FTSE100 (cash futures)
(based on 30 year data charts)
Renko study
Yearly: you can see three possibilities there, well, every week, I try to see it differently. The three scenarios are the triangle, the W and the downstream moo river. We will keep an eye on that to see which one is the dominant one in play.
Quarterly: we are not out of the woods yet and we are very very close to some key resistance here. To negate another lunge towards lows like 4000, we must maintain green quarterly renko onwards and upwards.
Monthly: we have overcome a significant resistance line and is headed into a bear concentration camp, well, a bear defence zone, to be more accurate, above 4500 and under 4800. I reckon bears are laying in wait in that zone and somewhere there, we will be beaten back a few steps. We have made enough progress to ensure this is a V shaped rally, so any blips of weakness will be short-lived.
Weekly: the three peaks + 1 domed house scenario is very much alive, either a drop to 4300 or 4250 will bring out many late bulls to come out to play. Potentially, there is an upperbank there for a downstream moo river there and we are in touching distance from it.
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Moo River Watch
Yearly
Price chart: hanging onto the bollinger midline, still bearish;
All momentum indicators are still bearish.
Quarterly
Prce Chart: we are almost where we have to ask the question whether this is 2003 style bull market or something different.
All momentum indicators are supportive.
Monthly
Price chart: this is the fourth month into the rally and we might keep a doji there, to give bears a glimmer of hope.
All momentum indicators are supportive and not hitting resistance or not being overbought yet.
Weekly
Price chart: notice the W on upper bollinger band, this is the most useful encouragement for the bulls and the bending up of the midline as well. This bull run has not finished yet. The pattern here is very much a consolidation continuation pattern. The last week to hit the top will be in the 28th week with a Friday ending on 17th July. Since every man and street in the street knows the weekly range is 4300-4500, it might just be another scalper's week again. I am having a fierce internal fight between the new trendrider and the old scalper. Every time, the trendrider says that this could be the week for 4680, the scalper comes out to play triumphantly.
RSI: this one has a funny shape, it does look like this could be the week, then again you have heard this one before. Meanwhile, why not stick to the range we all know and work out a plan for breakout trades.
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Overall, all eyes on that shrinkingn triangle on daily Momentum, which still has some room to run yet and it has been meandering in the middle, which is most extraordinary.
Good luck.
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very tired now, having painted the fence in the hot roasting sun for a few hours, now need a rest.
ReplyDeleteMOSCOW (Reuters) - The leaders of the world's biggest emerging markets -- Brazil, Russia, India and China -- meet next week for their first formal summit, seeking a louder voice on the global stage.
ReplyDeletecould be interesting for next week.
there is an upstream moo river on weekly price chart if you link up top of W13 at the beginning of April and Week 18 at the beginning of May 2009 and parallel and link up the lows, you can see a strong upstream moo river. If this upstream moo river is going to hold up, the upperbank target is 4950, but I will be very surprised if we could get there in one massive rally, as it will be a full river crossing. So for the coming week, I reckon we will attack 4680. If not, then we might go down to 4400ish first, if we hold there, though we have broken this sharp upstream moo river, we may change into a more sustainable upstream moo river.
ReplyDeleteIf however, we break down 4400 firmly, we could potentially test 4150-4180.
So I am working on this weekly range of 4400-4680, the configuration of weekly rsi seems to support that.
Still, 4300-4500 is the range so far, so you know your game plan, trade the range and trade breakouts.
For Monday 15th June, let's go for a daily range between 4450-4510.
good luck.
If you have to be a permabear, selling above 4500 should be reasonably safe, in the sense that even if we get to 4680 or 4800, we will still come back to visit 4500 at least.
ReplyDeletebut I am trying to ride it to the top and then ...
the norm range for VIX is between 10 and 30 and how long have I been shouting for it? I am glad that this one has come to fruitation as well.
ReplyDeletethe only one which bothers me is gold, the only one which has not obeyed the moo river!
anyways, I am too tired to stay awake now.
good morning, all moo river watchers and followers.
ReplyDeletestill very tired, yesterday's exertion seems to have taken its toll on me, the combination of painting and the hot sun does not seem to be a good dose of relaxation for a weekend.
