8th September 2017
We got the rise on the FTSE 100 for most of the day as expected, just a shame it bounced just above the order again (7348, order 7345!) and a rise to the 7400 resistance. Looked like it went for a bit of a stop hunt just past that up to 7413 before dropping back again. I kept the 7395 short open overnight (don’t often do that), and its still running as I am writing this email but may close it soon as its now back in profit.
European Central Bank President Mario Draghi said asset purchases will remain for now, as the ECB left things unchanged yesterday. U.S. jobless claims surged last week by the most since November 2012 because of benefit claims from Hurricane Harvey. They increased to 298,000 versus an estimate of 245,000. Hurricane Irma will also likely have an effect if it hits florida and is wrecking havoc to the islands in its path currently.
FTSE 100 Outlook and Prediction
With the strength yesterday the 2 hour chart has gone bullish and is showing support at 7365. We also have S1 at 7360 today so I am thinking that a long around here is worth a go for a run to test yesterdays high at 7414. If the bulls can break this then the 7440 level is the next area of note where we have a key fib level. Above this then 7460, though that may be a bit much for today. We shall see. It all hinges on a break of the 7414 though.
If the bears were to break the 7360 level then 7341 has a decent fib level, though there is then also the risk that the bulls are losing the fight and a decline to 7300 is still on the cards, maybe lower. 7300 has held repeated tests recently and we are in a range currently between 7300 and 7440, with 7550 at the extreme for the moment.
The FTSE 100 held up pretty well yesterday though the move above 7400 didn’t last too long – more of a probing stop hunt rather than a proper move.
Being Friday just be a little bit more cautious today. There is a rumour that there might well be another NK missile launch this weekend to coincide with 9th September “founding day”.
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Trying a long from 73.8
Good entry!
Let’s see what it’s got…..
Free trade long 12303
Jittery though. Where it lands.
I should have gone 12280 but was in doubt with the pattern. No it doesn’t matter really if I get or not.
Yep, in profit now. 98.8 is the remaining free trade now.
Free trade means it’s fully covered, basically safe.
Don’t hope for much, 350 maybe or just get out. Loss or win.
Would you expect a sell off on the Dax this afternoon going in to the weekend?
I fancy a slow grind down from here with Korea fears for the weekend
I say we consolidate for a few days but 7300 area holds and will look to add to longs next week.
I think Nick wanted a long around 60 area. I wonder if he got it already.
Her problem is to break 12308.
Will anybody buy Dax, pleaseeee.
So that’s it, b/e. Had profits earlier, that’s good. No more chances today. Had enough tbh, 4 times it tried to break, I’m not wasting my time here.
Not been very inspiring so far
Good I finished for today earlier and withdrawn, I see “the cart is still there”, it’s Russian expression meaning the price didn’t move really. You are right, Nick, Fridays are weird. The thought of NK also influenced me. Good weekend to everyone.
Yes I did, took a long at 7365, but just closed half at 7375 as its been so slow/Friday/NK weekend worries again
Hey all.
Hey Anstel,
Read your comment yesterday about keeping size appropriate and not looking for megabucks… very true… I can see how 200k a month is doable with a 7 figure account, and as soon as you start thinking of which yacht to buy, it all goes horribly wrong hehehe.
Slowly inching my way back into it at the moment, and had a day on the dax where i actually felt in sync for a change – still managed to get shaken out of one of my longs by a complex pullback – but more to do with incorrect entry price than anything else.
Hope its going well with you!
Cheers
Hi inoodle well it’s been a year of ups and downs…..had a very succesful first quarter but I’ve not managed to build on it…..this consistency is so hard to find….it’s about keeping going when it gets tough…..let’s keep at it……You hear about The Chinese Bamboo Tree?……..plant it in yr one…..nothing happens….yr two…..nothing…….yr three you think it’s dead..still nothing….yr four you almost loose faith but stick with it….still nothing……Then…yr five…it grows 80 ft……:0)…..patience…dedication…refuse to give up through hard lessons learnt…and dogged determination to do the inner work and retrain our brain to avoid fear and importantly to avoid greed……….just got to keep trying….good luck inoodle……
Out at 79.8 for 6 pts….
Lol typical isn’t it….wait all day…get 6 pts and then it goes great :0)
Just wondering if it can break and hold 80….. Hmmmm ?
What do you reckon Nick? A late push to 400 or do you think it’s knackered……?im thinking of trying again….
The same here, got only 20 points in the end today and b/e on the last trade 12298
Would anyone care to explain the DOW strength ??
Double bottom at 700
Strange day. FTSE was under big pressure. Think people closing their shorts made it come back. £ strength as well I thought it would grind down to 50s at least