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Today - What to look for?

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Not applicable
What levels will confirm a bounce? We bounced off a support, so what level will confirm a little rally? I geuss breaking 4000 on the FTSE will confirm the downward trend?
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10 REPLIES 10
Not applicable
I would be extremely reluctant to say we have bounced off anything right now. We closed lower every single day last week, but we are still not near our mid december or November lows. The FTSE's battle with 4000 and wall streets battled with 8000 levels are resulting in us closing lower and lower.
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Not applicable
I guess what I am trying to say, is that we don't seem to need the FTSE to break 4000, even holding it is sending us lower. I am staying short, and will exit if wall street rallies today
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CrownA
Super Contributor
FTSE is running away from 4000, what now?
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barry_1
Super Contributor
i never look for direction on a Monday morning,in fact,it is better IMO only to look for direction on a Tuesday morning after studying the american futures, then local,usually around 11 am.
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CrownA
Super Contributor
Very good observation, so you only trade Tuesday to Friday?
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barry_1
Super Contributor
mainly,how ever must admit traded Call warrants on HAR,ANG this morning,based mainly on the $30 increase of the gold price and the fact that Gold acts as a PUT ....but will wait till tomorrow to decide bout plat as their price seems fragile
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JohnnyCash
Super Contributor
Hey tjop, u still short or did you cover in that gap close this morning? See that 190 bar of death with the shorts running for cover with their overnight/w/end position? By now prolly good to be out of the short? All timeframes except daily now showing a long....
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Not applicable
I have been short since the 8th, with a small position left. Neither DOW or FTSE look convincing enough to signal a reversal yet. I will make up my mind at close today.
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JohnnyCash
Super Contributor
ok, so bit longer timeframe than intraday? Cause eventhough it may not be convincing today's up should be enough to at least make you close ur position and see if it continue or if it fails? preservation to me is key, it costs me but longer term keeps me failsafe!
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Not applicable
FTSE pushing through 4120 makes a pretty neat inverse H&S. I am out, and waiting for wall street cash to confirm going long - with a 1 week timeframe.
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