Good morning. It appeared the FT100 may try and break through the 6450 level but in later trade fell back to close around 6420. In after hours trading it has fallen below 6400 on the back of comments by Federal Reserve Chair Janet Yellen suggesting the U.S. central bank may be ready to raise rates.With hindsight that 6440 trade could have netted a few more points, but with Yellen talking the safer bet was to bank the profit I thought. The ECB has various announcements and meetings tomorrow and so this will affect the FT100 quite significantly probably. On many technical indicators the market looks quite overbought above 6400, so today could be the start of a down leg …. but as we know nothing is for sure. The best performing sector was pharmaceuticals on the back of positive broker comments and commodity shares were the weakest.
US & Asia Overnight from Bloomberg
Asian stocks fell for a second day, following U.S. equities lower, as a drop in oil weighed on energy shares.
The MSCI Asia Pacific Index lost 0.2 percent to 133.59 as of 9:01 a.m. in Tokyo, with material and energy companies leading losses among the regional measure’s 10 industry groups. U.S. crude traded at $40.20 a barrel after slumping to $39.94 in the previous session amid signs of discord between members before Friday’s OPEC meeting in Vienna. The Standard & Poor’s 500 Index dropped 1.1 percent on Wednesday as tumbling oil prices sparked a broader selloff in equities and Federal Reserve Chair Janet Yellen laid the groundwork for a December interest-rate increase by signaling higher confidence in the U.S. economic outlook.
“The decline in commodity prices is reflecting the downturn in global economic conditions, with emerging countries at the center of that,” said Mitsushige Akino, executive officer at Ichiyoshi Asset Management Co. in Tokyo. “Yellen’s speech was as expected and showed that they plan to start normalizing rates in December.”
In a speech at the Economic Club of Washington, Yellen also warned that waiting too long to end the era of near-zero interest rates could force the central bank to tighten too quickly, which would risk disrupting financial markets and the six-year expansion.
ECB Decision
The European Central Bank is expected to cut its deposit rate and further expand asset purchases at its meeting Thursday, kicking off a crucial 48-hour period for global markets. Yellen will speak before the U.S. Congress and November payrolls data is due Friday, probably the most-anticipated piece of American data before the Fed’s Dec. 16 interest-rate decision.
Australia’s S&P/ASX 200 Index fell 0.4 percent. BHP Billiton Ltd. lost 1.7 percent, the largest drag on the Australian benchmark gauge and the second-biggest on the regional measure.
A majority of Organization of Petroleum Exporting Countries members agree on an output cut, with the exception of Saudi Arabia and Gulf Arab countries, the Iranian Oil Ministry’s Shana news agency said. Saudi Arabia cut pricing on January oil sales to the U.S., signaling the kingdom is fighting for market share. U.S. crude supplies rose to 489.4 million barrels, the most for this time of year since 1930, government data show. The surging dollar helped spur a broad commodity slump.
Regional Gauges
Japan’s Topix index fell 0.2 percent after the yen slid 0.3 percent against the dollar on Wednesday. South Korea’s Kospi index lost 0.7 percent, while New Zealand’s S&P/NZX 50 Index slipped 0.3 percent.
Futures on Hong Kong’s Hang Seng Index fell 0.1 percent in most recent trading, while contracts on the FTSE China A50 Index added 0.1 percent. The Shanghai Composite Index climbed 2.3 percent on Wednesday, the most in a month, as financial companies rallied on prospects for monetary stimulus.
Futures on the S&P 500 were little changed. Wednesday’s decline in the underlying benchmark gauge reversed a surge the previous day. [Bloomberg]
FTSE Outlook and Prediction

The main focus today is going to be on the ECB and their announcements which will make things a bit choppy. However, we have resistance at the 6417 area on the 2 hour chart which looks good for a possible short, and above this the 10 day Bianca at 6463 and the 30min channel just below that at 6459 – also worth a short here if the bulls manage to break through the 6420 resistance area. With the bulls failing to break through the 6440 level yesterday though, they might not be able to push too much higher. Support wise 6330 is the 25ema on the daily and also the bottom of that 30min channel so a long is worth a go at this level as well. Tight stops are the order of the day today though. Wont be long till talk turns to the “Santa Rally” and the possible rise in indies in the run up to Christmas. Historically (thanks to one of the members for looking at this stat) the best time to buy was at the open on the 16th December and close at the open on the 6th January to capitalise on this phenomenon. So anyway, for today, I am looking for a dip down towards 6330.
Morning.
