FTSE100 July 2004

[Finirama]

Yeah, I'm very wary as well with regard to US moving lower as well, so watching like a hawk go...c ya laterz

 

[alliance]

Afternoon all,
Good trade bracke, dont beat urself up bout the lost 19 points....congratulate urself on the gained 60

I have no trades on @ all @ the mo, which may be just as well, coz both u guys are long and I would be looking to go short right now. May well wait for US now...seems job numbers didnt go down too well!

 

[bracke]

Afternoon all,
Good trade bracke, dont beat urself up bout the lost 19 points....congratulate urself on the gained 60

I have no trades on @ all @ the mo, which may be just as well, coz both u guys are long and I would be looking to go short right now. May well wait for US now...seems job numbers didnt go down too well!

Good Afternoon alliance

Out of bed a little late to-day aren't you. Tut tut

I wasn't beating myself up about the lost points, learned somewhile ago not to do that but after consideration I should have had the confidence to trade what I was seeing IE ftse continuing lower with no movement of ma's to suggest otherwise. I held off taking the long until the averages started to move in the correct direction so hopefully got that right. I will hopefully remember the lesson and have a little more confidence next time.

Why are you inclined to go short, Is it TA or fundamentals?

Could do with a nice steadying statement from Mr Greenspan but I think he is finished for the time being.

Regards

nracke

 

[alliance]

hi bracke,
Maybe I should re-phrase that! If I was tempted to go long, it would not have been @ ur or Fins entry. On sept fte, i feel it may yet go to 4295 area. Am sorely tempted 4 a long on Dow now, but forcing myself to sit on hands.....

 

[bracke]

hi bracke,
Maybe I should re-phrase that! If I was tempted to go long, it would not have been @ ur or Fins entry. On sept fte, i feel it may yet go to 4295 area. Am sorely tempted 4 a long on Dow now, but forcing myself to sit on hands.....

I was also watching to see if it would drop below 4300 but it held at the S2 level but of course it could still go there.

The dow, a volatile beast that has bitten me on more than one occasion . No matter where I have placed stops it can get them. I have decided to leave it alone for the time being as when I lose it is nearly always on the dow - Big wins and Big losses.

Regards

bracke

 

[alliance]

Yeah bracke, still in the danger zone! (4310 @ writing)
Remember 2day is second heaviest reporting day in US Q2, again with some big names in there so anything could happen..incl another suckers rally! Also, in the short term, August around the corner...usually a dull month!

btw, I will have u know I was online looking @ Asian markets @ 7am!!! No lazing in bed 4 me As for ur other question...u know how well TA and I get on, so sorry to disappoint but nearly always based on maybe some TA analysis I have read from a cpl of websites I subscribe to, but mainly combo of gut instinct and observence ~ the latter two which are very hit and miss!!!

 

[bracke]

Yeah bracke, still in the danger zone! (4310 @ writing)
Remember 2day is second heaviest reporting day in US Q2, again with some big names in there so anything could happen..incl another suckers rally! Also, in the short term, August around the corner...usually a dull month!

btw, I will have u know I was online looking @ Asian markets @ 7am!!! No lazing in bed 4 me As for ur other question...u know how well TA and I get on, so sorry to disappoint but nearly always based on maybe some TA analysis I have read from a cpl of websites I subscribe to, but mainly combo of gut instinct and observence ~ the latter two which are very hit and miss!!!

dow dropped to 9989 but has started rising - I wonder how many stops that took out.
Still keeping a close watch and will move stop up to breakeven at the appropriate time.

Glad to read you were up and about early,.I was thinking that living in the far north in the land of the midnight sun it must be hard to sleep.

Don't like the sound of that "gut instinct and observance" have been there and come unstuck. Does it work for you? IE have you gained more points that you have lost and over what time period?

Regards

bracke

 

[alliance]

Don't like the sound of that "gut instinct and observance" have been there and come unstuck. Does it work for you? IE have you gained more points that you have lost and over what time period?

I don't like the sound of it either Bracke, which is why I am endeavouring to understand TA better. Thus far tho, despite ur attempts with the link to Gaps, and Fins with Divergences...I am almost as clueless about TA as I was 10 weeks ago when I started trading with real £'s. I understand sma's, pivots, support and resist..and thats about it. It frustrates me greatly coz I am not thick (honest)!

I would say that lately I have been getting more right than wrong, even tho I may not have "milked" as much as the full potential from the trades (bit like ur gap trade earlier)! My day is made if I dont LOSE money! In first few weeks I lost a LOT of money, (2k on ONE trade) all due to my own naivety/ignorance/stupidity/stubborness/fear/greed...u name it..I had it (still got some of it too) Some consolations from that period tho are:

1. Expensive lessons learned, both about markets but more importantly about self!
2. Reading these boards I realise that I am not alone (u have no idea how consoling that is)!
3. Expensive as they were, lessons learned had more impact than any course could have!
4. Finding this site due to searching for more knowledge when I realised I knew nothing!


