Chelski
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Are you going to be looking at the gap from 15th 5204 to get filled? There are several more above too!
Are you going to be looking at the gap from 15th 5204 to get filled? There are several more above too!
Hi Chelski - been away few days but back home now.
My sell order from gap at 5320 was triggered 15/09 and I got out with nice profit, thanks to the US banking turmoil. I don't see an unfilled gap betwen the low of 15/09 and high of 16/09 according to Sharescope so no orders outstanding tonight - going to review what happens Thursday.
My sell order from gap at 5320 was triggered 15/09 and I got out with nice profit, thanks to the US banking turmoil. I don't see an unfilled gap betwen the low of 15/09 and high of 16/09 according to Sharescope so no orders outstanding tonight - going to review what happens Thursday.
After such a 'red' day Wednesday, I am looking for opportunity to go long if we open or trade low and start to recover through yesterday's range. This will do for me until tonight's close only. At the close, if trade has left a gap, I will place a 3-day buy order just inside the gap. If not, and the close is higher than Wednesday's, I will place a sell order below the close.
All this volatility is killling investors, but has to be good for us traders.
All this volatility is killling investors, but has to be good for us traders.
Today closing lower than yesterday has knocked out the short shuttle trade I thought would be available. However, the pattern presents an inverted hammer and I am going to enter a buy order above today's open in case we get a recovery tonight/tomorrow. If triggered, will close by tomorrow's close.
Geofract
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Tomorton, do you know something we all don't?? 
In out of hours trading the price dropped to 4802, then staged a remarkable rebound to 5133 in the space of 2.5 hrs! Currently at 5070 as I am typing.
Funny really, I was looking at around 5145 for a potential short on the 19th, as that would be 50% retracement of monday to wednesdays moves down. Didn't really expect to get anywhere near that though after todays drop.
Tom, I don't suppose you would have noticed that my point '5' on my Wolf Wave chart got hit on the 15th, as predicted... that made me laugh... certainly didn't expect that to get hit either
Ollie
In out of hours trading the price dropped to 4802, then staged a remarkable rebound to 5133 in the space of 2.5 hrs! Currently at 5070 as I am typing.
Funny really, I was looking at around 5145 for a potential short on the 19th, as that would be 50% retracement of monday to wednesdays moves down. Didn't really expect to get anywhere near that though after todays drop.
Tom, I don't suppose you would have noticed that my point '5' on my Wolf Wave chart got hit on the 15th, as predicted... that made me laugh... certainly didn't expect that to get hit either
Ollie
Hi Ollie - I couldn't believe what the US did myself! Didn't check the scores until after 10 - well in profit and London's still closed. I was looking forward to seeing the bounce when London re-opens but with the gain in hand I don't need to take the risk. I am entering very tight sell orders on the position tonight (the market with Fins has gone 'Indicative' only) and hope to be out before the open. Re-assess tomorrow for possible new positions.
Out with good gain overnight.
Interesting options for short-term swing trades today are already visible -
1. Low today is < low yesterday, so if close today > high yesterday, go long at close.
2. Or, if close today < low yesterday, go short at close.
3. If close today > close yesterday, but still < 14MA, go short at close.
Obviously, 1 and 3 potentially conflict but hopefully the choice will resolve itself by 4:30. At that time I will enter a buy or sell order a little beyond where we close, so that only movement in that direction triggers the order.
If 1 and 3 are still in conflict at the close, I will actually enter both orders, but since I don't want simultaneous long and short positions on the FTSE, the distance from close to order levels is going to have to be significant.
Meantime, I admit I am missing out on a 300pt rise this morning by going flat last night. I find it better to focus on what you might lose, rather than what you might gain, so what the heck, there's another opportunity every day.
Interesting options for short-term swing trades today are already visible -
1. Low today is < low yesterday, so if close today > high yesterday, go long at close.
2. Or, if close today < low yesterday, go short at close.
3. If close today > close yesterday, but still < 14MA, go short at close.
Obviously, 1 and 3 potentially conflict but hopefully the choice will resolve itself by 4:30. At that time I will enter a buy or sell order a little beyond where we close, so that only movement in that direction triggers the order.
If 1 and 3 are still in conflict at the close, I will actually enter both orders, but since I don't want simultaneous long and short positions on the FTSE, the distance from close to order levels is going to have to be significant.
Meantime, I admit I am missing out on a 300pt rise this morning by going flat last night. I find it better to focus on what you might lose, rather than what you might gain, so what the heck, there's another opportunity every day.
14ma
Hi lost_boy -
This means 14 day moving average, that is, the average closing price when calculated over the last 14 days' closes. When plotted on a chart it smooths out the price fluctuations. I've plotted it on the FTSE100 chart for the last 6 months using Sharescope. The index closing prices are represented by the black line, the blue line is the 14MA.
