FTSE 1 min chart...

[#1]

I think our little morning rally may be over if the FTSE double top on the 1 min chart breaks the 3917 level. On the other hand we may spark a new rally if we break 3950 (this turn is also a 23.6 retracement from yesterday's 4250 level, can we retrace 61.8 up to 4100? Nova, John, Chartist... ?

[SimonPB]

a DT on a 1 minute chart surely only tells you about the next 5 miytes or so. Not the rest of the day.

[#3]

sure simon, I'm only trying to determine what the mindset is like out there. further, it looks like we are currently building out an ascending triangle (continuation pattern?)

[SimonPB]

ya maybe. I closed my shorts, so no longer have an active interest in the market.

[_nova]

Wena, Simon's right. A 1min chart is an evil and noisy thing. I only ever glance at 1min charts during the open and close and that just to get an idea of when a swing pivot might be forming. I never ever trade off a 1min. Even for FX I will trade off an absolute minimum 5min chart and that only after I've checked that the 30min indicators and swing system are in the direction of my trade and that the daily chart confirms the primary direction is also in the direction of my trade. Anybody who trades off a single time scale (other than long term investors who may only work off daily, weekly or monthly charts) is going to eventually go bankrot.

[Russ]

Why close your shorts,Simon?

[#7]

Nova, can you tell me more about your swing system plz? Are you using Bollinger and RSI? Care to drop me a mail -> simson123 at hotmail.com? Thx

[SimonPB]

coz lotsa profit an me thinks bounce time soonish.

[Russ]

Thanks.

[#10]

Simon...I am disappointed to hear that you are selling on a whim (or should I say buying?) where are those predetermined exit levels or have you lost the note u normally keep in your top pocket to remind you where they are?

[SimonPB]

chartists lol ... my note had a level on it, 16,100 an I exited ... my exit was 16,099 ... so yes I missed it a little ... but heck ...

[#12]

Ok so the mental image is in tact....I have this picture of impecable control ...as if you are not able to act contrary to anything written on the paper....a demure that is carried with the same sense of self satisfaction which a nerd has when he glances down at his pens and pocket protector...

[_nova]

LOL...so what do you glance down at Chartist???? :-)

[Brazen]

Remember what I said about buying property and retiring Simone. . . .

[SimonPB]

chartist, never under estimate my laziness, nor my lack of interest at staring at prices all day. and this was not a normal exit in that I don't do targets rather stops . but I had decided that if it hit 16,100 before Friday I would exit and buy my dealers lunch take my wife to dinner in CT . and so I wrote it onto the piece of paper . .

[#16]

the image is intact...as an educator are u not glad some of what u have said sticks in the minds of your pupils?....where will u be going to dinner in CT

[SimonPB]

yes an no idea as yet

[#18]

can give you some pointers if you tell me what you like...even if I say so myself I am a good rest critic..