July 2014

[cimac]

Cheers slick

This move by Ftse and even Dax could be anything and
when the bigger action starts we will know for sure.

Yesterday the bears lost the plot but I am taking a
small short at Ftse 6770 as a drop banker, fwiw.

Never give up, never surrender.

[lordgaino]

I’m still on here from time to time, and always enjoy reading the analysis/chat when I pop in!
To me it feels like we are near another inflection point. Martin Armstrong is calling for this week to be a turn, but many of his turns over the past few months have ended up being mild lows to spring to ever high levels! Lets see.

[cimac]

Yes, there are a few who have this week ending going down.

Monday was the bears day and they blew it, today is the bulls
day and they have made a better job of their time, so far.

I have wed D thu D fri U giving the bears 2-1 over the bulls.

Ftse has wide bear(6700) / bull(6800) sandlines which is not a
lot of help for day traders and suits positional plans, imho.

Never give up, never surrender.

[billy3]

Hi Cimac

Also Dan and Gekko. Long time since we were on here for hours every day.

I gave up for some time after getting burn in the relentless rise northward.  It on,y needs getting caught in a small number of positions to limit trading ability unless you have a large pot for margin and can make enough scalping to cover any losses. It got too stressful worrying over trades.

I dipped my toe back in a few weeks ago and doing ok by not doing boredom trades.

Not on the subs side yet but may do in time.

I do read all your odors and it’s good to hear others views so I wouldn’t be discouraged by the lack of response.

Cjrrently trading FTSE, Dow and. Nymex. I’m short all of those. Shorting the big up days like today….nymex yesterday.  Shorting near highs feels comfortable as upside is usually limited and breakouts are usually back tested.

[cimac]

Hi billy

Yep, even after a decent up day, it does feel like shorting
Ftse 6800 is a better odds play than buying it and one day
soon the short side will pay off big time.

Never give up, never surrender.

[billy3]

Apologies for typos. Must re read my posts before posting lol..odors should read posts !

[MAURITIUS]

Hi Billy,

Good to see you….perhaps the bears are reconvening for  feast… 🙂

Dan.

[cimac]

Ftse 6800 the bull sandline which the bears must
keep under and close under would be best.

To me today is a must win for bears as they do
seem to have another window but windows must
be used. a.s.a.p.

Let’s see.

Never give up, never surrender.

[cimac]

Ftse analysis.

I still have 6000 as a must see again level because of what I think
is the best fit pattern.

We are at 6800 and worst case we go to 7200 before 6000 and even
that for postional traders is 400 up 800 down giving a 2-1 for
shorters. If you think we don’t see 7200 first then it does
look even more attractive.

Just idle thoughts really.

Never give up, never surrender.

[cimac]

Smaller timeframe.
With the Ftse holding above 6800 there is a chance of
another re-test of the wedge top line and that can
be 6870 – 6900(max) depending how you draw it.

Two big risks.
For bears we break up through 6900 and it would be
unlikely the Ftse would do this without a decent
updraft for most major stock markets.
For bulls a failure to re-test the Ftse wedge top
line is likely to be a big failure.

Take care until this situation is resolved.

Never give up, never surrender.

[billy3]

Thanks Cimac.

I took profits on FTSE and Dow last night sorting the top. Closed half  oil too leaving just one oil.

Did a quick FTSE long before open this morning to take 15 pips on gap fill open back to yesterday’s closed.

Plan now is same as you Cimac. Waiting for later today and if this is another reasonable up day I’ll look to short. May take a day or so to close if it breaks up further. Either way, has to be a reasonably safe bet for a few points.

Good luck.

[Papillon]

A test of 6800 coming on FTSE, back through with conviction could spell big trouble for bulls.

[cimac]

New moon on 26th is a feature of some calls for a cit.

I will continue to run my small Ftse short (6770) as a guard
against a surprise drop. Plenty of time and margin ready to
adjust as and when we get a clearer picture.

Exciting and nervy times for bulls and bears.

Never give up, never surrender.

[cimac]

If the US opens down will there be buyers for a gap fill.

Most likely yes and it’s worked many times but not for
me incase the music stops.

Sunny here in South West England and I am inclined to
chill and let the market work and show it’s hand.

Never give up, never surrender.

[Papillon]

FTSE dropped through 6800 and now back testing – make or break time for bears and bulls

[Author]

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