FTSE
The FTSE has bounced off 5500, just as it did at 5700. The daily SAR sits at 5725, so won't call a rally until it hits that. It could, of course, be back below 5500 by the end of the week. For today, it currently sits at 5620 at pre-market and the 1-hour chart shows possible downward movement but am waiting for the SAR at 5615 to be touched. The market still seems fixated with oil as the fuel for inflation and a general economic slowdown, and not surprising as it hits record prices every couple of days.
Dow
Wall St has fallen further than the FTSE, due to its lower weighting in commodities. It is now almost at its January low. The first upward trigger is the SAR at 11625. On a daily basis the 1-hour chart still looks positive but very early for the Dow.
Gold
Gold has reached its May high of $935 then came off sharply to now sit at $923. Both the 30DMA and 100DMA are at about $900. Apart from a general weakness in its demand from jewellers gold's fate has been back in the hands of oil and the dollar.
IG Index has reduced its minimum bet size from £10 a point to £1. This means a $1 move in gold could be a £1 move in a trade - not a huge amount of money to be made with such small bets but useful to practise with real trades without breaking the bank.
1 Jul 2008
Trading Day
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Started early today and had a nice gold trade using the 3-min chart. Perhaps should have left it running... who knows!
ReplyDeleteTRADE
Gold
BUY @ 924.1
SELL @ 927.8
Profit = 3.7 = 37 pts
Back at about 6.30 the 1-hour FTSE chart indicated downwards.
ReplyDeleteTRADE
FTSE daily
BUY 5600 Put @ 15.4
in profit already but will keep this running.
TRADE
ReplyDeleteFTSE Daily 5600 Put
SELL @ 49.8
Profit = 49.8 - 15.4 = 34.4 pts
have actually just closed half the bet, as think this could drift around 5500 for the rest of the morning.
So +34.4 x 0.5 = +17.2 pts so far
OK, this has been a good morning. 140 points drop in 2 hours is pretty fast for the FTSE.
ReplyDeleteTRADE
5600 Put
SELL @ 98.2
Profit = 98.2 - 15.4 = 82.8 pts
This is the 2nd half of my trade, so overall profit is
+17.2+41.4 = 58.6 pts
There could, of course, be more in this. Dunno yet what's spooked the market - maybe Israel-US mouthing off again. Sterling was a breath away from $2 - so much for the weak dollar rally.
Anyway, I'm happy with my 3 hours work.
OK, market's been going sideways for 3 hours. Time for some action!
ReplyDeleteFTSE daily
5460 put @ 9.0
5520 call @ 9.9
Has been a good day and can't be bothered to throw too much money at this, but just have a feeling the oil traders will try and launch an attack on $145.
Damn! sucker's rally.
ReplyDeleteTRADE
SELL 5520 call @ 10.9
profit = +1 pts
waste of time and now holding on to a worthless put.
wait and see...