(based on 30 year advanced data charts)
Renko Study
Yearly: this is the fascinating bit, because ftse is in a shrinking triangle, whereby it has already hit the lowerbank, which means that we have seen the low on ftse100 this year already, with a potential upside up to 6000 in a few years' time. For ftse100, the current level near 4400 is actually of critical importance. If it caves down under 4400, it has the potential to test 3500 by 2010. To keep the bears at bay, bulls might push hard into new highs to keep a safe distance between the triangle scenario and the downstream moo river scenario, which depicts 3500. Meanwhile, we wait with baited breath.
Quarterly: this one is difficult to read. But I think the bulls have made enough effort here to keep the bounce intact. Subject to the possibility of a test of 4000, we should be safely on our way towards 6000. In the immediate future, there might be a key resistance popping up.
Monthly: together with the quarterly, it is also possible that we are actually in a Double top, or a giant M top shape, depicting a massive fall. For now though, the bulls want to work on the triangle scenario. 4520 is the key resistance, if overcome, then we will get to 4800 at least.
Weekly: the way I draw on this chart gives us a triangle to play with, we are confronting the key challenge here near 4500, a break here takes us up to 4700ish. 4180ish will be a main support level.
Daily: difficult to get a clue there, it seems that it is still the same challenge, either 4500 or 4800.
==================================
Moo River Watch
yearly
Price chart: it is a difficult chart to put into a pattern, either upstream moo river, downstream moo river, shrinking triangle or a butterfly shape, where we are in the process of shaping up the right wing. You do need a lot of imagination to see a pattern here. The bulls really need to push it throug 4500 to give themselves a bit more breathing space. Interestingly, the lower bollinger line is in a straight rising line at +45 degrees and the upper bollinger band does now show an M either. Maybe, things are not yet that doom and gloom yet. There is hope for humanity.
RSI: it is in a dangerous flat shape, which is susceptible to further falls towards the lowerbank in the downstream moo river.
Other momentum indicators are all in downstream moo rivers, all very bearish, though some might want to bounce up a bit, there is no guarantee though.
Quarterly
Price chart: I am basing my trading plan entirely on this chart. I can still see us reaching 4680 this quarter, so we have got 3.5 weeks left to do it. If we do, then I claim that I know what is going to happen in the next few quarters till Q2 in 2010 and perhaps beyond as well. That is a big claim, though the foundation of this claim is on that particular condition that we reach 4680 this quarter, how interesting.
RSI: we are bouncing up toward another upperbank, with plenty of upside left.
Other momentum indicators seem to be supportive and bouncing up too.
Monthly
Price chart: what a headache for bulls and bears, as we lie exactly on the line in the sand between bulls and bears, there is no winner yet. But I think FTSE100 is lagging Dow, so we already know what is going to happen here, we are going up!
RSI: still room for the W based rally to finish its job upon the upperbank of the downstream moo river.
Momentum: this one is going strongly, V'd up and then W'd to continue and penetrated the downstream moo river, showing no signs of tiring yet.
All other momentum indicators are supportive.
Weekly
Price chart: I tend to switch to my butterfly to see it more clearly. I have drawn this butterfly with us now in the process of shaping up the right wing. For this wing, I have drawn three lowerbanks and three upperbanks to shape up three possible wing sizes. For the innermost wing, we are squeezed in such a way that we have to get out of a triangle in this coming week, either to reach 4680 or to fall to 4270ish. (Check out my weekly forecast in the Weekly forecasts and results).
Most momentum indicators are non-commital to either side, though they are still in the upstream moo rivers.
==============================
Three Peaks + one Domed House
Daily Price chart
We have certainly had the three peaks so far. If this is a classic scenario, then we have not yet had the separation decline, which depicts a dive under 4300 and we are also missing the Domed House. All to play for here.
Good luck.
good morning, all moo river watchers and followers.
ReplyDeleteAsia has been steady with Japan again threatening 10000, psychological barrier. I am afraid, for bears, once that one is breached, we may not stop there. We may overshoot a few hundred points before we take a breather. The whole world is watching whether the Japanese moocano is going to erupt or not.
