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Ftse action either side of 6400 today looks like stop runs.
Those stops would be ok in a normal market which this is
not and is why I will not trade in normal size so that I
can use larger stop ranges.No trades for me as I am back to NFP watch again.
Never give up, never surrender.
I think that many traders are positioned for a drop
based on the dip from the earlier ‘h’ this week.On first inspection this looks attractive.
But just remember the scale of the falls from the
highs earlier this year to 24th Aug low.
Also the scale of the rally up from 24th low.When you factor in the chance that we are still
in a large move market. It becomes clear that
nothing is proven and we still await a large
move that resolves this count and pattern.Be very cautious.
Never give up, never surrender.
Today’s action on the Ftse is good for bears but really they need
a Dax and US stocks follow on.Most likely we must wait and see if there is a ‘nail’ next week.
Brave those who hold over this weekend.
Never give up, never surrender.
The next Ftse bull target is circa 6600 so if we take 6400
as a mid point sandline and say the bears target is 6200
then we have our breakout numbers.Once again such a range size is dictated by the fall off
the April highs into 24th Aug low and this current rally.Never give up, never surrender.
We may need the Fed and EcB et al to talk the markets
into just one more Santa rally 🙂Never give up, never surrender.
A couple of levels to watch, which are near and rounded
down, Ftse 6250 and s&p 2060Possible support and bounce but I will not be trading
them as I don’t try and pick highs and lows. I find
it a lot safer to trade inside of a range.Never give up, never surrender.
A couple of levels to watch, which are near and rounded
down, Ftse 6250 and s&p 2060IF, these levels provide a base for a Santa Rally,
that would work best if we find support this week.Never give up, never surrender.
S4H today and I would like to see one of the rarer
versions of this STD day, the wedge zoom.Not a prediction, just an observation that we
may have the right setup etc.Whatever happens the bulls need a high close.
Never give up, never surrender.
A couple of levels to watch, which are near and rounded
down, Ftse 6250 and s&p 2060IF, these levels provide a base for a Santa Rally,
that would work best if we find support this week.Price and time to find support, still very much alive.
Never give up, never surrender.
Now had two knocks on the Ftse 6250 door, which has
put that price into most traders vision, even if it was
not there before, which it should have been.I guess it raises the odds we exit this xroads in a
large move.Never give up, never surrender.
I suspect we see US markets testing their equiv level later today.
You can make a case for bull and bear outcomes and when that
happens, a bit of two way action takes place to clear out the
stops before the next move / mini trend appears.I will suspend trading until this is resolved, fwiw.
Never give up, never surrender.
We now have a candidate for a low before Santa Rally in the
rth and ooh Ftse and s&p action on the 12th Nov, imho.Never give up, never surrender.
I guess it raises the odds we exit this xroads in a
large move.That was correct but what is now the best odds, count and pattern,
is something to ponder over the weekend methinks.Never give up, never surrender.
There is an option for the Ftse which we did mention before.
Ath to 24th Aug low as ‘A’ down.
Now in ‘B’ up with a move above 6600.
Then ‘C’ down.
This could be counted as 1 2 3 with 4 and 5 afterwards.For now the bulls need the low to be in and then to have
an up move into nextweek’s OE. So we don’t have much
of a wait to see if this count / pattern is viable.Never give up, never surrender.
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