It is actually the 14-day Simple Moving Average, meaning that all 14 last closing prices are summed in the calculation, divided by 14, to give the average's current value. An Exponential MA gives greater weighting to the most recent prices of the 14, as they are probably more relevant today.
As a newbie, you will be told its easy to trade - buy when the price (or another value MA) breaks up through a given MA and sell when it cuts it downwards. This looks seductively good on a historic chart - e.g. look at what you would have gained if you sold at the cross-over on 20/05 - the index dropped over 1,000 points by mid-July. In reality, it is nothing like so easy and it carries significant risk. Look at the plot after 16/07 - you would have bought, sold, bought, sold, bought, sold, incurring overheads and risk each time. No good.
Study this site and ask the experienced people on here. I don't know if any of them are millionaires from trading, but there is a huge amount of knowledge amongst the users.
Hi lost_boy -
This means 14 day moving average, that is, the average closing price when calculated over the last 14 days' closes. When plotted on a chart it smooths out the price fluctuations. I've plotted it on the FTSE100 chart for the last 6 months using Sharescope. The index closing prices are represented by the black line, the blue line is the 14MA.
It is actually the 14-day Simple Moving Average, meaning that all 14 last closing prices are summed in the calculation, divided by 14, to give the average's current value. An Exponential MA gives greater weighting to the most recent prices of the 14, as they are probably more relevant today.
As a newbie, you will be told its easy to trade - buy when the price (or another value MA) breaks up through a given MA and sell when it cuts it downwards. This looks seductively good on a historic chart - e.g. look at what you would have gained if you sold at the cross-over on 20/05 - the index dropped over 1,000 points by mid-July. In reality, it is nothing like so easy and it carries significant risk. Look at the plot after 16/07 - you would have bought, sold, bought, sold, bought, sold, incurring overheads and risk each time. No good.
Study this site and ask the experienced people on here. I don't know if any of them are millionaires from trading, but there is a huge amount of knowledge amongst the users.
My sincere congratulations to all who made money this week. I have not traded, one way or another, all this week. I feel that it could have gone one way or the other with such speed that I was better leaving it alone. I'm not sure about next week, either, but I have time to think about that.
Anyway, well done to those who have come out ahead.
Split
Anyway, well done to those who have come out ahead.
Split
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Welcome back Jon - 'not much happened' indeed!!!!!! Very droll!
Cheers Split, one of my best weeks for a good long time. Only three trades as I was away much of the week: two went well, the buy order that triggered Friday night was stopped out for a few points loss.
Visitors have gone off home now so reviewing what to do next.
Cheers Split, one of my best weeks for a good long time. Only three trades as I was away much of the week: two went well, the buy order that triggered Friday night was stopped out for a few points loss.
Visitors have gone off home now so reviewing what to do next.
Friday's pattern does not immediately say much to me. Initial thought is to enter a sell order well below the close in case of possible profit-taking after such a dramatic rise. That would be supported by a gap up at the open tomorrow, suggesting either a whiplash or 80-20 daytrade - a whiplash would get you in short as the price fell through Friday's close, an 80-20 would get you in as the price fell through Friday's high: take your pick according to risk tolerance, but get out quick.
Thanks, Andy, My opinion of last week was ..........Hairy
Those that entered, Good Luck to them. I had a great couple of months before all this started and, frankly, I've seen all this before. One of the benefits of getting a pension.
When the waters calm, I'll be back in. Call this Hurricane Gustaf! You, either, decide to get out of Galveston, or you don't!
Split
barjon
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Since the last update I suppose we have to consider the change in swing trend to down as confirmed. There was no 3 bar retracement but I suppose some bold souls may have been attracted by the shooting star(ish) second bar and regarded that as a swing high high (red line) with a short entry around 5385 and they may have filled their boots unless shaken out by the sharp up move a few bars later. Easy in hindsight ain't it
As for the present, I'm with split in waiting to see what it looks like when the hurricane has passed so far as position swinging is concerned. Might wet a toe intraday in the meantime though
Sorry about poor quality chart - back to normal next time.
good trading
jon
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Inside open today does not give me the entry signals so don't intend to trade the session. At the close there will be a possibility of opening a long, if we close below 5311.3 but above the 14MA - slim chance of this as the 14MA is at 5288, so just 23pts clearance. Otherwise, flat, and re-assessing tomorrow.
Closed Nas short for 53pt net gain, quite chuffed to do so.
For tomorrow on FTSE, all depends on opening gaps - looking to either go long if we gap down but rally strongly (quite possible), or go short if we gap up at open then collapse(rather unlikely but you never know these days - that's why I closed the Nas position).
For tomorrow on FTSE, all depends on opening gaps - looking to either go long if we gap down but rally strongly (quite possible), or go short if we gap up at open then collapse(rather unlikely but you never know these days - that's why I closed the Nas position).