FTSE100 has been lagging the rest of the world, it might just show some surprising strength now.
watch that triangular moo river on daily momentum and the moo river on daily rsi for further clues of resistance and support.
good luck
Ps daily range: we should get to 4520 at least, hopefully 4560 by tonight.
always be prepared for the separation decline to fit in with the classic Three peaks + one domed house pattern, though I suspect we may do without that, judging from the pattern on the American market.
ReplyDeletein Asia, last week, there was considerable net inflow of funds into banks and financials, I think the market is ready to give them another nudge north.
ReplyDeleteI am reloading longs for the Domed House. This time, I won't cash them in until we have the Domed house.
ReplyDeleteto put it rationally, we have been meandering between 4300-4500 for a few weeks, on breaching 4500 this time, we should go for at least 4700, if not more, so my 4680 target is quite reasonable one, it seems.
my market maker's charting service is really sticky, so have to fly blindfolded.
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ReplyDeletethanks trigger.
ReplyDeleteI made some points today riding the moos. A sell off the Upper middle bank this morn, 4410, closed 4370. Bought at LB 4380 set a limit for 4430.
Looking to load up some longs at 4360, however not counting out a trip down to 4290 sometime tomorrow.
My target this week would be to hold from there to 4500.
I hope to join you here tomorrow. Rain is on the way.lol
well done, NBT, nice moos, lol, I have got two longs in profit, don't know for how long, but I am holding them for 4680, mad, I know, but there has got to be a domed house somewhere sometime.
ReplyDeletegood night
a rational trader should hold for 4500 to play the range and then perhaps play the breakouts. I might have to do that as well, as it seems that the high of 4680 will only come at the end of the month, on the 29th June, to be more precise, though timing is never my strong moo point.
ReplyDeletegood morning
ReplyDeletetaken some profits, as we have correlated M's all over hourly chart, for better or for worse.
it looks like the separation decline is going to come today with 4300 test, if not 4250/4280 level.
Asia has lots of M's as well, and Japan seems to be shying away from 10000.
we need fresh impetus to go higher, the Chrysler mess is not helping the issue.
while maintaining the drawings on 4 hourly as of yesterday, let's draw that triangle on hourly, if you link up tops at 15pm on 1 Jun and 8 am on 3rd June, which serves as the potential downstream moo river upperbank and link up lows at 18pm on 3rd June and 13pm on 4th June, which serves as the lowerbank of the upstream moo river.
ReplyDeletewe have a triangle on hourly Momentum as well, if you link up the obvious tops and link up the lows from 3rd June, this one is very much tradable, as it is tightening.
While the correlated M's are strong on hourly, across price, rsi, stoch and momentum, it is perhaps best to focus on these triangles.
I am fascinated by the 3+1 scenario, which depicts a coming separation decline towards 4300 and lower. While I think the market can do without it, but with GB still in power, maybe we need some sort of Trigger to push him over the top.
The waves counts are inconclusive. You could say that we have had an ABC corrective waves, now pending some directional plan.
There is no point in speculating, let's play the triangle for now.
good luck.
there are conflicting views here, hence the triangle, as the lowerbank was respected three times from 3rd June, while the upperbank of the triangle has been respected three times as well, though on Friday, we did have a fake break there, which is always an encouraging sign for the bears to think that was a bull trap.
ReplyDeletethere is no dividend this week, so no cake for the big boys to delve into. We can meander, but the triangles are tightening, on Momentum, MACD and price. I believe this has to be traded by watching it and you need to have a plan A for range trading in between the triangle and Plan B for breaking high and Plan C for breaking low, though mine is still buying on dips and dives, which seems to be straight forward.
above 4450, we should be safely on our way to the north pole;
ReplyDeletebelow 4350, we will test at least 4300.
what do you think?
Wave counts:
ReplyDeleteif bullish, then we have had Wave 1 up from 3rd June to Friday's spike and Wave 2 yesterday morning and we are in Wave 3;
if bearish, we have had Wave 1 down from 1st Jun to 3rd June, Wave 2 up from 3rd Jun to Friday's spike and we are in Wave 3 down.
We could well be in ABC waves as well.
let's see how it pans out.
morning Trigger, Triangles at the ready. Just got a small short from last night 4427. Looking for a break of the triangle. Perhaps 4444 for the bulls and 4410 for the bears?
