Wednesday 5th March 2014

FTSE Levels for today

Support
Daily pivot 6786
6770
6720

Resistance
6833
6850
6870
6926 – if this area was to get hit and price closes above it then the FTSE is breaking out and has a lot of upside potential.

The Russia situation however might scupper that, even though things seem to have calmed down a bit now.

While there are still tensions shorting at those resistance levels and getting stops trialled and at breakeven ASAP is the best plan.

126 Comments

  1. ~I have resistance at resistance at 6808/12 and trend line resistance at 6820
    Immediate support is 6776/73 next target & support at 6725

  2. Hooray!!!!! New chat thread started!!!!!!!!
    Nick, honestly, we miss you.
    Thank you for the update cos I was thinking I’m mad trying shorts yesterday. However I closed them all now b/e for today.

  4. posted this for Phill at 1.34 today:
    Immediate support is 6776/73 but any longs need stops below 6765 for good support at 6750/44. If we continue lower look for the next target & support at 6725 & a good chance of a bounce from here. my views this morning

    and posted this at 1.05 today:
    DAX
    If we start pushing through 9600 today then the outlook remains positive. Targets are 9613 & 9648 then short term trend line resistance at 9675/80 which should hold a move higher. However,
    A good chance we turn lower today to support at 9530/25 then 9490/85. If we continue lower look for good support at 9460/55 but below here meets yesterday’s low at 9425/15. Just be aware that on a break lower today we have a gap to fill at 9373/68

    S&P
    S&P unexpectedly broke 1866/67 all time highs but we are hitting strong short & long term trend line resistance at 1874/75. Although this bull market appears unstoppable this area should be a very tough challenge. There is a good chance we top out here for the week & head lower to 1865/64 with support below at 1859/58. If however we continue lower look for 1854/53 then 1849/48 which should hold the downside at this stage.
    Shorts at 1875/77 need stops above 1880. A break higher keeps bulls in control for 1884/85 then 1888/89.

    and before you ask, yes hit my first trade on the dax at 9530
    still have a short from 9577
    and still short on S&P from 1877

    Hope you followed and won money with me

  5. The Key number I am looking at now is the DOW
    investors may be concerned about value. This makes the market ripe for a closing price reversal top which leads to a near-term correction into a value area,
    A failure to hold 16314 will put the market in a weak position and could trigger an eventual move to 16192

  6. If you are wondering what is happening in the markets today!!!!

    The volatility the past two days has given investors an excuse to take profits today. The index is also in the window of time for a closing price reversal top so traders should start to watch for a higher-higher, (1 hour Charts)

    I do not believe we will see a continuation through the support levels mentioned,
    It is still choppy trading…..

    I personally am looking for good support to buy the markets again…

      1. a winning idiot ……..

        do you have any thing constructive to say mr no name, or should we call you PMStrader >??? !!!

        1. personally looking for those resistances as shorting opportunities.

          P.S. Its funny how those people who were crying out bulls before the weekend suddenly went quiet on Monday…. lol

  8. Well like said yesterday I done the opposite of pmstrader and shorted the markets £500 up all trades closed now of too the pub …. Thanks pmstrader you must be enjoying that humble pie 😉

    1. That short at 13.24 on Dow was tempting, so bad I was tied up with the short on lower level (which actually would have come to b/e in the course of the day but I managed to get out earlier to make more trades). Triple top it was, bounced off 16416.5 twice (look at 5 min chart to see).
      Pmstrader got me nervous a bit so I was spooked from my short, but it wasn’t a great entry after all.

  9. Yeh I know there all quite unless your pmstrader he so nibble don’t matter what way the markets going he a winner!!
    Have to agree with James though still a bull market and since Christmas very range bound love trading in these markets. 2013 was my worse year got hammered but 2014 has been my best year ever so far… Still another 9 months left to mess it all up 🙂

  10. 6808/12 could be a blocker, trend line resistance at 6820. test of February highs would be 6855/60

      1. support and resistant levels !!!

        If you followed what I posted this morning
        Res- 6808/12
        sup- 6776/73

        you would of been very happy

        1. You took trade 6770. What did you see for doing this. Moving average or RSI ? I am reading book – and it says – above moving average 100 buy and when rsi is at 0 also buy. but i do not see this on my chart .

    1. On what basis senu? I’m not challenging it, I’m just interested in the thought process/analysis behind the decision.

          1. Good to know, mine too, thanks for making me 20 points today..Thats my daily target hit and my trading for the day finished.