Some bargains about last night for the brave, but as far as the cash chart goes 6370 didn’t happen and here we are back nudging 6340/11260.
We lost the 1 min uptrend at 0900 which was worth a scalp short at 33 which I’m holding for the mo, but obviously going to be a bit quiet till the 12.45 rate ECB announcement, which is supposed to be priced in at -10 bp to -0.3%. Outside of that will be a surprise.
I’m working on a 12.30 high risk/reward HFT mugging play, will share the details a bit later if anyone fancies a flutter.
*6440* (Freudian bearish typo)
Morning tmfp,read your Hunt bros post 🙂 and thought you might enjoy this (if you didnt see it when it came out).Think your Post today confirms that.It is about a page,but I guess there will be time today…
http://polemics-pains.blogspot.fr/2015/12/the-pitch-fix-up.html
it is FX based so Hugh if you are about it’s pretty funny.
Should definitely be a film 🙂
One of the funniest things about the early 70’s trading environment was the rise of the “barrow boys”, as the titled establishment used to call us, bemused and suspicious, but entranced by the money we made for them. And ourselves.
When we allocated profitable deals for ourselves via commission houses, we used to refer to them as “white stick” trades because of the blind eyes being turned.
Dealing 100’s of tonnes of copper from the Savoy American Bar house phone, blasted on vintage tequila….ah, the Good Old Days.
🙂
I really enjoy reading your posts about your early trading tmfp,thanks for sharing.
Me too 🙂
I could bore for England, but don’t worry I won’t. 🙂
I would say though, that although it was a huge egotistical buzz, it really gave me a contempt for money (at 18 I was the youngest ever dealer on the LME, courtesy of age of majority change in ’70) which screwed me up good and proper for later life.
I’m not some old guy sitting here for fun, I need to make money to pay the bills. 🙁
Colonel Sanders hit it big in his late 60’s and had 20 years of fabulous wealth… know what you mean though,hard to pull level with the inherited wealth lot and harder to stay there.Think this is the age of the big reward for risk free Apparatchik types like Blair,6 figures for UK Headmasters… it really is a joke.
out for +7, neutral
Thanks for telling the time for ECB.
And Draghi’s press conference starts at 13.30.
What I see, Dax is back to its usual climbing routine. And I missed it because of busy morning. I would have tried long at 8 if I had a chance, definitely. Looks like no brainer now.
Something tells me that Shorts are actually over. Or you think it will resume down? (Dax, Dow)
I thought it would take a breather after the first 100 points,based on the angle of the climb,and i missed the next 60 🙁 🙂 no idea.
Christmas rally desperation, perhaps.
Easy to imagine Draghi disappointing a bit and Yellen at 3pm making it worse,not predicting anything just think it isnt likely to be up all day.
Anyway, here’s my plan for just before the 12.45 ECB rate announcement.
Most of you will have noticed a “minesweep” is common before a big announcement.
This usually consists of a seconds long up/down stop hunt, which averages about 20/25 points each way.
Say the price is 6430 a couple of minutes before the 12.45 announcement.
I’m going to put a sell order at 6450 and a buy order a 6410 with no stops, valid till 12.45.
In a perfect world, they both get triggered and 40 points made in seconds.
In a less than perfect world, it triggers one and then keeps going in the wrong direction, so a scrabble for damage limitation follows. If it does, then closing -20 at 6470/6390 is still an R/R of 2:1.
This is ONLY for that particular pre announcement sweep, not for the actual reaction itself AFTER 12.45.
What do you reckon?
Not to get in at all and wait for after it settles. 🙂
On Dow this minesweep could be 50-80 points easily. Too much risk.
I think it sounds very good,but with City there might be some order slippage,”tolerance exceeded” risk in there too.I can imagine not knowing what has happened for a few minutes and having to log in and out to get an answer from them today 🙁
Well tmfp I used to be all for sticking my neck as you know but I have the bills to pay also,I have wound my neck in quite a lot now,still don’t mind pushing abit but now I think how much could I lose instead of how much could I make.I think you do well doin what you do,if it ain’t broken don’t fix it but your not usually wrong!
Should be “sticking my neck out”
tmfp – hope it works.
I bet you’re a master at spoof with 3 coins aren’t you?
Used to play that for a lot of money.
We also used to play ‘golf’ with the serial numbers on £10 and £20 notes, read them out in sequence and each lowest number won the ‘hole’, overall winner take all.
Particularly drunk in the Olde Wine Shades one afternoon, it was noticed that one guy had kept a low numbered note back, specifically to play and win.