ReplyDeletewe did not managed to cross 4450, so took some profit there, now wait to reload. we might meander between 4400 and 4450 for the rest of the morning, so I will be scalping from here onwards for a bit.
ReplyDeletenice one, NBT, let's play your tight scalping range.
ReplyDeleteftse is such a beast that you blink, you have missed the whole morning's excitement in one go.
ReplyDeletelet's see, but over 4450, I will hold on for a ride.
on 15m rsi, you might want to draw a triangle there as well, linking the two tops and two bottoms in recent days, see how it goes.
ReplyDeleteHangseng looks to be well managed or manipulated, but it is a worry to bears that people now see under 180000 as bargains, well, at least, it is the impression for now and Japan has still not managed 10000.
not a perfect start for the week, no more longs left from 4300's, beginning of the week, I am always a bit more jittery, as the greed to put some pointer on board is strong
ReplyDeleteonce I have put 100/200 pointer on, then I am more relaxed, such is the pressure of trading, profit matters.
structurally on hourly, it does look quite bullish at the moment, but it needs to break 4450, let's say 4460, then all bears will go hybernating for a while, otherwise the downside risk is still very much alive.
ReplyDeleteif bears can not launch a bear campaign when we are going to have a few weeks without decent dividends, the bear market must be dead and buried.
ReplyDeleteA bit hasty last night. Afraid that if I have a couple of good trades, I get over confident and pull the trigger too early...
ReplyDeleteYou kind of get the feeling that you are on a roll..
I will leave it to run (25pt stop) Got my eye on 4400
I have always had difficulty in trading breakouts.
ReplyDeletethis morning, we have learnt something about fake breakouts, almost similar to Friday's, but to a lesser degree.
I think when you want to find out whether there has been a breakout, you must look across momentum indicstors as well to give a fair judgement. A lot have been said about breakouts.
the proven strategy is wait for a full breakout and then buy on the pullback, but most traders find that hard to swallow, as that could potentially mean staring at a run without joining in and also waiting anxiously for a pullback, whereby it is easy to persuade yourself to go the other way.
timing impacts your psychology, so is your entry level.
in this sense, a good breakout trader, will wait for the market to hit 4500 first and then buy on a pullback towards 4460ish, anyways, you learn something about the market every day.
ReplyDeleteNBT, your range seems to be working.
We are all human, NBT, that is why it is easier to be an analyst than a trader, good analysts do not trade, they sell their analyses, and leave the big challenge to the traders, easily said than done, did they say that?
ReplyDeletemaybe, NBT, you could get out of your short now and if you have to be a bear, sell higher up.
ReplyDeleteanyways, it is your choice.
the other thing is that if the range is on a certain time zone, say hourly, then the breakout must hold for the hour, as in this case this morning, the candle withdrew back into the triangle, so that was a fake breakout, still this market seems to be quite bouncey at the moment, another jab at 4450/60 is not to be overruled.
ReplyDeletealways nice to return from brekky to see 25pts vanish in to thin air..lol
ReplyDeleteim thinking now whether the LB should be my target now.
popping out for a short while..staff issues..!!
sold barc at breakeven, aiming to rebuy near 250 pence.
ReplyDeleteI never quite got Barc right, so don't follow me, Barc is a popular stock, so any whiff or rumour, it might shoot or tank.
ReplyDeletewell done, NBT, I am almost back to where I was yesterday, plus some free scalping profit, not feeling too bad now, still must say did not time it to perfection for this little rally.
ReplyDeletewe are back in that triangle on hourly, though we seem to have broken the triangle on hourly Momentum to the downside. Interesting to see whether this hourly price triangle will be broken proper and moo river flooded, para sar dots have turned red, but price seems to be held up by lower bollinger band at the moment, are we going to slither down?
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ReplyDeleteon the daily price chart, if we dip down towards 4300, then I can safely say that the prime uptrend has reduced its rising angle, giving a maximum top of 4680, as at the moment, with this sharpish rising uptrend, the top target could be 4830 or more.
