Should pause for breath at 6397 imho.

Shotry wrote:
hi shotry
The targets already been hit...it was roughly 20 points...based on the first hours trading...now the rest is just left for the greedy trade.

Easy money....
free trade now...


dl.dropboxusercontent.com/u/4899609/ftse4thjulyquick.png

bigger view - what ya see ?

personal view short term bottom in place on ftse n us indices...all imho


dl.dropboxusercontent.com/u/40497882/fts...v%20H%26S_04July.JPG

Remo/anyone, what kind of target area would you be looking for on this one?

this is for a short term trade....
if ftse can go above 6294 then this should move higher pretty quickly....this is from the 1 hour trading set up..You can see the price is trading with in a tight range and the fact that its hovering near the highs imply that it may be getting ready to break out...REMEMBER this is short term trading example.
So my order to go long is at 6294 with a 20 point stop based on the 1 hour trading technique.


dl.dropboxusercontent.com/u/4899609/ftse5min.png

Can we have a hammer ?

WaveSurfer wrote:
Some traders are saying that this correction is not going to last as long, so it is possible - especially given that it has been a bit brutal in terms of taking all of 2013's gains. That said, who knows... I mean one look at China's overnight declines sends shivers down my spine - and regrets that I didn't take out a cheeky short of course!

ftse - very close int1 overlap..... time to rally ?

Cheers WS. I've got that trendline at 6066 today so am long from there. Be nice to see a close above 6106...

dl.dropboxusercontent.com/u/40497882/ftse_eod.JPG

Clearly not!

Could this be backtesting the breakout from 6106 today? The weekly RSI is at support though not from a bullish divergence. It's very risky going against this correction so it's more a technical question than anything else...



dl.dropboxusercontent.com/u/20815047/FTS...SEweekly24_06_13.gif

Possible head and shoulders on the ftse????
If this finishes below 6205 then really bearish.
That would be the signal to avoid any new longs for the time being. Obviously short term trading is different but going long also requires speed and watchful eyes.


dl.dropboxusercontent.com/u/4899609/ftse20thjune.png

123 low breakout on 4H (6348)
Long @ 6350
SL 40 points

This trade has played out perfectly so far.
Now if you look at the chart its showing a hammer formation currently(you still have 1.5 hours of day left). And this has come at the perfect level as well. If your not already long from the entry mentioned earlier then you maybe able to re-enter from half way down the hammer with stops below over the next few trading days.


dl.dropboxusercontent.com/u/4899609/ftse13thjune.png

This bounced nicely this morning from that level. The first attempt worked and it looks like its heading that direction again so do not re- enter on a second attempt .
The way things are going it would be best to just stay on the sidelines with new longs until you start to get a 123 low formation on the indexes now. This correction is needed but at the same time it's only advice able to take new longs once you see an end to the correction phase.
Interesting times ahead

Im gonna go long around 6216 with 40 point stop. This level is strong support so i expect this to bounce on first attempt.


dl.dropboxusercontent.com/u/4899609/ftse10013thjune.png

i think that's potentially the final destination remo... although looks like 5 wave down to 6370 imo and 60min is displaying +div, needs to confirm...

Im short on the ftse now with stops just above the trend line..(today high)
I went short once the ftse broke below 6410.(based on the 1hour technique)
my stops are above the trend line.
im hoping for a move towards 6216 area where ill be going long on a first attempt basis.

dl.dropboxusercontent.com/u/4899609/ftse1006thjune.png

I forgot to delete my orders to go long here and they got triggered out of hours so I had to manage the stops a little bit (30 pts from 6416 and 6412 entries). I've closed half already and moved the remaining stop to just below the cash chart low of 6410.

ftse is approaching short term trend line. Ive got the level at 6420 .Ill be going long on a first attempt basis with 15 point stop during market hours only. This level also has a horizontal support there as well. Only concern will be the dow as its bang on its support line and if it motors through then it could go lower forcing the ftse through.


dl.dropboxusercontent.com/u/4899609/ftse5thjunecloseup.png





dl.dropboxusercontent.com/u/4899609/ftse5thjunefaraway.png

Big support level J.

close below then 6200 level next up.

This could be returning to the trendline support up from the Nov low which is at 6412 today:



dl.dropboxusercontent.com/u/20815047/FTS...TSEdaily05_06_13.gif

Could be a good level for a day trade?

This is testing the breakout point today. If this can stay above then chance of a move back up.

Ftse hit5700/15 range, if that fails then 665 & 6615

updated ftse chart

dl.dropboxusercontent.com/u/40497882/ftse%2017thmay13v1.JPG

47 good enough for me ... im done and off to the pub....

enjoy the weekend folks... next week gonna be real interesting....

watch that spx 1667

Interesting target WS!

6751 and 6754 very important numbers for FTSE so that ties in nicely.

here u go . happy friday

dl.dropboxusercontent.com/u/40497882/ftse%2017thmay13.JPG

ftse 5710 - no break no higher.

ftse hit this level in futures in the last 2 days, cash market has failed to exceed this level and again overnight futures could not get a abv it.

if ftse starts to rollover & get below ~6685 it could indicate that level is a significant resistance area

if it does break 5710 - then approx 720 > 757 are likely in the interim.

screencast.com/t/yC9nLFkAB


that make any sense for tonight/tomorrow? Also can I class that as an iH&S?