  19. Now we have got the MPC decision out of the way – Lets see if this bearish sentiment remains

      1. In Jan & feb when market reached 850 area – it stalled. Its the nature with which it stalled that is revealing. Its as though a physical barrier exists there. I am not saying that it cannot break it – but until it does we have to assume – that history will repeat itself and push the market lower. I for one will need the market to break 850 and retest this area to convince me. But to be bullish now – does not make sence. i agree the argument to be bullish from 450 as history repaeted itself. But now it does not make any sense whatsoever to be bullish. Besides many a topping out process patterns are also forming

          1. OMG, I can’t believe you use these kind of charts, sticks or whatever. Try candles.

      1. Just got back and was reading through some comments, seems that some are loosing their way, !!!
        Support / resistant levels posted on here are for today only, Normally morning sessions…..
        Idea’s dreams wishes what the market might be doing next week or next month, I ‘d say good luck..

        I agree with you that there will be a breakout of the channels one way or the other but not until tomorrow at least, and tomorrow or next week does not concern me as a day trader..

          1. I can understand your 6855/60 and yesterdays 6820 – but the others – 6808 / 12 6776/73 6765 6750/44 – Baffles me. Sorry to show you my ignorance !!

        2. On what basis have you arrived at your Support & Resistance lines? Are you able to post a chart showing this ? I agree with you that Next Week should not bother Day traders . But sure would like to see your analysis in chart form. thanks

          1. your kidding me right !!!!

            Look at any chart (candle sticks ) I prefer, and you should see the support and resistant levels !!!..

          2. No james – Obviously you are a very experienced trader – but we are still learning and I only ask to improve my trading. So it would be great to see a chart of yours!!

      1. and your exit is ~??? what…
        6808/12 6820- 6860 ????

        or are you really waiting to sell again back to 6776/73 ares or further 6750/44. if breaks then 6725

        you may have better results trading near the support and resistant levels, anything in between really is not a good plan!!!

  22. Steadily building up small short positions on all three main indices, with decent positions on the S&P, personally think it will drop before ftse all time high, though I believe we will see 7000 very soon…

  23. I guess FTSE not affected a penny buy rate decisions … its the DOW .. 16400 is wht the benchmark is …

  26. Hello James.
    I’m fairly new to this. Ain’t done hardly anything this week due to Nicks absence & the Ukraine bollocks! Wot are good entry points in yr opinion on FTSE for this afternoon?
    Thanks mate.

    1. find what you believe are support and resistant levels,
      I posted this morning that 7808/12 maybe a block and took a gamble myself to sell to the resistant levels 6776,
      as for this afternoon I would still be looking for a gamble around those levels but the afternoon really is out of UK hands as such, so it’s a double gamble.

      1. If I was pushed I’d say
        S & Resistance
        Short – 6800 Stop 6815
        Long – 6772 Stop 6764 – Short on Close below this level

  28. looks like the S&P looking to break that 1880
    next stop should be 1884/85 then onto 1888/89.
    if the bulls can push through

  31. Thanks James & Jules.
    I’m a London cabbie so can’t keep on top of it as much as I’d like, just check these posts in between jobs. Need Nick back ASAP..!!!
    Thanks once again for yr help boys.

  33. FTSE seems to be trading in a pretty tight range looking on the 30 min chart and seems to be up/down/up/down/up down pattern since 11:00am.

  34. Lol Phil Nick is supposed to help not to spoon feed you lol. Unless you subscribed to him…

    1. Look at it this way – I would trust Phil to get me to 35 Kantfind Street, In a similar way – I would expect Nick to get me to make me $$ from DontKnow UPDown street. lol

      1. So for now – I have to use ” Dont you know which way Dummy ” book which I picked up at a car-boot sale in Finchley

  35. 1884/85 then 1888/89 – From where. Its never been there. So your analysis baffles me even more. May be I am stupid. But it would be helpful to detail how you came to these figures.

      1. How can I take notice – when you dont explain how you arrive at these values. Would anybody take any notice of a chimp plucking figures from thin air !! Um!! I dont think so. & no I am not PMStrader or Mr Anonymous. I am just a simple guy – yes call me Mr Simplistic

        1. figures out of the air !!!!!!!
          You trade to go higher, it breaks new highs..
          Question: where is your exit at new highs, Don’t know! then don’t trade…
          Flipping div

          2. James says:
            March 6, 2014 at 3:17 pm
            figures out of the air !!!!!!!

            Flipping div

            Yes that is all it is. Till you can substantiate it.

