here's the daily view.... dl.dropbox.com/u/40497882/FTSEdaily29Nov.JPGWaveSurfer wrote:

Again that depends on what timeframe your looking at

dl.dropbox.com/u/40497882/FTSE29Nov.JPG

stockcharts.com/school/data/media/chart_...4-hammerhanging2.gif

Well, it can't be classed as a "hammer" as that would appear at the END of a down trend...??

that depends if you think this is the end of an uptrend....

could it also be interpreted as a hanging man?

www.investopedia.com/terms/h/hangingman.asp#axzz2DXlVJnJs

also this pullback has also put in nice right shoulder - Inverse h&S..will post up chart later

also this pullback from the move of 5708 - 5838 came in at around 50%/61% fib

nice hammer on daily.

If this breaks 5840 then I'm long to 5995

dl.dropbox.com/u/40497882/FTSE_100_22Nov12.JPG

Here's the chart...

I've taken majority of my profits on both the dow and ftse. only keeping my longest winning trades as a banker from the recent lows.

there seems to be clear impulsive 5 waves up from the lows and i except a decent pullback (ii) also negative divergence being displayed, along with rising wedge...

I've taken my first starter position shorts on both dow and ftse.

sorry no charts as at client chart and firewall seem to be blocking IG Advanced..

will try and post up later on.

all the best.

Good work, I got stopped out earlier in the day around 5670

just hit 5717.8, taken some profit at my target.

FTSE 5694 level to watch now, a break abv should open up a target to 5717/20 area

FTSE currently brushing up against the 38.2% retracemnt level from the June low, Sept high.

4H


dl.dropbox.com/u/24866576/November%20201...00%20191112%204H.gif

Have gone short on this with a tight stop.

5M



dl.dropbox.com/u/24866576/November%20201...1112%205M%201016.gif

Best,
M

i got clicked in... will be taking 1 position off the table around the 23/38 fib level and lock in, may be another entry Sunday night/ Monday morning may be on offer,if the overnight future junkies are in the mood to play... either way i will not be holding any positions over the weekend, esp with gaza situation.

Although i think we are due a short squeeze soon bwtfdik...i'm just a small fish in big pond of sharks lol

dl.dropbox.com/u/40497882/Ftse%201h_LD.jpg

Although I don't trade indices any longer, I have had my eye on 5635 for some time on the daily. It is a likely point for a bounce being the full retracement from Sept 5 low.

Indices are now becoming overextended to the downside (I usually look for anything over 6 candles for a likely counter move). US indices are also overextended with 1350 on the S&P500 and 12500 on the Dow being nice even numbers for a bounce. Possibly today, possibly monday.

Not saying this is the bottom but nothing goes down in a straight line. I expect the markets to have let off all steam by early December though ready for a santa rally.

Nothing scientific, just my thoughts from experience on how trends work.

F4T

I've gone long at 5635 support. There could be a hammer on the hourly though it's not completely convincing so I'll be looking to take some profit and move stops to b/e asap:



dl.dropbox.com/u/20815047/FTSEhourly16_11_12.gif

and I should have said, this makes the 161fib look even stronger...

Huh hum xloody gud ? Been in hospital and think they must have put something in the anaesthetic. It should look like this.....



well spotted. Please accept my apologies

Driver

Why is the 0 fib @ 5863?

Cheers RMc

Yeah worth a 3 contract trade Jackozy.

Also worth bearing in mind the bigger picture when looking at the FTSE. Not that far away from the main 2009 trendline.



dl.dropbox.com/u/24866576/November%20201...0151112%20weekly.gif

A fib expansion of the a & b sub-wave gives 100% at 5688.8 which is about where we are now. Excuse my EOD chart from yesterday Next decent support 5635 then 5478 but short is where its at IMHO

Jackozy, i'm looking at that area too... level... 5627 -5640

dl.dropbox.com/u/40497882/Ftse%201h_LD.jpg,

I've just noticed that taking that screenshot actually changed the chart. Here's how it really looks using Paint instead of updata's capture option:



dl.dropbox.com/u/20815047/FTSEdaily15_11_12a.gif

Those two supports do coincide properly unlike how it looks on the first chart...weird!

