Message For Ftse Traders......

[wallstreet1928]

my main impuls was the studying the FTSE cash & FTSE futures over the last 3 days........the market hit 4450-4460 and went right back to 4400 additional to 5 min analysis on my chart, indicators i mentioned in my earlier post MACD, Stochastic(slow and fast) and RSI all indicated oversold.....

but my analysis was on too much of a short time frame, when I went back and tried a 10 min time frame it didn't indicate oversold .....i usually use 10 min/15min time frame to confirm my 5 min but on this occasion i was too obsessed with the resistance at 4450-4460 and got blinded?

i have since gone long on all 3 indices, DOW above 8800(30 ticks profit) and went long immediately on FTSE 4770(made 10 ticks) and DAX 4880(made 20 ticks) .........after I realised that the uptrend was too strong to fight!!

Oh and i have been shorting GOLD today as well....and buying on dips!!

I am currently long again on DAX as broken above 8900..... stop loss 8887....!!

Off to my friends fathers funeral so speak to you all later

 

[wallstreet1928]

yes im long dax 4895 ........stop loss 4880, just amended to 15 point stop loss as too small at 8 points!!

fingers crossed..haha!!

 

[Splitlink]

I'm not sure that 8 points is too close. Because I stopped out at 8 points on my second trade, this morning, I was able to end up a net 18 points on my third trade, making about 15 points on the morning.

Split

 

[vinicius]

If my levels of R/S are right we`ll see the price at around 4455.. Seems dow its on support and if breaks this level will reach 8700...

I`m riding a nice short on Hong Kong.. Got it at 15.179 and keep going down..

 

[Dentalfloss]

4555 getting hit now

 

[Dentalfloss]

price is resting for a while.at this point i will not get a short signal until,4530 area is breached.and even then it is not a great confirmation.i need a second signal in a row to confirm the trend change

 

[vinicius]

Buyers pressure still strong in all indices..
I`m short on dax at 4965..

 

[vinicius]

Out for £2.50 profit... Argh!

 

[Dentalfloss]

vini
what are you using to confirm trend reversing on the dax.?

 

[vinicius]

vini
what are you using to confirm trend reversing on the dax.?

Actually I`m watching price action, using levels of S/R. I was right on this one.. But stayed on too much.. Could have done 20+ on Dax and 215+ on Hong Kong.. I need improve my exists from now on..

Entrys are really better..

Hope u guys have a good day..

 

[Dentalfloss]

4650 looming
this is a major resistance area.slightly minor is 4700.certainly looking like a good base formation
thinking that we will get some pause early next week

 

[Dentalfloss]

nas 100 relative to the dow.
this chart action has gone downwards.so no real apettiite fo risk as yet.looking like a traders rally so far and the investors not joining in as yet.so we wait for more confirmation

 

[Dentalfloss]

ftse100 is starting to be stronger than the dow.relative strength is approx 5% above and aginst the normal trend.so not hugely bullish as yet on the ftse uneless there is some good new next week
anybody got ideas.?

 

[adamscj]

ftse100 is starting to be stronger than the dow.relative strength is approx 5% above and aginst the normal trend.so not hugely bullish as yet on the ftse uneless there is some good new next week
anybody got ideas.?

I think the traders will largely stay neutral next week with NFP looming on Friday, so if we do see a strong push higher it could be on the back on institutional / retail investors getting bullish about 2009 (which would be a good sign for a start of the year rally).

I purely trade trend so my market "feeling" doesn't really count for much, but I can see a strong equity rally for the first few months of 2009 before the Q1 profit warnings (e.g. retail, manufacturing) start to make people jittery around March/April time and we see a sell off.

 

[Dentalfloss]

adam..
yes,i think that will be the course of action for next week.rallies to resistance last week.non farm payrolls the main influence,this week.might be some profit taking early in the week

 

[adamscj]

adam..
yes,i think that will be the course of action for next week.rallies to resistance last week.non farm payrolls the main influence,this week.might be some profit taking early in the week

It's also worth keeping an eye on the situation in the Middle East, this could start to weigh on sentiment if things are not looking better through next week.

 

[jdphil]

gone short ftse @ 4574

 

[wallstreet1928]

same here my friend..............short FTSE 4579 stop loss 4600!!

 

[jdphil]

thoughts for an exit area?

 

[adamscj]

same here my friend..............short FTSE 4579 stop loss 4600!!

That's a fairly tight stop loss isn't it? There could be a bit of drift before the US comes in and provides some real direction.

Personally I still think we will be range bound this week until the fun starts with NFP on Friday, setting the tone for January