Message For Ftse Traders......

[wallstreet1928]

Hey what do we have here .....................

a BREAKOUT!!!

I have a breakout on 1 hr...........it concurs with my analysis last night for this major rally!!

PROBLEM.........but my 10 minute chart is a bit messy but is bearish as too many resistance line!!

 

[RennieAMR]

Hey what do we have here .....................

a BREAKOUT!!!

I have a breakout on 1 hr...........it concurs with my analysis last night for this major rally!!

PROBLEM.........but my 10 minute chart is a bit messy but is bearish as too many resistance line!!

I'm getting lots of mixed signals as well. We look a bit extended so it's the sidelines for me.

 

[Bloodhound]

Hey what do we have here .....................

a BREAKOUT!!!

I have a breakout on 1 hr...........it concurs with my analysis last night for this major rally!!

PROBLEM.........but my 10 minute chart is a bit messy but is bearish as too many resistance line!!

My analysis shows next level of resistance at 3600 and then 3660.....
KJ

 

[Bloodhound]

Have now moved my stop up to 3556 so 50 points profit locked in.

 

[tennisball]

3600 - everyone happy? I'm stiing it out until things become obvious

 

[keithh]

2nd trade +33 closed puts me on +42.5, that's me done for the day.

good luck everyone.

 

[wallstreet1928]

Have now moved my stop up to 3556 so 50 points profit locked in.

Well done my friend.............I am happy to hear that after yesterday!!

I knew yo would make it back...........!!

 

[Bloodhound]

Well done my friend.............I am happy to hear that after yesterday!!

I knew yo would make it back...........!!

Thank you Wallstreet

A lot of lessons learnt about trading pin bars and where to place stops!!

 

[RennieAMR]

Good to see everyone doing well. Now I'm going to jinx you all. :cheesy:

If we go through the 2day MA - 316x5mins on the Futures - I'll look to go long.

 

[WinterHorse]

Thank you Wallstreet

A lot of lessons learnt about trading pin bars and where to place stops!!

Well done.
Will 3600 hold or not? My money is for short.
Exit (SL) would be for Dax 3815 and FTSE 3625.

 

[Bloodhound]

Well done.
Will 3600 hold or not? My money is for short.
Exit would be for Dax 3815 and FTSE 3625.

My view FWIW is that, in order for this reversal to be confirmed as a rally we will need to see the FTSE break yesterday's high @ 3680. I have a major level of resistance around 3660-3670 so am expecting to be stopped out around this level - assuming we break 3600 which is yesterday's 61.8% fib level.....

 

[Bloodhound]

P.S. I am trailing my stop @ 30 points below

 

[wallstreet1928]

easy formula for me today......................................and you can all follow if yo want!!

S&P > 700 market sustains rise and we may get a little rally

S&P < 700 all hell break loose and we test 680 and below taking all indices with it

 

[tennisball]

Well done.
Will 3600 hold or not? My money is for short.
Exit (SL) would be for Dax 3815 and FTSE 3625.

shorted the 3600 - the reason being the market looked overbought with no real reason to go higher. Closed the deal way to quick though.

 

[tennisball]

My view FWIW is that, in order for this reversal to be confirmed as a rally we will need to see the FTSE break yesterday's high @ 3680. I have a major level of resistance around 3660-3670 so am expecting to be stopped out around this level - assuming we break 3600 which is yesterday's 61.8% fib level.....

KJ - do you find fibs to be useful? I cant get the hang of them. Also has anyone got a market profile system working using the IG charts? I thinkk today could be a nice MP day

 

[tennisball]

easy formula for me today......................................and you can all follow if yo want!!

S&P > 700 market sustains rise and we may get a little rally

S&P < 700 all hell break loose and we test 680 and below taking all indices with it

I was looking for a decent system for today and that will do nicely. The simplest systems are always the best. Thanks WS

 

[RennieAMR]

easy formula for me today......................................and you can all follow if yo want!!

S&P > 700 market sustains rise and we may get a little rally

S&P < 700 all hell break loose and we test 680 and below taking all indices with it

That's pretty much what I'm looking at but I think we might have a head fake before we get direction. The other thing is that if we get a major move down we could get a violent reversal. It's going to be tricky.

I shorted that reversal of the 2DMA but only for 10 points. Watching if we come back to it or break 3560 on the Futures.

 

[Bloodhound]

KJ - do you find fibs to be useful? I cant get the hang of them. Also has anyone got a market profile system working using the IG charts? I thinkk today could be a nice MP day

I'm pretty religious about fib levels and I think they work very well. Key from what I've read elsewhere is to look for confluence between fib levels over different time periods and also S/R. A good example of fibs in action IMO is to look at a 4hour chart of the bund and draw a fib from the early feb lows to the mid feb highs, then look at how they stack up to the obvious levels of S/R.

 

[Splitlink]

I'm not getting the signals I want quickly enough. Now I have shorted FT Daily Future on a pullback (I hope). I was hoping to use the high but it is too far for my RR tastes so will stop out
lower down, if I have to.

1058 Short Daily Future for 3567.5

 

[RennieAMR]

KJ - do you find fibs to be useful? I cant get the hang of them. Also has anyone got a market profile system working using the IG charts? I thinkk today could be a nice MP day

Here's one use of Fibs. If you pull one on the previous day's action, add the minor fibs and extensions and you get a roadmap for the days action. You can mess around with it on your own charts and see if it works for you.

Short again. Maybe too soon. We'll see.