Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders
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dr.blix
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i don't know the difference between a traingle or a wedge carlos.
re your chart, i wouldn't include out of hours data.
what i've found is that, unless you have a lot of data (i.e. EOD) for longer TF's, trying to make calls on patterns in the early morning is going to be pretty tough.
mornings i would have thought you'd have to use shorter a TF, as there simply isn't enough data formed in a longer one to make a judgement on. try drawing your lines on the TF above (longer) than the one you regularly use, then drop back down.
dr.blix
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well, perhaps unsurprisingly, i'm out already!! i was short, before that huge spike north crashed my stop, before plummeting south in the direction i wanted...once again timing bites me in the derrière. good luck to everyone trading today...you may be getting your drop Geo! 🙂
Can anyone tell me why we had that spike at 9:46am to 9:48am? It didn't make a whole lot of sense unless someone manipulated the spike to take out stops. I have been told in the past by some people in the city that they don't like to trade the ftse because it can be manipulated. They even went on to say that at times as much as 90% of the orders are from one very large and influential firm. Has anyone heard that one too?
not sure about in hours as there are quite a few 3rd party factors/markets involved i'd imagine..
but i have definitely heard from a variety of "non" professional sources that the out of hours footsie is a little dubious regarding manipulation "allegedly"
SuddenDeath
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I like those conspiracy theories. I wouldn't have thought any one person or company could control such a huge market, but hey, who am I to say. I've also heard a lot of traders saying they don't like trading the FTSE, but I find it to my liking more than the US markets if I'm being honest. maybe its because I'm more familiar with the FTSE and its constituents.
Geofract
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dr.blix
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thanks carlos, i've got that site bookmarked, but not got round to looking at it yet...bit lazy of me really. now i see the difference between a wedge/triangle, although the principle is identical.
Thanks carlos and sd. I can understand manipulation in the wee hours, but I must admit in open market it would be a surprise. A spike from BP is a good explanation and gives you an idea of how much a single share can affect the FTSE, despite all the index traders wishing the market down.
It was great to have this thread here this morning, kept me really concentrated. I still didn't trade, but have been much more flexible in recognising chart patterns and candlesticks coming together. That blip at 9.44, btw, was the fourth touch, which then broke through, on a gently ascending support line from end of outside hours trading. Don't know if that made any difference, I just love to see stuff like that.
All the best.
All the best.
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