transpires. i think the bounce from 360 yesterday needed to push a lot higher to be out and out bullish.

that said i'll just take my trades of the 20ema / 5 mins!

 

[ChowClown]

here is a nice one for cable. it seems you have to get up early to get the good morning fx moves. i don't, as a rule, trade fx so what time does it 'open'.

Frankfurt opens 7am, London 8am. I trade London and usually spill over to a few hours of the US session. This morning the 5min is setting up around the London open, which i'll take as a first trade, along with a first coffee!...quite often this will set the direction for the session.

 

[Splitlink]

So, maybe you should wait for Big Ben to fail at 1000 and short there?

Poor Tom, I'm using him!

Still, he has an academic mind. I'm sure that he will be interested.

 

[Splitlink]

This is the point that I have entered. Sell 5441.3 Time 0932. I am trying to find the high for the morning.

 

[Splitlink]

Stopped it. It's going higher.

 

[Splitlink]

The new high has invalidated the previous one, so the trade makes no sense to me, now. I used a 2M chart to get a pullback but I am switching to 5M. Lost 10 points.

 

[StephenMcCreedy]

yes i'm eating my words thinking short from 410, it's marched on up the same as yesterday. smells fishy to me but up is up and there is no point fighting it

 

[Splitlink]

This morning has gone wrong. Am going to do something else until tomorrow.

Good trading

 

[StephenMcCreedy]

very wise. take a break. no point fighting it. where in spain are you? or are you spanish in the uk?

 

[Splitlink]

Looks like Tom and the Big Bens have got it to-day. I've been out spending money.