Ftse Weekly Renko....

dl.dropboxusercontent.com/u/40497882/FTSE_weekly_renko.JPG



Candle:

dl.dropboxusercontent.com/u/40497882/FTSE_weekly_candle.JPG

NOT FAR OFF SHOTRY - IT 'LL GET CLOSE TO IT FOR SURE
screencast.com/t/PQO0d3H2j

WS/J/R or anyone else with a expertise in indices. That would appear to be an iH&S formation on the FTSE with a target around 6700. Does that make any sense with respect to your other forms of measurement e.g. EWT, P&F etc?

FatsWaveSurfer wrote:

updated 1 min chart.

dl.dropboxusercontent.com/u/40497882/fts...0May%201%20minv3.JPG

updated - see 6615

dl.dropboxusercontent.com/u/40497882/fts...0May%201%20minv2.JPG

its 1min chart - so for now it's purely scalps and to gain an early entry, i'd like to see 15 break down then we see what price action occurs @ 94... but before setting sights in lower number 15 needs to break.

were at 15 now.....

so to answer your question 2 shoulders.... welll if it breaks down to 94, then rises to 15 and falls back down to 605/6594 again... then that will create a second on the (right)shoulder ... it's a possibility.

There's a 2nd set of shidders a bit further down WS, what's the significance of those? Also, what are you expecting if the shoulders you've highlighted are successfully challenged?

Ocean ... lets say point A is your high on the rsi and point B is lower RSI than point A = div

Point A rsi = price 6594
point B rsi = 6635

the price must break down from the price point of A for divergence to be confirmed, until then it's just a divergence and nothing else.

hope that make sense ....

here's the 1 min chart - watch that neck line area, if it gets there

dl.dropboxusercontent.com/u/40497882/fts..._10May%201%20min.JPG

WS, does that mean for the DIV to kick in it must break the previous area of resistance which in this case which is the area of 6594 or are we looking at previous high.
Thank you.
Ocean

this markets parabola - bull got 5 legs.... the 5th leg is fueled with Testosterone...

should pullback - break of 94/95 then your divi kicks in.

6615 >6594 > 6572 > 55 > 35

Divergence on 1 hr chart, will that hold???

www.dropbox.com/s/e12ay2xpb6elkf7/FTSE%2...%201hr%2010.5.13.png

Looking like one beautiful flat

if 72 break down then yes ! until then ftse will remain up.Ocean10 wrote:

i mention again - divergences, again it failed and got blown out of the water, divergences must be confirmed and it's dangerous preempting a trade on just a div.

in yesterdays example of ftse ...that - div would have confirmed on a break below 50/55, & once that wedge got broken, well it traded within it & broke to the upside and remains abv the key number of 72

in the meantime, again i note 72 key.... and its' holding that level once it ripped through and closed abv it eod.,todays open it backtested that area and again held twice so far.

so for today providing 72 holds ftse cannot go lower and can target (providing it cant take out 88) 6615/20+, if it breaks down below 72> (Ref yesterday 4hr candle @ 1200)then 55/44/35 zone... if you look at the charts when ftse broke abv 35 there was very little resistance with a (55 being a pivot in between) and headed towards the 72 zone, the same applies on the way down.

6378 > 6391 > *6412 > 6422 > 6467/77 > *6486* > 6505 > 6535* >6572 > 6615 > 6720 for now.

as for the spx, it closed abv 1628 yesterday.... key watch will be the action at 34/36 ( futures hit 34 @ 1am this am) break abv then watch it rip up to 1646 >58 > 1668.....

as the market moved higher the pullback will also move up a level so 1st 1614/25 > 2nd 1604/98 will now act as support.

rgds WS

Is the 5 min chart going to give us an early indication of retracement/downside ????

www.dropbox.com/s/kb6ky02131wekjs/FTSE%2...0-%205m%209.5.13.gif

Hi J - good spot but then again you got the skillzzzzz yes one more pullback to test the 1598-1605 (mini 4) area then one final rally to complete 3 - spx needs to stay below 1625 and take 1614 for lower targets, there are -div appearing also.

should that pullback occur (i think it will) and then reverse from the lower range abv then final rally a mini5 could end @ 1625/28, a close abv then it could head to the next pivot of 1668 +- 7 points.

expecting a minor correction after that to approx 1575 > 1550-34 also.. note the low of the flash crash a few weeks back 1563....then another final pump to previous high or slightly higher high (or truncation) then a major correction mid june imo going into the summer months....

the bull is strong.

rgds WS

Hi WS,

Haven't been following the indices much recently, but did notice this on the S&P daily this morning:



dl.dropboxusercontent.com/u/20815047/S%26P500daily08_05_13.gif

Top of channel so could be nearing the end of the move. There could be a false breakout to the upside here - sometimes happens at the end of a diagonal triangle - so tonight's candle and price action could be very interesting.

One thing to note, however, is that the move up from Nov lows has 7 waves to it. This suggests to me that there's one more correction (perhaps from this channel top) due and then a final rise to complete a 9 wave sequence which would be exactly right for an extended wave 3 (of 3) which, if I'm not mistaken, is where we think we are?

ATB.