Well, yesterday was fun! The news services seem unanymous in blaming rising commodity prices and the fear of inflation for the falls across the globe. That doesn't quite explain why the FTSE took such a hammering, although as it already opened some 40 pts down it was partly playing catch-up with the Dow's previous session fall. Assuming, however, that the gentlefolk in the City are just self-serving money-mongers the small matter of a UK tax on offshore earnings may have tipped the bulls over the precipice.
Resistances
6500
6400
6300
6240
Supports
6150 (30DMA)
6099 (200 DMA)
6035 (90DMA)
6000
5800
Let's see what today brings - probably a relief rally but I'm sticking with my recent clouded view.
Enjoy the ride.
21 May 2008
Trading Day
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Whilst witing my early morning blurb and looking at the charts picked this up...
ReplyDeleteTRADE!
FTSE to Finish UP > 30 pts
BUY @ 36.4
Keep an eye on this contract's 3-min and 30-min charts.
Right! I need to go out!
ReplyDeleteTRADE!
SELL @ 50.4
PROFIT = 50.4 - 36.4 = 14 pts
Not bad for half hour's work!
If holding on to this then sell at the 3-min SAR.
Back again! Actually, torrential rain wiped out play here so back at the coal-face.
ReplyDeleteAnybody who went long on my UP>30 bet should have taken it at about 70 pts as the 3-min chart went bearish.
TRADE!
FTSE Daily
SELL @ 6247.1
based on 3-min chart.
As stated before, I don't expect a 3-min signal to yield more than 10-20 pts, and will pull out quickly if the market turns. However, if can move my 20 pt stop down will let the trend run.
STOP moved to 6235 to protect profits.
ReplyDeleteFTSE has hit the SAR on 30-min chart but MACD still positive. This may be the start of a reversal of fortune for the session, hence keeping my trade open for now.
Will continue to trail the stop if I can.
Close to getting stopped out at 6220. Will be a tidy little profit from the 3-min chart, but should really have just stuck to this chart and taken profit at about 6205. That is the foolishness of believing that the 3-min trend was part of a larger 30-min trend. But can't really complain about the week so far.
ReplyDeleteOh well...stopped out!
ReplyDeleteBUY @ 6220 to CLOSE
Profit = 6247.1 - 6220 = 27.1 pts
will probably sit on my hands till Wall St wakes up.
TRADE!
ReplyDeleteFTSE Jun 6000 Put Option @ 58.5
expires 20 June
I rarely use options except for Daily chart trends. At this price and with a month till expiry I think this is worth it, and takes advantage of any overnight moves.
The Jun 6200 Put is currently at 120 pts.
I should really stop playing with my blog and get back to business!
ReplyDeleteTRADE!
FTSE Daily
SELL @ 6218.8
short stop of 12 pts
Edgy trading just before the Wall St opening bell, hence will nervously move the stop to cover my open, if I can. Here's to chart slaves!
Within a whisker of getting stopped out at 6215. Would be a bit of a useless profit, and am probably making the same mistake as before; deluding myself that the short-term trend was part of a larger trend.
ReplyDeleteAt this point note the weakness of the 30-min trend. A break above 6228 will reverse the trend. At the same time the 1-hour chart is giving mixed messages with the SAR bearish but the MACD still flat. In such situations I would not trade on the 1-hour chart. Yes, I will miss the start of a trend but as today's chart illustrates I'd be chasing my tail all day.
Wall St thrashing around the 12800 level with the FTSE doing likewise at 6200. Looking grim. For those of you who don't believe in support and resistance levels, just watch this.
STOP moved down to 6200, just in case the FTSE makes a last minute rally to save face and close just above 6200.
ReplyDeleteI'm not afraid of falling, it's the landing that hurts.
Just about market closed. Am taking this before it leaps up during reconciliation. The option is still open anyway.
ReplyDeleteTRADE!
BUY @ 6188.8 to Close
PROFIT = 6218.8 - 6188.8 = 30 pts
Not bad for the day. Made a total of 71.1 pts gain. Not bad at all, considering the FTSE is closing flat on the day.