FTSE had a good day yesterday with a high of 6390 and closing at 6376 with a gain of nearly 2%. However, this morning we find it has been dragged down some 40 pts before opening, yet again by the Dow. Both the 1-hour and 30-mins charts already giving bearish signals. Will wait for the open as often the cash market retraces the changes in the futures ad then we will see.
Resistances
6500
6400
Supports
6300
6280
6260
6240
6230 Daily SAR
6200
20 May 2008
Trading Day
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TRADE!
ReplyDeleteFTSE Daily
SELL @ 6338.4
using 1-min chart, so will be out quickly.
TRADE!
ReplyDeleteFTSE Daily
BUY @ 6327.3 to CLOSE
PROFIT = 6338.4 - 6327.3 = 11.1 pts
There is probably more to be had but I find it unwise to open with one chart then try to switch view in the hope of further gains. As the FTSE opened 40 pts down many of the binary bets are already priced so high as to be poor value.
TRADE!
ReplyDeleteFTSE Daily
SELL @ 6323.6
STOP 20 pts
using the 3-mins chart.
I would normally do as in the first trade - open and close using the same chart. Using a 3min chart I expect movements in the region of 10-20 pts. In this case have been able to move my stop into profit so will let the trade roll.
ReplyDeleteStop now at 6270.
The April PPI figures have given the Dow a case of the blues. My article this morning has a spooky feeling of being a prediction!!
Indices are never too low to go lower (or ever too high to go higher). I know, it's just an annoying way to remind mortals not to call the tops and bottoms of trends.
ReplyDeleteOil price spiking again and ready for $130 a barrel. Gold waking up too. Neither, at the moment, helping the FTSE that is doggedly following the Dow into Hades.
However, STOP moved to 6260.
I should really just take the money and go have a relaxing dinner!
I know that nobody is reading this - not yet anyway! But I really couldn't have planned it better; FTSE has broken through the Daily SAR at 6227 and heading down.
ReplyDeleteNow, same thing happened in April when it hit 6000 and then continued up. Smells bad though, FTSE down over 2%.
But happy day here on the trading front.
TRADE!
BUY @ 6235 stop hit
PROFIT = 6323.6 - 6235 = 88.6 pts
job done!
Closing Comments
ReplyDeleteWell, just shows you; too eager to take a nice profit and too tired to remember what I wrote earlier.
FTSE takes another dive at the close to finish some 3% lower and taking the chequered flag to end a 2 month rally.
Volatility Index has shot up today. No surprises there, and I'll write about this in more detail soon.
Not sure what spooked the FTSE so much today. The news services have the usual platitudes, although having the mining sector downgraded meant it did not offset the inflationary fears of higher commodities. You see! News commentary is amusing once the money is off the table!
Hope you had a good day!