            When I asked you for a chart – with your reasons – you sent a blank chart – asking me to fill it.

            Sorry mate – as far as Mr Simplistic is concerned – These figures are worth as much as a chimp plucking it out of thin air !!!!

      2. Well I am sure your Friend sorry Fiend

        Anonymous says:
        March 5, 2014 at 6:26 pm
        You are copy paste from an analyst

        to your Drool……………on & on……

        James says:
        March 5, 2014 at 5:05 pm
        posted this for Phill at 1.34 today:
        Immediate support is 6776/73 but any longs need stops below 6765 for good support at 6750/44. If we continue lower look for the next target & support at 6725 & a good chance of a bounce from here. my views this morning

        and posted this at 1.05 today etc. more drool….etc….more plucking out of thin air ….even more plucking out of thin air…

        SUBSTANTIATE it ………or keep your Drivel to yourself…. you div

        1. HEY THICKO
          RES 6808
          SUP 6776
          OMFG……. WOW what did the FTSE DO THIS MORNING

          hahaha….

          you really are stupid…………

          2. I’ll remember to set my alarm – for your Post………..how can I be so stupid……….when I am in the presence of MR. Know All Predictor ……..who Cuts & Paste’s somebody elses work – who – when asked – Substantiate it – Send a Blank Chart to fill up.

            Hallmark of a Great Mr Bombastic Pretender

            http://www.azlyrics.com/lyrics/shaggy/boombastic.html

          3. James says:
            March 6, 2014 at 2:46 pm
            1884/5 and 1888/9 are the next resistant levels, if 1880 breaks

            Substantiate it

            Where did you google for this ?????

          4. James says:
            March 6, 2014 at 2:49 pm
            with 1875/4 as full back

            Full Back ……indeed

        2. All the hallmark of a Cut & Paste – Artist – Now I see how Mr Anonymous sussed you out ……….. call me simplistic to take this long to work this out……

          1. YOU are nuts……..
            SHOW EVERYONE THIS COPY AND PASTE !!!!!!
            COME ON BIG MOUTH….

            WHERE IS IT…..???????????

  36. All I can see is what I said earlier. Ftse at 850 resisted in Jan & Feb. So i have to assume – Until broken & re-tested – that we will have a repeat at around 850. Call me simplistic.

  37. Ahwab, of course I’ve subscribed to Nick. I get his trade plan in the morning & put the orders into IG. Cos I’m at work, just keep checking if they’ve been filled.

  39. Personally Phil just buy the dips short term looks very bullish indeed, tomorrow is big day personally though so don’t commit yourself to any long term position for now.

    Personally I am placing small shorts for an incoming drop. For today though can’t really suggest anything with all the action finished…

  43. Norman — You are quite right to stick to your guns. James seems to have a tendency towards defensive slipperiness and abuse of others. I am sorry about that. I thought you might be interested to see the graph below – I think it highlights the relevance of your concerns. My interpretation is that the FTSE is high, but there seems to be the prospect of another spurt to 6900 or above. By the way, the analysis, including the indicator, is my own work – I haven’t filched it from elsewhere. 🙂

    http://i1348.photobucket.com/albums/p736/jmca01/FTSE100DFB_zps46809ac6.png

    1. Jim
      Thanks. Respect your Charts & analysis. I see the divergence worked a number of times – both Up & Down.
      I respect your view of …6900. & I will definately bear that in mind.
      Thank you.

  44. Hey Mr James ( alias Cut & Paste Artist )
    All you have to do – is send a chart – with YOUR Reasons – for Your
    Great Analysis. Come on tell us how you came up with these figures
    for
    James says:
    March 6, 2014 at 2:46 pm
    1884/5 and 1888/9 are the next resistant levels, if 1880 breaks

    Otherwise – say “……yes I did cut & paste it……” Nobody is going to bite you.

    If you want the Blind to Believe you ……. you know how to do it…

    Good Luck mate !!

    PS – Dont send another blank chart …Please..

    1. I’m not your teacher…
      But the next time a professional trader drops in to help you out, maybe yopu take notice……….

      PS……

      YOU can pay for charts by all means……

      BUT HANG a minute ,they are copy and paste
      NEARLY forgot you was going to show every one this copy and paste !!!