ReplyDeleteAlso, it seems that we are crossing over from the upperbank to the lowerbank on daily rsi.
just bought some shares in moneysupermarket.com, the first.com company I bought since 2000, see how it goes, this one is certainly a market leader in its field.
ReplyDeletewe have just touched the lowerbank of the hourly triangle at 4385ish, this is the fourth touch on this support line, see whether the bears can claw through it, hourly rsi has hit its lowerbank too and stoch seems to be almost fully regurgitated.
ReplyDeleteare we ready for the rise to 4680 yet? I wouldn't mind another challenge of 4300 either to load up more longs.
good luck.
bought some hsbc as well, don't know why, but am switching from barc to hsbc.
ReplyDeleteout for a bit.
ReplyDeletelaters
oh what a day. Limit hit for half at 4385!. the moos were right to a point..lol
ReplyDeleterest at B/E
good luck. Garden dashing again..
come on 4390 before close.lol
ReplyDeleteseems we have been playing this range for a month now.
Long may it continue, a bit for me, a bit for you.. everyone is happy//lol
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ReplyDeletemake sure you get out asap, nbt, well done on your shorts, but it is going to lift up soon, then again, you have heard me about that one for a long time now.
ReplyDelete4680 is now strikable within this week.
be alert to that, because dow is a very cornered animal, with its back to the wall now.
good night.
I am poised and prepared for the lift.
ReplyDeleteI really should have set an order up to buy at 4384 this morning.
If it does not come around again then I will buy around 4440 with a view to holding to 4680 (dont hold me to it.lol)
have a pleasant evening trigger. A glass of vino and a watch of Mr Peter O'Toole (Jeoffery Barnard is unwell) Im sure he is drinking vodka throughout... Hilarious..
good morning, moo river watchers and followers.
ReplyDeleteover night, Asia has delivered and did you see the 10000 on Japan, yes, it is the Moocano that I have been screaming about for the past few weeks and now we have finally had 10000. Hong Kong's dive yesterday was seen as a bargain hunting opportunity, that is really worrying for the bears.
meanwhile, back to FTSE, draw all them triangular moo rivers on hourly momentum indicators, e.g., macd and Momentum.
Still, every man and woman in the street knows the weekly range is between 4300 and 4500. While udderbulls like myself have been craving for 4680 and permabears have been crying loud for 4250. The range is there for everyone to make some money, until it is broken. As the hourly rsi is only 63.5, it is not overbought yet. There is a triangle on hourly price as well, if you followed my post yesterday. It has been broken firmly now, but the tricky bit is that it has an extended section due to Friday's spike towards 4500, for that, we have 4460 as key resistance for now.
good luck.
im holding tight. in from 4440. May look to add once 4460 has gone, perhaps set an order for 4475.
ReplyDeletelets hope this moves some today.
regards
good morning
ReplyDeletelong or short, NBT?
I am expecting us to test 4520ish again and then meander a bit between 4520 and 4450.
with such a limited top target 4680, it should be achieveable this week.
for some odd reason, I can never stick to barc long enough to enjoy a ride there. anyways, can't get them alright.
ReplyDeleteI have taken some profit and make this week's profit to 200 odd points, which gives me a bit more breathing space to trade in a more relaxed way.
ReplyDeleteI am fully loaded long. Had some bullish dreams last night..lol
ReplyDeletewould be v happy to see 4520 by EOD.
have a good one. catch up at the bell
I am thinking what I should do once we get to 4680, do I sell for 200 odd pointers there, or wait for 4800/50 to sell for 400 pointer. I am think ahead really.
ReplyDeletethis whole campaign is one long journey to 5000 and then after a substantial pullback, towards 6000 tops. it is already all in the works.
there are several ways of trading it:
1. be a permabull, buy on dips and dives;
2. be a permabull and stay in as long as you can;
3. be a permabull buy shares on dips and dives;
4. be a nimble tempbear, sell only on very strict rules, e.g., overbought conditions, upperbanks etc;
5. be a permabear, not recommended!
in any case, market meanders and then trends, once it trends, it trends, it is difficult to get on and off when it trends, not like in scalping range, one can get on and off the bus quite easily.
good luck, must dash out now.