So we set fire to his wallet.
🙂
I saw some guys from a Bank thats mostly state owned now playing Wads for a Drinks and Entertainment Bill,thought it was an urban myth until then,now I know some people just didnt have the numeracy for Spoof 🙂
fantastic
tmfp, what will be your plan if FTSE hangs around 6450-60 during the announcement?
This is supposedly timed for just before the announcement Senu, the orders expire at 12.30 so the theory is that
A) The sweep happens, both trigger and it works.
B) One gets triggered, but not the other, then it’s fast finger time.
C) The sweep doesn’t happen and the orders expire before the reaction to the announcement. I’m still thinking about whether to expire them at 12.29.
This gambit is for the sweep, not the announcement, very important.
As usual, I don’t want a position open when it’s made, as Jack says, wait for the dust to settle is sensible.
makes sense 🙂 GL
Did that last time but completely by mistake. Was long at 250 and had sell limit at 70 and buy at 20. Both got filled in milliseconds, still left long at 50 which looked tricky for a week or so!!!
For me, I’ve just got short at 45, little punt for fun.
Bottled it, closed at 17.
It’s a +, all in a good cause mate
🙂
Not 12.30 and 12.29, 12.45 and 12.44, getting senile.
long at 27 for 8 either way while we’re waiting
took 7
show started, tmfp. hope you are having fun 🙂
That worked out ok but was a bit of a damp squib, the market had already done a bit of stop hunting on its own I suppose, I opened based 20 as a round number, ie -40/+00 and it triggered my 40 which I covered at 15, so +25. Lucky really, cos IG’s highest bid was 40.6, if it had been .6 less they could have unfilled because of volume queuing.
Uncertain now till His Maj speaks at 13.30, I’d buy a dip in the meantime to ~400, I think.
The FT are deep in the sh*t, they led with “an unchanged at -0.2% story”, which probably accounted for that Euro spike.
“Claire Jones” is up for the chop I reckon.
Some funny replies to the corrective Tweet
https://twitter.com/FinancialTimes/status/672397594967072769?ref_src=twsrc%5Etfw
Just bought some Bank of Ireland Shares for the bottom drawer,think it’s one of the safest of the penny shares 🙂
Penny shares, at a time like this???
C’mon WSF, get with the program! F**k safe! 😉
Sorry 🙂 🙂
Ahha, glad I took a huge +7 on that 400……where will we stop 330?…
becarefulboys#
There’s my 10900 from yesterday on the DAX Senu 😉
Short 80 30 pt stop
took +40, reload at 60/70
damn,… it keeps falling, selling the news may be
it was so assumed by everyone all would be fine that it was ripe for this fall.
I woke up sooo bearish this morning and talked myself out of a big early short 🙁 🙁
Having said that, only 100 points off the highs, nothing particularly broke technically, certainly remedied the slight overbought readings lol.
How do the Yanks read this…..
Glad it’s taken a little while to creep back to the 70’s, I’m hanging fire just now I think.
“Shock: Draghi’s run out of B*llshit” should be an FT headline.
probably bearsh*t
Hi Chaps,
Season Greetings
Apologies for my absence – trying to cram 4 weeks work into about 2.5 weeks is leaving me with v.little time.
Been setting orders the night before, so just checking in to see how it’s going.
Been good this week – wee bit of damage today..I’m not a big fan of days like today .
S 6418 off pivot this morning – got Stopped which was a shame.
Next up is Long 6328 for a climb back up to 6369 area – Stops 6315.
Not sure if this is going to materialise or not…
See ya’ all laters.
looks like this will recover completely, anyone?
Today? No I can’t see it, maybe 400, totally depends on the DOW.
I can’t see them crazy bullish with NFP’s tmrw and a definite disenchantment with Yellen.
A short at 82 now on a weak US opening for me I think, 30 pt stop.
There is more Yellen chat at 15.00
I was after an immediate sympathy sell off which is sort of happening but not like I hoped so taking 20 now
Looking for a long in 30’s
Short 55 10 pt stop
Took 20, one more push down for a long around 25
Thanks.Very nice trading.
Expected a better sell of on Dax after US open, but managed to take only 13 points, didn’t figure out to close when it was 39 at some point. Just didn’t work out. I missed all morning up to 2.30 and was really shocked when I saw the picture.
That’s why I didn’t mess about this time and got 30 points on Dax, and I know I should have held. But… whatever.