Any thoughts on a possible long at 5635?



dl.dropbox.com/u/20815047/FTSEdaily15_11_12.gif

Its the finishing price that counts
If the price finished below the support then it matters
Its saying the support held.
dyor

A nice hammer indeed, but could it be argued that this has pierced the support level, almost tested it / felt for a lower push?

Thats a beautiful hammer right at support.
Im still long from my earlier entry . My stops were below 5715 .This level got hit but my actual stops were at 5695 so lucky in some aspect.Had to go below the round number rule.
This looks like its still in the range from 5740-5932 which is roughly 200 points .
I just hope the dow can finish strong today so as we can rally a bit based of the hammer.






DYOR
remo

Unless something unexpected happens, I'm not looking to go long on the FTSE until it hits the main uptrend support from March 2009 lows which sits at 5486 (today, rising daily):



dl.dropbox.com/u/20815047/FTSEdaily13_11_12.gif

Mind you, we should always expect the unexpected, right?

Did you go for this this morning? Hit your level exactly...

correct updated chart..sorry!

Theres a big hammer on the ftse right at support...
The way im gonna play this is wait for the price to come halfway down the hammer then go long with stops below the hammer. Obviously this is for tomorrows trade if we finish with a hammer today.

Jackozy - Oh yea of little faith But I don't blame you for take the profit. Well done mate. That said my 5688 is now looking quite close Don't ya just luv dem fibs

Hi Gee,

Yes, I had noticed that. The FTSE is normally more bearish than the Dow but not so this time around. In reality, they don't bear much comparison at all these days. I find the FTSE much more difficult to read as its patterns appear far more complex.

That said, and despite the Dow breaking to new highs above the 12876 Bin Laden high, I still can't get a bullish wave count to fit either index to my satisfaction. It's going to take a break above 14198 to convince me that we're in a proper bull run.

Hi
Is it just me or has anyone else noticed how resilient FTSE index has been compared to the DOW. It's a but wierd. But the % drop of the high to the lows since sept/oct on the FTSE has not been as significant as that on the DOW.
Isn't that wierd? Cause it usually falls dramatically with the DOW.
Is there a reason for this?
Gee

"textbook as usual Mr!"....now that's what I call a great trade!

Whilst I love "bottom triangles" does the reverse apply for top triangles?...or would you guys still class this as an ascending triangle and predict 6105 end of year on break north?

I've decided to close my short at this hourly trendline support:



dl.dropbox.com/u/20815047/FTSEhourly07_11_12.gif

I'll look to re-open at a Fib should it bounce.

Great trade mate.

jackozy.
Your trade looks beautiful now.
lol.

one min the dow was coming up big time then down big time.
Proper volatile day ahead i presume.
remo

Thanks remo.

Amo, I don't always use the 3 contract method but that's really just because I still feel like I'm learning to trade FX and Indices so I want to keep my exposure really small. I do think it's a great method though and, on this occasion, I did use it because it's such an important level.

I've now banked one contract and moved stops to b/e on the others. I will probably run a trailing stop on one of the remaining ones and leave the other to run as I think the markets could be due a big correction. They look bearish to me though that can quickly change.

Cheers!

great trade mate
spot on
remo

Hi Jackozy,

Do you have a limit in mind and do you normally use the 3 contract rule.

Thanks
Amo

PS learning so much from this site. Thanks again guys. Loving it

I agree that it looks a bit ropey but a breakout north on this should be quite significant so I could just reverse it.

hi jackozy
did not read about your stop...dohhhh
thats a fair risk...
tight stop is good on this trade
remo

Careful with this .
Its right near the apex of the triangle. This is the best area to breakout from.
Also you got to be careful due to the election result in america . Markets tend to be volatile the days after.
Normally id short this as well but im more cautious due to the election results. The ameriacn markets have a reason to rally a bit .
good luck mate.
remo

I'm now short on this due to main downtrend resistance:



dl.dropbox.com/u/20815047/FTSEdaily07_11_12.gif

Stop above previous highs of 5928 and 5932.

Sorry, use the 'screencast' link: the chart in the last post is incorrect