      WHERE IS IT??????

      1. James …you are missing the point altogether.

        I am not de-funking your analysis. I would like to use it & learn

        from a professional trader……

        ” But the next time a professional trader drops in to help you out, maybe yopu take notice……….

        All I am ASKING is YOUR REASONS . So I & a lot of others here can LEARN.

        This you are – refusing to do. That is all the argument is about.

        These are your words…….
        ” But the next time a professional trader drops in to help you out, maybe yopu take notice……….”

        HOW ?????????

        1. Right last go….
          As an amateur trader or someone first looking,
          You look at trends, for up or down, within those trends you can not be a day trader, as those are long or short term trends….
          If you want to be a day trader, you can only really use the chart from the previous days trading as a starting point….
          it is from that chart that you begin to look for the current days entry and exit points (support and resistance)
          Then if the current sentiment is in an up trend for example, then you can use your weekly and monthly charts, however, with new highs you have to project at what the trading targets to reach are going to be..
          So you need to decide if your are a long/short term trader, or a day trader……
          There are many trading platforms out their that will show you estimated direction, but you need to learn support and resistant levels……
          If volume is low for example, then the price does not normally break through the first support or resistant levels…
          If volume is high it has a great chance to break it…

          Traders will trade towards each support or resistance depending on sentiment of the day….

          If the do dar hits the fan and blows the support or resistance out of the window, then trader will look to take profits at established levels of support or resistance….

          Bottom line, if you believe the markets will go up over a continued period of time, and your charts show a combinations of upward movements then great, your hunch was correct, HOWEVER, from your charts, where are your entry and exit points…..
          support and resistant levels, small or strong are manly workable depending on the volume !!!!

          got it ?

          1. I forgot to add,

            One of the reasons we drop in here from time to time,
            is to have a look at Nick’s program, albeit he is using an older version of it, the entry and exit points he gives are very accurate…..

          2. James

            Thank you.
            And I am sure I can also thank you from a lot of amateurs here.

            I really will wait for your post in the morning.

            Thanks once again

            Norman

          3. James

            Pls ignore all that ” cut & Paste ” stuff
            – I am guilty of just copying that from Mr Ananoymous or PMSTrader or whoever it was.

            Thanks again

  45. Stormin Norman…..

    Depending on the opening tomorrow the FTSE should be working to around the same support resistant levels….

    If the non farm sentiment or results push for a break out then your get one..
    the 6808/12 proved to be a blocker only today
    and the 6776/73 area the support…… that was today and may continue into tomorrow
    a break out of the highs 7854/60 has to get past 6726 first
    and a break out of the lows would need to break 6750/45 that could send it down as low as 6715/07
    I will be watching the S&P500 for a entry around 1888/90 area, if volume smashes though that level we could be on for a big drop…
    But it’s Friday and non farm day so anything can happen,

  46. JAMES …….. LOOK these are my – Amatuer Analysis

    Norman says:
    March 6, 2014 at 2:50 pm
    All I can see is what I said earlier. Ftse at 850 resisted in Jan & Feb. So i have to assume – Until broken & re-tested – that we will have a repeat at around 850. Call me simplistic.

    But I Have SUBSTANTIATED IT

    That all it’s about mate. From an Amateur to a Professional

    These are your words…….
    ” But the next time a professional trader drops in to help you out, maybe yopu take notice……….”

  47. are there any pro traders other than nick here? from reading james’ comments he simply trades entry and exit points around resistance/support levels, i could be wrong these levels are not difficult to see if you simply analyse a chart over the day/last few days

    1. well done…..
      trading made simple…..
      your % of successful trades have now gone up if you stick to that plan.

    2. Jules those resistance and support levels, along with lines you can create on your on graph are used for RANGE BOUND trading which is the norm for days like this, in this case you would be buying the dips from the resistance points. The only exceptions are when data/figures come out or it breaks out of the channel then there is normally some big movement…

      Just trade the trend -.-

  48. Anyone else find this argument amusing?

    Ps I think that the market will rise tomorrow it would be a good place to short IMO .

  49. Hey James .. I am keen on continuing to follow the resistance n support level game .. May feel like a Test Match but it’s worth it in the end … I am Long 6771 n short 6870 ish frm last week .. I hedged it coz am directionless at the moment …. wud u have any suggestion for tomm . ??

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