Message For Ftse Traders......

Market is already getting obliterated at the open............DOW 7000

CMC markets opens @ 23.00 for US markets only and i think 00.00 for European Indices so I don't know what's happening there there yet!!

but according to IG the FTSE index is already trading around 3770 region so not looking good.......!

it needs to hold this level or its going to get ugly......

Sir William has stated that we may see a correction in the interim according to his Elliot wave count........
 
another thing that i would like to explain guys..........

my pivot points on CMC are in stark contrast to IG index........I think this is because IG is a spreadbetting company and operates 24 hours a day, it may be because it doesn't have gaps in the markets which is pretty annoying.

Even though IG index charting software is attractive i still prefer my CMC because it provides better trading results............

my Pivot points on FTSE on CMC are

S2 3924
S1 3857
P 3804
R1 3737
R2 3684
 
wallstreet1928 said:
Market is already getting obliterated at the open............DOW 7000

CMC markets opens @ 23.00 for US markets only and i think 00.00 for European Indices so I don't know what's happening there there yet!!

but according to IG the FTSE index is already trading around 3770 region so not looking good.......!

it needs to hold this level or its going to get ugly......

Sir William has stated that we may see a correction in the interim according to his Elliot wave count........
Click to expand...

according to IG aound 3665, looks to be holding. well we.ll have to see what happens in am..:sleep:
 
wallstreet1928 said:
another thing that i would like to explain guys..........

my pivot points on CMC are in stark contrast to IG index........I think this is because IG is a spreadbetting company and operates 24 hours a day, it may be because it doesn't have gaps in the markets which is pretty annoying.

Even though IG index charting software is attractive i still prefer my CMC because it provides better trading results............

my Pivot points on FTSE on CMC are

S2 3924
S1 3857
P 3804
R1 3737
R2 3684
Click to expand...

The problem with IG as far as I can work out, is that on a Sunday, from 11pm to Midnight is counted as a seperate day - which makes sense, but seems to screw the pivots for Monday. So, I tell the charts not to display Weekend data. If I do watch the Sunday 11pm open, I then would still turn weekend data off after that point, then the pivtos should be based on last fridays data only.

Does that make sense?
 
Geofract said:
The problem with IG as far as I can work out, is that on a Sunday, from 11pm to Midnight is counted as a seperate day - which makes sense, but seems to screw the pivots for Monday. So, I tell the charts not to display Weekend data. If I do watch the Sunday 11pm open, I then would still turn weekend data off after that point, then the pivtos should be based on last fridays data only.

Does that make sense?
Click to expand...

Okay.........Understand my friend!!

here ones trade that i think I will attempt according to my analysis!!

only 1 contract as risky trade but worth the probability with trend line and pivot support ...

long Dow 6995.......stop loss 6950, target 7050!!!!!
 
Geofract said:
The problem with IG as far as I can work out, is that on a Sunday, from 11pm to Midnight is counted as a seperate day - which makes sense, but seems to screw the pivots for Monday. So, I tell the charts not to display Weekend data. If I do watch the Sunday 11pm open, I then would still turn weekend data off after that point, then the pivtos should be based on last fridays data only.

Does that make sense?
Click to expand...

Also, not only does it make sense, but is it the right thing to do, do you think?
 
first attempt at chart upload!

Thanks for uploading your charts guys that's a great help if nothing else as a check to make sure I'm going along the same lines of thinking.

I've not been able to get online this weekend and have to leave early for Paris tomorrow am (business not pleasure unfortunately!). I've uploaded a FTSE chart, hopefully it will work, first time I've tried to upload. I just wanted to show the significance of support turning to resistance or vice-versa. You all know this well but it's good to see demonstrated on our beloved(!) FTSE.

Key support at 3964 and 3933 (these S&R levels go back for many days! I drew them in on the daily chart). Several pin bars bounce off those levels and then retest on the other side. Then in the wedge, I took a fib from high/low from 23rd Feb and it's clear that each fib level comes into play on subsequent days, nice!