I would like to say thank you for the heads up last night. Without your warning I would have most likely spent the day fighting the trend and in turn losing a fair bit of dosh.
ReplyDeleteI set my limits for 2/3rds of the trade at top of the range 4500. The rest a with a stop at 4470, no limit.
During lunch and feeling rather jubilant I set up a couple of sells (just incase) for the way down, 4460 and 4440.
Tempted to reload longs, back at LB...again!
My thanks as well as my good wifes to you Mr Trigger. She is another step closer to that new sofa!! lol
NBT
ReplyDeleteyou made the right decisions yourself and it was a good turn of foot for you, which is excellent.
strangely, every man and woman in the street knows the 4300-4500 weekly and yet a lot of us are still fighting it, me included, too bullish, luckily, I took some good money this morning and got out of HSBC as well, now sitting on some useful cash in share dealing ac. longs have been reloaded by limit orders, will have a look after the footie.
let the moos be with you, you are the one who draws the moo rivers and moos are happy with your efforts
take care
My biggest enemy is, greed. As well as over trading. The focus I have got here has helped me tame them, but it is, for me, a continuing battle.
ReplyDeleteI know that you asked before if I noticed a change in your trading from back in the day on iii. And to be honest I have not been back through your post history, it would probably take me a decade..lol.
However from the last 3 months I noticed you have moved from scalping to trend trading.
Personally I struggle TT, especially with the markets being as they are, volatile, uncertain, manipulated even.
With the moos changing so frequently I find it hard to hold for any length of time.
Also it just takes a post from Theory (example M on 16min today) to get my attention and think about taking profits. Thank you if you are reading, and I shall be on your blog more as soon as I get IG charts back. Etrades are awful.
Sorry ive lost the thread, distracted waiting for a Rooney hat-trick..
Laters
the triangles were broken and rebroken and some of them are gone for now, but the triangle on daily Momentum is still there.
ReplyDeleteand there are a few moo rivers there to trade, e.g., hourly price and hourly Momentum.
==========
Three Peaks + 1 domed house
it does not seem to work out so well at the moment, need to monitor that, it seems that we have had a fourth peak already
good night.
good morning all.
ReplyDeleteover at the III forum, Yorkie Paul's highlight of the Ascending triangle continuation pattern seems to fit better within my bullish moo count, than the three peaks scenario, as we have had a fourth Peak yesterday and the decline was way too deep to fit in with the classic 3+1 pattern.
Well, we are very close to a breakout higher towards 4680 now, and today or tomorrow should do it. I will be sitting on my longs, doing absolutely nothing.
While the ascending triangle pattern gives a projection of 4800ish top target, the moo counts projects how it would be reached by 23 Julyish in several waves within the upstream moo rivers.
Watch this space, as once we get to 4680, there goes my biggest claim, I know exactly how the market is going to behave within the moo rivers. Well, my moo river watch since March 2009 has been almost spot on and is improving fast too.
Let's moo it along to a good day and a good week for moobulls, unless you are a very nimble bear.
good luck.
still the triangle now is between 4400 and 4520, so make your trading plans accordingly, though the common sense range is still between 4300-4500.
ReplyDeleteI am seeing 4560and 4400 as today's range, with more emphasis on upside potentials.
Butterfly watch
ReplyDeletethe butterfly on ftse100 daily is still holding up so far, you know I have drawn three possible right wings there and now we are threatening the innermost wing. There, we are stuck in the world's tightest triangle and there is no way to turn, but to break out today, either big up or big down.
If we break upwards, obviously we are targeting 4680/4800 eventually;
if we break down, breaking 4400 firmly, we could end up somewhere near 4330ish to shape up the middle wing; the worst case scenario is 4200 for the outermost wing, which I can't see happening just yet.
3 Peaks and 1 Domed House Pattern
ReplyDeletecertainly this does not look like a classic pattern, but if we stretch it a bit, we could say we are still shaping up and we are either at point 9 or point 16 at the moment.
If it is point 9, then we are on the way to a big down, possibly go all the way towards 4200 for point 10 and reverse from there, that would fit in the widest right ring on our daily butterfly.
if it is point 16, then we are going to spike to 4500 another time or two times, before we break it firmly and go higher.