To be honest, Wall Street actually better today, I should have traded this instead.
they did their part yesterday
Long @ 27.4
stopped too soon 🙁
Long at 6310 30 pt stop
may be a bad idea
Lost my bottle on that happy with +5 on the bounce
A hard one to call around here, especially with NFP’s tmrw, but unless it’s the end of the world, 6250ish might look a bit cheap next week, Santa Rally and all that
Bugger, should have stayed short side.
Short covering rally or long liquidation in the MHH?
i think more weakness.
Can’t give the Ftse away now!!!!
you still long in FTSE/DAX?
I dumped the Dax at a further loss,but I’m still in the FTSE up sh*t creak without a paddle at the moment but the good thing is its a very manageable size so i don’t have the fear factor,wouldn’t mind trying a long again on Dax but it moves about so bloody much ?
Once again anstel, not on your back and v glad you’re not suffering too much, but analyse why you’re up the creek without propulsion.
Answer maybe: you’re trading what you think it will do, not what it’s doing. And you know what they say about opinions.
You’re what 100? in the hole with no exit strategy apart from hope? C’mon.
To be totally honest I was hesitant at 6444 didn’t press the button like a clown Its this stop placement I can’t get my head round though,it just doesn’t sit right with me,every time a 20 point stop is triggered for someone their next trade has to make 40 points to clear twenty,then if trade two hits a twenty point stop trade three has to make 60 to clear 20 profit,that’s why I prefer to ride it than take the stops obviously when it drops this much it becomes quite a sizeable no of points behind. I bloody hate stops can’t help it.but it’s a market it goes up and down someone should be thinking it’s cheap now let’s get buying. I need to think about this a lot. Cheers chaps.
By the way I appreciate all your comments chaps,good or bad, and tmfp I know your not on my back and I appreciate all your advice and help thanks mate.
Last nag for today, but that 20pt example is a classic case of revenge/compensatory thinking and is bad.
You can’t get your head around stops because you are opinion trading. We rarely change our opinions until the wrongness of them is shoved under our noses.
In the trading world, that’s usually accompanied by margin calls.
I can’t see how anyone minnow sized like us can trade successfully without some form of tech analysis and R/R.
You know I thought carefully about what you said and your right my target was 6450 and I would have taken it,I really thought it was going to break through that level by a good few points as well,thing is,are we not all opinion trading? The difference seems to be you re- evaluate after maybe taking 10 points and then re think but I seem to get too fixated on my plan,and I’m as stubborn as a bloody mule……..I just don’t know tmfp,I know one thing though,I really like small position sizes :0) keep on my case when you think Im cocking up please tmfp I do appreciate it and your not nagging cheers.
I though the whole point in reducing your position size was to develop good habits!!! What happened to the stop loss????
Hi Dan the answer to your question is above,good luck mate.
Right I put a minimum stake long on the Dax at 78 with a stop of 100 points,
Hi anstel maybe take confirmation off a larger timeframe but put the stop in the same timeframe/chart you are taking the entry from.Like 100 profit isnt 50 + 50 it’s 50 + 30 – 15 -10 + 45 sort of thing.
Hang on WSF let me think about what your saying there.
Sorry if that sounds wrong,wasnt being sarcastic.I meant it is just your EOD P/L that matters whenever the EOD is and if you look at that as an average over time then it balances out over the week or month or whatever as long as you have a decent win rate.That win rate will dominate over time unless you take to many big % hits.
No it didn’t sound wrong but sometimes I have to think carefully about what is being said to me,I understand what you mean now but at first I thought what’s he on about here,appreciate your advice WSF cheers mate.
To be honest, it’s a bit scary when stop losses are huge like 55 points on Dax. It is scary, but reward could be huge as well. But I cannot cope with that plus I have no time to wait. I am done today.
Proper move at last. Shame I bottled the short, never mind, never made a loss taking a profit. Long at 00 and limit to buy more at 250.
Ahh sod it. I’m going in large and long!
Are you going to stop that at 6250 like the other, or did you just say that because you thought it wouldn’t get there?
😉
You and anstel are driving me crayzeee !
I’ve got my £10 pp going with a stop at 6240, but have decided to let rip with a new long from here because I’m mental.
Lol, fair enough!
Technicals out the window on a day like this. Pivots and supports blown to pieces. If you’re not short on the ride down can you jump on? Or are you going to catch a falling knife and guess the bottom?
Prepared to burn some of my ill gotten gains on a 90 long, stop 75 target 6320 out by 16.30 whatever.
B/e stop now, I trust this about as much as I trust Draghi.
