Back to another see-saw week on the markets. The FTSE daily chart has finally broken the SAR and so we are now looking for further upward movement. The only caution is that the MACD is still in the red. However, as we've seen over the past few weeks, the FTSE has tested and re-tested every support and resistance, so perhaps no surprise that it will now test its resistances. The first one coming up is the 30DMA at about 5965. It needs first to move up convincingly from its current pre-market 5820, which was the April support. This could now herald a period of holding on to upward movements rather than downward. I would still look to a positive MACD before committing myself.
Gold looks less healthy, just $3 away from hitting the SAR to indicate going short. Continues to sit just above its 200DMA. No great entry point to buy, although if it were to get to $875 then that could signal a lurch up to at least challenge $900.
Waiting for the right trading signals.
16 Jun 2008
Trading Day
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TRADE
ReplyDeleteGold
SELL @ 870.1
stop $5
I could be making a mistake again taking this just before the signal, but with oil going down gold is following it.
Let's see...
Gold stop down to 870.
ReplyDeleteA bit tight, but bet now covered.
TRADE
ReplyDeleteFTSE Daily
BUY @ 5809.5
1-min chart
TRADE
ReplyDeleteFTSE Jun 5925 Call @ 19
expires friday morning.
FTSE stop up to 5811, so entry point covered. Didn't look too clever there for a few mins, but OK now, if a muted move up.
ReplyDeleteHung on to this enough
ReplyDeleteTRADE
FTSE SELL @ 5823.5 to close
profit = 14 pts
TRADE
FTSE SELL @ 5822.5
Don't like the look of this.
ReplyDeleteTRADE
FTSE BUY @ 5819 to close
profit = 3.5 pts
TRADE
ReplyDeleteFTSE SELL @ 5816.5
3-min chart and 1-min chart
so much for a rally!!
FTSE stop down to 5810.
ReplyDeleteRather jerking around this morning.
Keeping a wary eye on the gold trade too - if goes to 869 will close.
OK I'm out!
ReplyDeleteTRADE
FTSE BUY @ 5804.8 to close
Profit = 16.5 - 4.8 = 11.7 pts
TRADE
ReplyDeleteGOLD BUY @ 869 to close
Profit = $1.1 = 11 pts
Not much but has come back $2.5 and always better than a loss.
have no idea what's going on! The FTSE upside is covered by the option, so my only concern is if it drops below 5800.
Re Gold, now just have to wait for new signal. As we see from past data, Monday mornings can be particularly susceptible to reversals of fortune, so best be cautious.
+40.2 pts so far, so given that the market has been choppy, not bad really.
TRADE
ReplyDeleteFTSE
SELL @ 5818
uselss!
ReplyDeleteTRADE
FTSE BUY @ 5820 to close
Loss = -2 pts
got out quickly as went down to 5810 then up again.
TRADE
ReplyDeleteGOLD
BUY @ 872
Little bit risky but will close at 870 if goes down.
TRADE
ReplyDeleteFTSE
SELL @ 5815
London am Gold fix at $872 has sparked a little rally.
ReplyDeleteStop tightened to 871 for safety but now both SAR and MACD positive for 1-hour chart.
TRADE
ReplyDeleteFTSE
BUY @ 5808.5 to close
profit = 15 - 8.5 = +7.5
another weak trade, but oil and gold suddenly going up, which would help the FTSE's commodity sectors.
GOLD stop up to 872, so entry level protected.
FTSE in very narrow range 5830-5800. Have no idea where it will go so rather than piss away my hard-earned profits will do nothing... except watch my gold keep going up :-)
ReplyDeleteGold now above Friday's high, next target is $883 from Wed.
Gold stop up to 873 just to guarantee a small profit.
This has a long way to go... but looking grim.
ReplyDeleteTRADE
FTSE to finish down > 50
BUY @ 19
Gold stop up to 875
ReplyDeleteTRADE
ReplyDeleteFTSE down>50
SELL @ 17
LOSS = -2 pts
3-min chart shows upwards move, and frankly, am bored watching this do nothing. Gold is making money, perhaps should ignore the FTSE today.
Re Gold, nearly took it as it came off $880 down to nearly $876, but rising again. No sell signal yet but will still close if hits 876.
... whilst writing this gold has hit $880 again :-)
TRADE
ReplyDeleteFTSE JUN 5700 PUT
BUY @ 24.8
Some days, just not following the plot! Like today's FTSE.
ReplyDeleteBut what the hell! Gold up $12!!
Gold stop up to 881
F@£#ing brilliant!
ReplyDeleteI'm taking this... well... oil on a roll with gold following, dollar hammered, Dow futures in need of oxygen...
Gold stop moved up to 885
let's see it hit $900 today!
Gold stop up to $887
ReplyDeleteGotta take this some time, and should have just grabbed it near 895 - but then again, "should" is a non-word in trading newspeak.
ReplyDeleteSo here's a trade for our Chinese friends.
TRADE
GOLD SELL @ 888.8
Profit = 888.8 - 872 = 16.8 = 168 pts
The 3-min chart is going down, not that I use it to open trades but good to see if a level, such as 895 in this case, has another attempt made on it.
Am staring at my FTSE trades with a certain amount of boredom at the moment. There are 3 whole days left to run on them but a combined cost of 43.8 pts.
Am at +43.7pts from earlier trades and +168 from the recent gold trade...
TRADE
ReplyDeleteFTSE 5700 put
SELL @ 19.2
LOSS = 19.2 - 24.8 = -5.6 pts
Dow and FTSE on the rise, so will wait to see about the other option.
Here's a cheap Far Out trade!
ReplyDeleteTRADE
FTSE up>30 @ 8.2
TRADE
ReplyDeleteFTSE down> 30 @ 9.2
TRADE
FTSE 5925 call
Sell @ 10.7
Loss = 10.7 - 19 = -8.3 pts
Amazing, Dow takes a dive 10 mins before London close but FTSE remains immobile. Serves me right for throwing good money after end of day swings!
ReplyDeleteOh well...
-17.4 pts
so... +12.4 pts for the day!!
plus +168 for gold!!!
Indeed, even more stark:
Gold = +179
FTSE = +1.4
OK could have had +18 for the FTSE if I hadn't been so dumb.
A very good day, but is a worthwhile lesson that more trades do not equate to more profits.
Should also remember to just stay away from choppy days where a red flag should be flown at full mast.
Good to learn some lessons whilst walking away smiling.