Overnight move sees the FTSE poised to rise and sitting bang on 6100. Already at about +35 pts all the usual indicators have already been hit, so a matter of waiting to see a reasonable entry point, and to see if this holds.
TRADE
FTSE Daily
SELL @ 6103.3
using 1-min chart
29 May 2008
Trading Day
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ReplyDeleteBUY @ 6096.3 to close
PROFIT = 7 pts
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BUY @ 6097.5
reversing position on 1-min chart.
btw resistances and supports pretty much the same as yesterday, with the 200DMA crucially at 6100.
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ReplyDeleteSELL @ 6103.5 to close
PROFIT = 6 pts
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SELL @ 6101.8
again using 1-min chart
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ReplyDeleteBUY @ 6098.5
PROFIT = 3.3 pts
waited way too long for this.
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BUY @ 6101.5
1-min chart
short stop
Current range just 6110-6990
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ReplyDeleteFTSE
6140 Call @ 7.8
6060 Put @ 9.5
Total cost 17.3
A double option taken here as relatively cheap and takes advantage of any sudden moves without being stopped out.
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ReplyDeleteSELL @ 6129.5
PROFIT = 6101.5 - 6129.5 = 28 pts
pretty impressive for a 1-min signal.
Note the 30DMA now sits at just 6136 and is the first resistance level. Any more mileage in this rally will be picked up by the 6140 Call.
44.3 pts profit so far with 17.3 spent on the double options.
Taken my eye off the ball here for a couple of hours.
ReplyDeleteShould have taken my call option at about 10 pts - but didn't.
The 3-min indicated a sell at about 6120, then again about 6110.
Taking a step back, the FTSE is now firmly within the range of the 3 traditional moving averages. They are already getting slightly squeezed as the range is now 6134-6046. Has tried to rally 3 times, and tried to fall twice. I guess today or tomorrow we shall see a break-out either side.
The markets seem desperate for any piece of good news, and hence we see these rallies followed by the deeper realisation that things aren't so great. The dollar rose sharply this morning on the back of comments that interest rates have probably bottomed out. Great news! But does increasing interest rates during a credit crisis make good news? Inflation caused by a growing economy is one thing - inflation caused by rising raw materials is an altogether different beast. The former makes most people wealthier (with rising interest rates a way of dampening over-exuberance); the latter makes most people poorer (with rising interest rates making them poorer still). The dollar has come way off this morning's high.
Our theoretical short at 6120 can either be taken now, according to the 3-min chart, or held on with a stop at perhaps 6100, according to the 30min chart.
ReplyDeleteI may be wrong but I'm not buying the current 3-min signal as it contradicts the 30-min one. Some US data at 13:30 BST will help define the late afternoon session. We have jobless figures and prelim Q1 GDP coming up - both liable to revisions but no doubt the market will lap them up.
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ReplyDeleteSELL @ 6087.3
3-min signal
looks like reaction to news slightly delayed but negative.
A big reminder not to take daily options too early in the day as they are poor value. Would have been good just before 1.30 pm. Am going to close it any time now as have other contracts making profits.
ReplyDeleteTRADE!
close 6060 Call Option @ 15 pts
PROFIT = 5.5 pts
carrying 7.8 loss on other option so at the moment loss -2.3 pts
steady as she goes... down.
ReplyDeleteThird time down to 6050 in three days.
The 3-min chart tells me to take my profit at 6059. As all the charts are bearish I'm tempted to hold out and see if this is just a dead cat bounce. On the flip side, Wall St is about to open and would hate the Americans to try and spread joy and happiness by rallying the future's drop.
TRADE!
BUY @ 6060
PROFIT = 27.3 pts
As feared, the Dow shot straight back up to 12600. The FTSE hasn't shown the same effervescence. Didn't take the 3-min up signal as contradicted the longer indicators. There is not much more mileage between here at about 6060 and the 6045 support, so no short-term bets. If it falls below this then the 6000 put will do well.
ReplyDeleteTRADE
ReplyDeleteBUY @ 12.4
FTSE to finish down > 50 pts
This is better than having a stop, and if it goes belly up, well, never mind!
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ReplyDeleteDown>50 SELL @ 7 to close
LOSS = -5.4 pts
What did I say about no more bets?!
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ReplyDeleteDown>50pts @ 10
Just too tempting!! The folly of having a good day, perhaps!
Let's see...
Well, 53 points profit today - really not bad. Could have been better had I not pissed away 15 pts on stupid bets. Guess there lies the difference between trading and betting - the latter being fuelled by hope rather than numbers.
ReplyDelete