MHH looking more like ‘haveacigaretteafterstrenuousactivity’ Half Hour today 🙂
fancy a short? i am in @ 6302, 8 pt stop
out @ 88
Good one Senu.
Watch that DAX melt
yes, i see this FTSE may go to 6100ish , what you think?
long 70 15 stop, I think we’ll bounce with the DOW when the DAX has finished cutting its wrists
Too difficult to call atm, don’t let’s get carried away now eh?
6100’s a long way away and although this shake out was bound to happen, that’s all it is at the mo, a shake out.
And don’t forget the Santa Rally……..
just missed your stop 🙂
For the minute yes but it’s a crappy trade, very much falling knife with no conviction, deserves to be stopped out.
Got to go out for an hour, hope springs eternal, will be looking at +30 when I get back lol.
Dax gone
This Dax has got to turn round surely at some point,it’s moved almost 600 sodding points today.
Sorry to hear that,hope you are still in the game.I had another go at saying what I meant above didnt mean it to come out the way it did the first time.
Hey no worries WSF I never thought for one minute anything bad,I just didn’t understand what you where saying.yeah I’m still in the game and more determined than ever,must be a bottom on this bloody Dax somewhere and Im going to look for it.
Yes,we were basically here at the start of last week with the Ftse and the Dow is where it was an hour or so ago,cost me 20 points getting back here 🙂 ,no reason to think that the Santa thing wont apply and cant see us hitting the Nov lows,Draghi was actually pretty “generous” on balance.
Ftse is about to go off the bottom of the levels I wrote down this morning,think Bianca has 6231 as the 20 day and 6161 as the 50 FWIW.
Filled at 6250 to add to the stamp collection
santa slapping nicely 🙂
Been waiting for this for a week! filling up the ammunition boxes for the inevitable. I’m rubbish at picking tops and bottoms so whilst it can be the death of many a trader averaging works for me!
Anyone got the balls to go long yet or is it 5900 Ftse and <10000 Dax
I was thinking about it until I realised how fast that went through Si’s stop,if the Dow turns I will go long there with the RSI and the same 20 point stop,probably scalping.Thanks Hugh.Might be an evening for watching a film though,not sure about Opec today and whether anyone will want to be Long into the weekend anyway so can see this as next week for a real rally.
Trying a Ftse long at 35 stop if I must at 6197
If you’d been short from 6300 would you be closing it or running a trailing stop ?
I’d be closing it
I reckon there are stops in the 50,70 300,areas.
I also put my Dax long back at 694 another 100 stop
you got the balls, steel one though
That could make a lot.
lol i thought dow will recover 100 pts, instead it fell 100 pts.. red everywhere
Back again, deservedly stopped out for knife catching.
So, quickly reading through ^^^^, it sounds like it’s a buy because….it’s gone down a long way?
NFP tomorrow may help it to climb a little after this sell off.
Also it’s only a shake out and don’t forget the Santa Rally :0) couldn’t resist that tmfp lol!
Ignore the bad tempered response to your earlier ^^^^message anstel, awaiting moderation because of the language lol.
As a matter of interest, none of the 3 daily charts are remotely oversold yet, so I think there’s quite a bit of room for further downside before ‘bargain’ buying can be technically justified.
Good Luck as ever, I’m off to listen to some rock n roll.
🙂
No worries tmfp you have been a big help to me and most of the guys on here and everything you say is valuable experience that you are sharing i didn’t mean any offence whatsoever,I just thought it was a fun thing to say.good luck as always mate.
No mate, I’m not having that, even if I do occasionally have an opinion ‘flutter’ (over £100 pp last notable occasion), I make bloody sure there is a logical and affordable exit strategy in place first.
I know it seems that I take my profits too soon, but the point is that 5 or 20 points is as far as my judgement (not opinion) stretches, after that I’d be “hoping”, so I take my profit/loss and then I also have the opportunity for re entry.
Getting stuck in a losing position not only costs money itself, but blocks you from trading that move for a profit. You’re a short term day trader, not Warren fucking Buffet.
And this “oh, I can live with it, it’s only low stakes” is bollocks.
Apologies for the language, but you’re in denial here.
🙂 🙂 You could try for the Ray Winstone role in that guys Film tmfp…I have that in my head now,Ray Winstone : NFP ….Not Faaahhhking playing. 🙂
Lol all I’m saying tmfp is that you had the same idea when you went out,just quoting what you said to Senu mate,not being disrespectful to you or anything.Im just a shit short term trader tmfp trying to find a way that gives me some gains,Im just doing the best I can,no worries about the swearing either you should hear me when I get fuckin going.