Today should be the day for breakout or trendtrading, underless we decide to get stuck in a tight range of 50 pointer and do absolutely nothing, then tomorrow, we have to break, as there is no more space left there.
Ascending triangle pattern (thanks to Yorkie Paul on iii)
ReplyDeletehttp://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:ascending_triangle_c
for this one, you'd be better off drawing it on daily price chart. annoyingly, this gives a tightening triangle, which still alows a few days meandering without breakout play yet, with 4380 max downside and 4520 max upside. the last day that can be contained in this triangle is 13th July, so patience is required.
A break of 4520 gives the potential of 4820ish upside target.
all these patterns are very interesting to observe at the moment.
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ReplyDeletetrading
ReplyDelete1. you make up your mind, be a bull or a bear or a bullbear;
2. you trade the ranges within the pattern;
3. you trade the breakouts
so far since 4th May, it has been extremely rewarding for range players or scalpers both ways.
remember we are climbing a wall of worries, so this is the period where we hesitate and try to make up our minds
within this meandering period, it is becoming more difficult to make money on individual shares, as the entry point becomes so vital that it has been difficult to pinpoint it and run it.
ReplyDeleteI am sitting on some useful cash, so am watching barc and hsbc with interest, ready to pounce once I feel the price is right.
the switch from safer play like barc and hsbc into recovery play lloyds and rbs is happening, I wonder whether lloyds could recover to almost a £1.
ReplyDeletedaily volumes on lloyds has been decent for the past two days, bought some RBS just now, decided to take a gamble on that one, the riskiest of all UK banks.
ReplyDeleteI had a quick read of what I wrote about RBS a few weeks back
ReplyDelete'Monthly
Price chart: The downstream moo river is relentless, and we have just finished a meandering across from the lowerbank to the upperbank and ready for the next leg down, until we realised that the next leg down is to -115 pence, which is impossible, so now bears scratch their heads in disbelief, what do we do now? The only other alternative is to break this upperbank near 75 pence this month or 50 pence next month, which is the final month allowed by this downstream moo river, so there will be a decisive movement soon.'
it is interesting to obsere myself as a share investor, as I warm up to more risk taking, since I had a motto not to invest in RBS at all, only sticking to quality play like barc and hsbc. I think there will be many private investors like me out there, gradually warming up to more and more risks, as the reward there seems to be more enticing.
just went to the tradinghelpdesk.com and listened to inthemoneystock.com dude for free there, which is nice. haven't listened to him for a long while, he is definitely a daytrader's man, picking every pocket in candles, will be useful to watch him everyday now, if that is available
ReplyDeletehttp://tradinghelpdesk.ning.com
that site's membership is still very small, about 300 odd, I think, but it is providing some useful freebies, don't know what is really behind that, but they are trying to grow into something big, I think, which is always a positive thought.
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ReplyDeleteso much to do and Thursday is my shopping day too, for fresh fish, exotic vegs/fruits and books etc..
ReplyDelete1. need to do a moo river watch on cable and oil;
2. need to sort out them chart patterns and have them listed, reversal and continuation patterns, patterns do seem to go better to my eyes than EWT waves;
3. etc...
time is so limited!
out and about into the sunshine for a bit
ReplyDeletewe are getting closer to 4500 again, though we could be stuck under another triangle, if you use parallel lines, under 4500. it might be a very good scalping range between 4450 and 4500 for a few hours, before we shoot up, I think that is the scalper in me talking a loud, scalp is definitely the embodiment of the greed of daytrader, trying to make money every day, every hour, every minute and every second. There lies the trap of overtrading and overleveraging etc, but there also lies one's quest for invincibility.
ReplyDeleteit is all relative, similar to the EWT, moo rivers could also come in relative terms, one moo river is another bigger one's crossing or meandering across and it goes on, it all depends on one's time frame of reference.
anyway, again, we have got hours of meandering to do, it seems.
to get RBS over 40 pence must be a vital victory for the bulls, a change of strategy perhaps, by the big boys.
ReplyDeletelooks like we are going to shoot now, judging from the dow charts, forget that scalping, let's ride it, shame I don't have any longs in the 4300's, what a shame. but never mind, this is a 400 pointer and there will be another coming around.
