The Bank of England announces its decision on interest rates at noon.
Brace yourself.
Could be a boring morning. Any sign of it just treading water and I'm taking a break and coming back later.
The mood seems to be of gloomy resignation of interest rates staying at 5%. The BoE obsession with inflation above and beyond anything else has painted it into a corner. Even more of joke is that real personal inflation is closer to 10% than 2%, but the authorities now love to take out of their official inflation figures anything that might actually be inflationary. Data Corrupted.
Is Gordon Brown likely to be the only prime minister never to win an election?
OK, time to watch the numbers...
5 Jun 2008
Trading Day
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TRADE
ReplyDeleteSELL @ 5970
BUY @ 5958.5
BUY @ 5960.8
SELL @ 5974.5
SELL @ 5972
1-min charts
will write later...
BUY @ 5979.8
ReplyDeleteOK, 1-min chart screws up so will ignore it now.
So, trades so far:
profit = +11.5
profit = +13.7
loss = -7.8
total = +17.4 pts
OK here goes a slight gamble.
ReplyDeleteFTSE to finish down > 30 pts
BUY @ 21.5
TRADE
ReplyDeleteSELL @ 5999.3
Relieved! and stop down to 5995 just to cover the bet.
ReplyDeleteThe thing about selectively following indicators is that sometimes one can look frightfully clever... and sometimes incredibly stupid.
It is also a huge mistake to start the day with a view - any view - just follow the numbers. Numbers are everything (Pythagoras).
The day is turning round now.
ReplyDeletestop down to 5980
Not every day that screwing up is so profitable. However, am aware of being a bit over-exposed on the FTSE going further down. Binary bets and options have no stops available, so the only real cover is for the FTSE Daily trade.
ReplyDeleteSTOP moved down to 5970.
Yesterday's low was about 5930.
I don't like unpleasant rebounds.
ReplyDeleteStop down to 5960.
Have hung onto my luck for long enough.
ReplyDeleteFTSE
BUY @ 5954 to close
profit = 5999.3 - 5954 = 45.3 pts
FTSE Down>30
SELL @ 31
Profit = 31 - 21.5 = 9.5 pts
may be rash but the Dow is rising for whatever good reason.
Just keeping the option open.
I have no idea what's going on so am doing nothing. Of course, I don't need to have any ideas as I'm just a drone following signals.
ReplyDeleteThe 3-min chart has given us 3 good signals today, with a 4th one on-going as the FTSE rises 30 pts. Missed this last one, but also saved myself from taking the previous 3 or 4 false signals. As we head towards the NYSE open the Dow seems in a cheerful mood. The Bank of England and the European Central Bank have both kept interest rates on hold, which has drawn a bored reaction from the markets.
TRADE
FTSE
SELL @ 5974.8
Who went Booo!!?
ReplyDeleteFTSE dives 40 pts. Don't know why - don't need to know. On the assumption that it is an over-reaction or just fake news have rammed down the stop to 5960
... 5955
I should just take it now, but this could just be the senseless panic we've been waiting for for a week.
Just take it!
ReplyDeleteFTSE
BUY @ 5944.8
Profit = 5974.8 - 5944.8 = 30 pts
took on 1-min bounce
30 pts in 15 mins is not bad, not going to worry about it!
TRADE
ReplyDeleteFTSE Down > 50 @ 22.4
FTSE Up > 50 @ 6.3
total 28.7
the 1-min chart shows the FTSE having some sort of minor seizure and as I haven't a clue where it will fall here's a double bet.
TRADE
ReplyDeleteFTSE UP>50
SELL @ 20.3
so will carry a loss of -8.4 until the other trade is closed.
I'm not sure of this afternoon's story so, given that have already made 100 pts and am tired am just reducing any small losses from open trades.
Here's one for spread betting gamblers, just to liven up the last 15 mins.
ReplyDeleteFTSE to finish Down
BUY @ 4 pts
OK, was only interesting for 3 mins as was briefly in profit.
ReplyDeleteTotal for today is +89.8
I will be away tomorrow, and possibly Monday, so no Trading Day entries.
It took 3 days for the FTSE to fall through 6000 and we're now looking at 3 days trying break through it from below. I'll probably be missing a peach of a day Friday - there will be others.
au revoir!