Apologies Nick for the language.
Hey tmfp, do you pay any attention to after hours FTSE levels? I’m looking at some now and I’m thinking they’re pretty meaningless, unless the real market is open.
thanks
Evening !
Looking ahead to my trades I’ll put on later tonight…
1) Long off 6182 tgt 6300 area ….
or Long off 6220 tgt 6300 area
Ofcourse, it may continue going down – but – here is an opportunity to buy a 30 mins trio also a 1 hr trio. These don’t come along very often…and if the opportunity isn’t taking – it’s just a case of looking back and saying to yourself – “wish I’d bought there – it’s just I was p*** nervous..
Think I’ve talked myself into it – I’ve put a small Long and will add the others.
I can’t really see the Euro/$ sustaining the 3% it’s had
Hi Hugh, I’m also looking at the 6220 level on FTSE. Matches up with the 24th Nov low. We’re hitting it as we speak. what stop you going for?
Hi Dan,
I’m sure you’ve checked out the previous levels.
Fingers crossed it finds some support at 6210.
But it depends on the time frame – I could bring up any time frame &
it will bring up different levels….
1 – 2 – 3 – 4 – 5 – 6…….& …7 Hourly candles and not one has managed to even close anything like 50% of previous candle..
Just one of “those days”
Dan – You doing anything with your equities ??
I’m thinking that the levels are pretty useless out of hours. I’ve just managed 100 points on the Dow, so i’ll stick to real markets.
Hugh – Equities have been going well thanks. Did well on Kingfisher and Lloyds. Both have closed now with a reasonable profit after I manually trailed the stop. Pulled my stop in really tight on BHP last night to an area of consolidation at 800, so i got out with a small loss. Phoenix was my only rubbish trade, undisciplined with a crap entry.
Looking forward to tomorrow, loads of new charts. Land Securities is looking good for a long, with shorts on Morrisons and Standard Chartered.
Got your eye on anything? anything open?
Ok we are at the 200 sma for the daily on the Dow this tends to be important it is just below this 500 around 493.
Rock n roll’s tomorrow night 🙁
So you have the pleasure of even more of my company.
Yes Dan, out of hours data doesn’t carry much weight imo, can be good extremes to be exploited. I use cash charts for longer term supports, trend lines etc.
Any of you getting tempted to long here but don’t fancy seeing -50 because your timing’s out by a couple of hours might consider shorting the VIX.
I’ve being buying Dec under 17 for a while as a substitute for shorting or options, and it’s been successful with limited risk.
Currently 1850 (DOW based), further index weakness could spike it to 2000 and be a good short, or a hedge against index shorts.
I think I’ll short the DOW at 455 for something to do, stop 80, target ??
To short on the bottom? I hope you were joking.
I reckon we will see 17300’s before the close Jack.
Look at that, it came up to 80, not to stop me out, but to kiss goodbye. 🙂
But I’ll stop it at b/e now, just in case.
I wouldn’t bet on it as 200EMA is at 17400, plus it will be a huge bounce tomorrow for, let’s say 200 points. It won’t go 17300 just like that. I even doubt about in out of market hours. You can see a hammer formed at 4 hour.
instead moving into 500’s, what about tomorrow?
You’re right Jack, it was just a pre close possibility which came and went.
EMA’s aren’t made of concrete though.
Goodnight.
Is this the bottom? Bounced along at 6200 then into the teens? Or is it a deceased feline?
At the risk of encouraging tmpf into accusing me of being warren Buffett I’ll be fully ‘geared’ if it gets down to 6050 but I can’t see it!
A chippy buffet, mmmm, I could do with one of them right now.
We’ll either open 170 or 270 in the morning, over to you China.
Good night all.
This is what I’m doing tomorrow –
Friday
As Thursday move was large – the cash close was 6275.
After 4:30 the futures moved lower to 6197.
So either the market will recover overnight and make it’s way higher towards
7:00 am or we open – GAPPING lower (-100 points) and then close the GAP
Such GAPS are normally filled one way or the other, so whilst I have already opened a trade Long.
Long on Open 6220 (No Stops as I expect this GAP will be filled at some stage)
It may be that it moves lower still to somewhere between 6162 (S2) and 6182
Long 6172 – with a 15 Point Stop Target 6300
But maybe an even bigger lack of confidence and we fall further
Long 6049 Stop 6029 Target 6300
Obviously of the three possibilities, this one carries the least risk.
GL mate. I am also long at 28, 30 pt stop
out for +24