Bet ur sorry u asked

btw, ur geography is about as good as my TA....methinks u will find that the land of the midnight sun is Norway...not Scotland :cheesy:

 

[bracke]

alliance

Oh the pain! I know exactly what you are saying, unless one has been fortunate to have been pointed in the right direction at the start of one's trading experience it is going to be painful.

I found this site last December, I regret that I did not find it earlier.
I am only just getting to grips with TA having read, tried and abandoned various indicators and settled for the time being on those which I am relatively happy with but with an open mind on other techniques but I am no longer looking for the 'black box'.

I don't believe that you are clueless about TA. If you know what it is its probably more about how you are going to use them rather than understanding them.

I think a large part of the problem is knowing that one has one. Once you know that you can at least start on the road to better trading but I suspect it is a long job and the markets are ever ready to give one a nasty nip every now and again as a reminder that the market rules.

btw My geography is qute good but as a Sassenach I am obliged to regard anywhere north of the Watford Gap as "The North" and hence land of ice, snow and all manner of other things northish.

Regards

bracke

 

[bracke]

JeanM

Your thoughts on the direction of the ftse?

Regards

bracke

 

[barjon]

alliance

if you've been trawling through the site I hope you haven't missed the basics of trading thread in the first steps forum (sorry not clever enough to post the link!!). You might like post 337 in particular, but it's all good ta stuff.

 

[Finirama]

Some lucky escapes..... with profit

And wots with the US spoiling my plan??!!!! :-0

 

[bracke]

It would appear that we are back in the hands of the US - as usual.

Is the dow going to retest the intraday low of 9852 set on 12May2004? or will it get support at the 9930 ish level

Bears rubbing paws thinking of honey, bulls being pulled by the rings in their noses in a direction they do not want to go.

Regards

bracke

 

[alliance]

Well hells bells!
Here I sat all day waiting for dow to go anywhere sub 9950 and ftse down @ my favoured 4295 or below and wot happens? I get booted, and decide to go to Tesco for a bit o' light relief ~ thats light on my purse
Had a feeling tho that @ uk close both would slideeeeeeeee again and so it seems! Got back and see I missed it...on this trip anyway, but who knows..we may well visit that area again soon!

Bracke:
I really think I do need to get on a TA course coz I am certain that if am physically shown how all these indicators and graphs work I will get the hang of it in no time! Also, the correlation between all the different charts ppl use confuses me...probably coz I dont use ANY! Seems there are 1 minute, 4 minute, 15 minute, 60 minute...day charts..week charts...etc etc etc...and all minutes in between, each telling its own "story".

barjon:
Tnx muchly for ur suggestion Oddly enuff I came across that thread this very morning, and added it to my subscriptions so that I can go read over weekend! This site has so much info it can sometimes be overwhelming, and I hadnt yet got to that particular thread!

Bracke...r u still holding ur long or did u close it? I am assuming from Fins comment that he has closed his for a profit.

 

[barjon]

Well, well there's unusual.

The last 3 days have resulted in the extremely rare abandoned baby formation. Had it occured at the top of the uptrend it would have been a major, major reversal signal having you running for the lifeboats. Coming after the fairly severe down move I don't know what it means - probably nothing at all

Intereresting that volume today was relatively low so the mark downs seems protective and an absence of buyers rather than heavy selling pressure?? Tomorrow's looking northward given DOW close and maybe an opening gap (but will it close before it closes today's down gap, Bracke ). Southward and I'm looking at support around 4291, then 4081 and then the Fib50% of the whole March 03 to April 04 move around 3940. Anyone got any different?

good trading all.

 

[alliance]

Also, the correlation between all the different charts ppl use confuses me...probably coz I dont use ANY! Seems there are 1 minute, 4 minute, 15 minute, 60 minute...day charts..week charts...etc etc etc...and all minutes in between, each telling its own "story".

Actually, thinking about what I said there, I guess (?) the time frame ur trading in dictates the charts u will trade from i.e. Scalp/Day/Swing etc

 

[Finirama]

Thanks for the post Barjon,

Don't use Sharescope anymore so have to rely on Sierra Charts volume...which had today as higher vols!!!


Alliance,

i used to use only 1 or 2 timeframes, but now i flick between many so that they confirm my suspicions. Only when i feel i have the complete picture (by fitting together the different timeframes), do i move to the 1 min chart for entry.

 

[alliance]

omgggg barjon....wot on earth is an abandoned baby formation??????

 

[barjon]

alliance

The " classic" route is to move from longer term charts to shorter in order to be properly aware of the various trends, support and resistance levels etc. Similarly, it's said that you shouldn't mix time frames - eg) if your time frame requires that you use 60 minute chart you should make your entry and exit decisions based on that chart only (which can take account of longer term support resistance levels etc)although you might switch to a 10 minute chart to fine tune the entries and exits you have decided upon.

I mainly trade shares from end of day (ie: daily candles) with a timescale in mind of up to about 20 days. What happens every 10 minutes is really just noise, but if I keep a 10 minute chart up it's pretty easy to get spooked out of entering a good trade or spooked into exiting prematurely.

Hope that helps.

 

[Finirama]

Alliance,

You might know it as a island top perhaps (with gaps on either side of play)??