Also two touches of the 200EMA on 26th Feb would have made great shorting opps if only I'd been able to.

There are a lot of trendlines and key levels on my chart which look a bit cluttered but several are going back days/weeks so I will keep them on there and they may come into play again once more. I don't use MACD or RSI too much yet as I'm trying to focus on price action but I just had them on this particular session.

I also started using ichi moku recently, seems to be a very good way of keeping yourself in a trade. Strong sell signal when red and blue lines cross under the resistance cloud (dotted green/blue line), exit trade when the lines cross back over. i.e. sell 16th feb just under 4228, exit on 18th or 19th Feb on re-cross, notice the lines get close but don't actually cross until this point. That's the thory anyway and I haven't used it too much yet but I will start trading on 1 hr timeframe to stay in trades longer as you mentioned Ollie. Hope this is helpful but don't my charts for guidance as I'm not really consistently successful yet! (I'm not good with stop levels, anyone got tips on placing stops?)

Rich

P.S. Ollie, like your charts just one thing I don't understand is what those upward sloping diagonal trendlines are for, why you draw them there and how you use them and what's renko looks like p&f? WS - Nice charts clean and clear.

Your last few posts with charts and explanations have been incredibly helpful guys, keep it coming and good luck this week.
 

Attachments

  • FTSE 100 Daily (26-FEB-09).png
    FTSE 100 Daily (26-FEB-09).png
    31.6 KB · Views: 108
uksnowman said:
P.S. Ollie, like your charts just one thing I don't understand is what those upward sloping diagonal trendlines are for, why you draw them there and how you use them and what's renko looks like p&f? WS - Nice charts clean and clear.
Click to expand...

Richard, are you talking about the upward lines on the 1 hr? if so, there was an upward channel at that point for a few days.

edit. Renko is a little like P/F I guess. All I can say is it takes out a lot of noise.
 
Geofract said:
Hi Rich,

Click 'Options', 'Set Time and trading hours', click 'Display Weekend data'
Click to expand...

fantastic, you have been very helpful my friend.......

i have amended time frame to 8.00 - 16.30 FTSE and now I have gap down/ups on my chart.........

but the pivots are still different!!
 
wallstreet1928 said:
fantastic, you have been very helpful my friend.......

i have amended time frame to 8.00 - 16.30 FTSE and now I have gap down/ups on my chart.........

but the pivots are still different!!
Click to expand...

Always happy to help WS, that's how we all learn :) And trust me, I have much to learn :LOL:

The pivots are different to CMC you mean? If you have CMC at 24 hrs, and IG at 8am to 16.30, then they will be different, as they are using different data to calculate the pivots. If that's not the case, check if you have HLC/3, or HLCT/4, or whatever you use, as there might be some discrepency there perhaps.

I guess it's possible that CMC are showing different prices to IG for out of hours trading.

Ollie
 
Geofract said:
Richard, are you talking about the upward lines on the 1 hr? if so, there was an upward channel at that point for a few days.

edit. Renko is a little like P/F I guess. All I can say is it takes out a lot of noise.
Click to expand...

ah yes sorry I can see the trendlines now on 1 hour, I think I was looking for something that wasn't there first time (some sort of pattern symmetry, no idea, it's late!).

Thanks for the IG time tip, will try that straight away.
 
You must log in or register to reply here.

Similar threads

Windlesham1
Surrey Traders
Replies
7
Views
2K
Windlesham1
Windlesham1
wallstreet1928
  • Locked
Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
969 970 971
Replies
19K
Views
2M
barjon
barjon
S
short term ftse
2
Replies
20
Views
3K
pb8856
pb8856
R
TradeStation Symbol For FTSE 100?
Replies
0
Views
4K
ramanujan
R
F
Bet against what exactly?
Replies
5
Views
2K
farmerben
F
Top