ReplyDeletebulls, alert! breakout might be imminent.
got it wrong again, in the end, it was a scalping range again, this market can not make up its mind really, we could be in for the 4300-4500 for a few more weeks, before a final decision has to be made. trade the range and breakouts as plan B, that is possibly the best trading plan.
ReplyDeleteEvening. Just playing catch up. It has been a long day and 30 minutes staring at the Daily has forced me to reach for the bottle..!
ReplyDeleteI am more than happy to scalp for a while longer.
With only investments being my sharebuilder and savings account, the moos are top priority right now. Be they US or DS I care not, providing I am riding them to their full potential.
I was v close back in march to investing a large amount of my savings in the old bancaholics, barc and HSBC to be exact. Instead I put just 1000 in barcs, Sold them end of Apr and since then have not looked at them again.
ReplyDeleteI was far too attached to them even at that amount. I cant imagine what I would be like with 10-20 times that in stocks right now.
Just thinking aloud but have you thought about treating your bancaholics as your permabull trend trades and purely scalp the ftse moos.
Get some games of tennis going. Centre blog every wednesday..
glug glug. Always seem to have a drink on Thursdays..lol
good morning all
ReplyDeletewe are ready to shoot, must be done today, 4680, here we come, either reaching it tonight or Monday morning, where I will be a tempabear.
if you have enjoyed the meandering since early May, well, you will enjoy the next month also, where we meander between 4680 and 4500.
my moos are saying, two conditions, two conditions only
1. hold 4300 as support;
2. reaching 4680 this month, which is the last month of this quarter.
after that, the moos are on autocruise control. if you are a permabear, you might have to wait until 23 July 2009 to start your giant 5 waves down, that is when I will be on holiday, and there won't be a permamoobull rallying the troops.
otherwise, permabull, tempabull and tempabear, bullbear are the best choices for a rise towards 4800, which takes so long that you almost feel the market has not moved.
it is a beauty for scalper, barring the occasional trendride, like today and Monday.
the sun is roasting here, the bulls are out and the bears hide in hybernation.
Could RBS double up from here, not quite, but close, so does Lloyds, we are going to go Moocano eruptions, to the unwitting, every man and womand, every cat and dog knows the range is not here to stay forever, 4300-4500, will be broken, one day, could it be today, would be today, or is it today?
good luck.
NBT
ReplyDeletewhen you have time over the weekend, go over to the www.tradinghelpdesk.com and watch the inthemoneystock.com video for free, he will teach you a lot in terms of daytrading based on candles.
good luck.
Ps don't fall in love with scalping too much, for today and Monday, don't sell under 4500, moos are warning you, don't want you to lose half of your sofa!
watch out the Iranian presidential news, it should just Trigger a worldwide rally for democratic Capitalism, which is obviously in the bust cycle, how interesting, boom and bust is preferred to lukewarm no boom no bust!
ReplyDeleteI will do a Moo River Watch on Vodafone when I get time.
ReplyDeleteMorning Trig. I would be interestd in your views on Vodafone - I want to put some of these in my SIPP (good income & growth I believe).
ReplyDeleteHowever I wanted to wait until they are below £1.20 (which they are), but now worried in case we get that drop in the markets. Thanks.
slightly disappointed with myself, really, trading wise. should have made at least 350 pointer, but ended up on 260 pointer profit, missed some great scalping opportunities by choice, which is slightly annoying, it seems that I am losing touch with my natural born scalper's instinct.
ReplyDeleteanyways, not too bad I suppose, one can only improve.
Well done Trigg, I am sure you have done a lot better than most. Extremely hard times indeed.
ReplyDeleteI have sat by most of the week, covering for 2 people at work has not made it easy to trade. Though a few weeks ago I probably would not have had the discipline to just sit back. Scraped a hundred so quite pleased.
Got the IG charts sorted now so will have a go at drawing this weekend. Also need to buff up on the the moo indicators. Stoch,elder ray etc, as still really only using RSI and Price.
Enjoy the sun and some family down time this weekend. Thanks for keeping me sane this week.
ps. did I dream it or did stu from iii turn bull today?? If toast turned then that would be a good indicator..