Message For Ftse Traders......

[wallstreet1928]

I am off work today so ask as many questions as you can..........

i am just eating my cheese toast for breakfast!!......

thank god i can type quickly otherwise i wouldn't bother!!

 

[wallstreet1928]

wallstreet...are you running market profile software.?

No not yet but i wish i could and knew the how to?

i intend to do Sir Williams course on market profile and i am currently studying that as well.......i spoke to William about it and he even offered me a huge reduction off his course but i was concerned it might affect my success rate on my trades and mess up my trading plan!!

 

[swissy]

Hi all - first post but been watching for a while

Long FTSE 4048 Target 4070 Stop at 4033

Swiss

 

[wallstreet1928]

i can close with 10 point profit but i think this will hold and go higher in the interim therefore trailing stop loss 4045!!

FTSE still looking good ...........amed stop loss again to 4052 to get 10 point profit guaranteed!!

 

[wallstreet1928]

Hi all - first post but been watching for a while

Long FTSE 4048 Target 4070 Stop at 4033

Swiss

nice trade , you will be rewarded but be sure to get out quickly when it hits your target!!

also amend your trailing stop loss as it goes upwards

 

[Dentalfloss]

first of all you have to have the charting package.the charting package pays a royalty to cbot /licence charge.there are some good threads on elitetrader about this.so no need to spend the money on a course
basically ,you are determining zones from the previous days trading wher voulme came ina nd there was the most price action.1 standard deviation from the mean.basically looking for bell curve for formations
i dont bother with it..p/f gives me more than enough

 

[swissy]

Hope so!! I put a limit order in at 4070

 

[wallstreet1928]

Good call on the DAX! Would like to know which indicators you were using to spot the upturn (newbie question sorry!).

What are others thoughts on BP today? I'm currently short on it but there hasn't been much movement apart from the initial sell off due to poorer than expected results.

OK BP my friend.......!!

please tell me your stop loss and what is your target for the share to hit before you get out?

quick look at chart suggests 470 support taken out but need to close today below 470 for confirmation!!

1 week 1 hr chart.....pivot point support have been taken out S1 @476 and S2 @470 so bearish

long term
A 1 week 1 hr chart looks bearish and short is probably good idea especially with oil prices falling but there could be an oversold bounce and there seems to be buying at 466!!

2 day 10 min chart shows S1 pivot support @ 465...so it all depends whether this holds and it looks like it is as its been hugging that support and has just spiked a bit.....but if 466 doesnt hold then next target is 457!!

overall I would be bearish on this chart as 1 month support broken at 480 and 475!! so shorting isnt a bad idea with stop loss @ 475!!

anything else let me know??

 

[tennisball]

RSI, trendlines and levels I now believe in - moving averages I'm not so sure. Elliot waves I always assumed were just voodoo.

 

[wallstreet1928]

FTSE still looking good ...........amed stop loss again to 4052 to get 10 point profit guaranteed!!

stop loss hit 10 point profit taken !!

 

[swissy]

Support level 4060 could become resistance - watching.

Swiss

 

[wallstreet1928]

RSI, trendlines and levels I now believe in - moving averages I'm not so sure. Elliot waves I always assumed were just voodoo.

Oh and I also use RSi and MACD too but as a secondary/support indicator....!!

No my friend, Elliot wave analysis is a very good tool......I just can't wait to learn and apply it!!

the problem is that its been 3 yrs since i left Uni so brain malfunctioning and starter motor is slow!!haha...

 

[wallstreet1928]

i would advise to sit on the sidelines people as the shorts/longs are fighting it out..........so you could get whipsawed!!

i'm only going to trade once a see I clear trend either way...............but personally i am bearish as i think fridays employment in US is going to whack this market hard!!

I ams till short S&P because i think its going to 750 long term.....i have been short since 830 today!!

 

[uksnowman]

OK BP my friend.......!!

please tell me your stop loss and what is your target for the share to hit before you get out?

quick look at chart suggests 470 support taken out but need to close today below 470 for confirmation!!

1 week 1 hr chart.....pivot point support have been taken out S1 @476 and S2 @470 so bearish

long term
A 1 week 1 hr chart looks bearish and short is probably good idea especially with oil prices falling but there could be an oversold bounce and there seems to be buying at 466!!

2 day 10 min chart shows S1 pivot support @ 465...so it all depends whether this holds and it looks like it is as its been hugging that support and has just spiked a bit.....but if 466 doesnt hold then next target is 457!!

overall I would be bearish on this chart as 1 month support broken at 480 and 475!! so shorting isnt a bad idea with stop loss @ 475!!

anything else let me know??

Thanks, your advice is very welcome!

I placed a sell at 474 and I got out at 465 for a 9 point profit (with trailing stop loss to limit any sudden reversal).

 

[jameshj]

RSI, trendlines and levels I now believe in - moving averages I'm not so sure. Elliot waves I always assumed were just voodoo.

Voodoo can be very useful

Seriously Elliott is definitely worth looking into; no necessary as a generator of trading signals but for understanding what the market is up to and where suppor and resistance are likely to be.

 

[swissy]

Closed FTSE trade at 4060 for 12 point profit. Off to bed (in Aus). Day job unfortunately - good luck with your trades.

Swiss

PS I am a newbie - I do my homework on the S/R levels on line charts (daily/hrly TF) and enter on 15m TF candlestick charts (checking S/R on that TF as well) - am I barking doing this...it just is that I can see the S/R much more clearly on line charts in higher TF. Any thoughts/advice welcomed.

 

[jameshj]

short 69 stop 80

 

[wallstreet1928]

well done UKsnowman..........your name is very pertinent in the current climate!!

nice trade!!

I am off to hospital people as Wife is ill, but she is much better!!

back in a 2 hours as the bulls and bears fight it out, i will speak to you guys later.....

you can email me whenever if you want a chat

[email protected]

take care

 

[jameshj]

Stopped

 

[tennisball]

short 69 stop 80

I did the same thing off RSI, but then thought the trendline was heading to 4088. scratched the deal. Now waiting to see if there is a 4088 bounce... hmmm I wonder