So everyone in the world is playing this 4300-4500 range again. On daily rsi, link up the peaks on 23 Mar, 2nd Apr and parallel to link up the low of 3rd Mar, you will have an upstream moo river. The bulls have a major problem, because we have hit 73.7 on 8th May, hence in the natural theme of things, we have hit top momentum for this bull run. Now we can either hit a double top or go down towards 40's if not 30's for a proper regurgitation, so that we can start the bull run again.
On the daily momentum, I hope you still have the triangle, where you link up lows of 15 Oct and 3 Mar to form the lowerbank and highs of 7th Nov and 7th May to form the upperbank. We have played the piggy in the middle of the bank for the past few days, without showing a real intent. But the last touch was upon the upperbank, so we are due a touch on the lowerbank. The triangle is narrowing, so a major breakout is pending soon.
finally, gold is obeying the moo rivers as well, what a monstrous ghost spike last night on weekly to 468
ReplyDeletea period of panic running for the exit will come soon. be warned if you are a gold bull, I have been warning about the collapse of the glistening stuff for ages!
if you look at the hourly chart, this upstream moo river has been going on for weeks, with 6 challenges on the lowerbank, which have all been successfully defended by bulls. If we can hold that one near 4410 this morning, we might bounce up to 4500 and over a bit today, take a breather, then go up again, as we have not touched the upperbank for ages.
ReplyDeleteThe natural force of the upstream moo river says that if the lowerbank is successfully defended, then a full river crossing should follow. If the lowerbank is breached, then the upstream moo river is dead and buried. A breach today will demand a break down under 4380, by then any bounce back towards the breached lowerbank might be sold by alerted bears, then somewhere down the line, we will form a downstream moo river.
good luck.
PS all hourly momentum indicators are near levels or lowerbanks, ready to bounce up big. Trick or treat, make up your mind and your trading plan. I am a permabull for now.
Hi Trigger,
ReplyDeleteI missed a fair bit of action this morning but once the 4380 went I quickly got in to full on Bear mode.
Im working off a DS on 1hr price. 10th jun 12pm top to 11 june 8pm top. Plinked to form MB and LB. Hope ive got this right.
Short at 4370 and 4340. Have taken some profits but looking at 4290 for the LB.
I guess we are still in the range so things could turn. Though looking at the daily price and rsi there are some bear points waiting to be grabbed.
Lets get together and make it a good week
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ReplyDeleteit has been a very healthy regurgitation for hourly rsi to go to 20's and price to drop into lower 4300's. We have some correlated W's on hourlies now.
ReplyDeletewhile it would be nice to have a spike into 4300 itself and bounce back from there, if it breaks hourly rsi at 42, then all shorts are off!
NBT, if you have to draw the downstream moo river, you could link up tops at 8pm on 11th June and 8pm on 12th June and parallel across the depth of the hourly chart to see whether it makes sense or not, like it happened to link up lows of 9pm on 11th june and 1pm on 12 june perfectly, etc.
drawing is a subjective exercise to start with, but it can be falsified or confirmed by past data chart to see whether they fit like gloves.
Still, the 4 peaks + 1 domed house scenario is still live and kicking. We could potentially go as far as 4200/4160, but I wouldn't count on that. I think we have had an ABC wave already, so some basing is required here, then we should go back up again.
good night, still very tired, so brain power is not at its best.
good luck.
good morning all
ReplyDeleteit is not a rocket science that everyone knows the range of 4300-4500, give or take another 100 either side. so let's trade the range
now I am seeing us reaching the 4680 top near the end of July, so plenty of meandering is required.
for this current downmove, we could potentially go to as low as 4150, though I think 4200 should be sufficient.
because of the fact that this range has been so well proven, I think it might be difficult even for permabears to hold their shorts past 4300, as any bounces up will bring the jitter out all over the place. a proven range gives both side confidence of success.
later, I will be here today.
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ReplyDeletetoday's range could be between 4280 and 4380.
ReplyDeletenotice the bullish divergence on hourlies, higher momentum indicators with lower prices, so for today, the market wants to find out how much high can we recover, as well as how far lower down we can go. best scalping day, between 4300-4400 roughly.
ReplyDeletesecond green para dots on hourly price chart there
ReplyDeletetake the first profit in the week, not much, but it is a start for a great scalping run.
ReplyDeleteI will be scalping, so busily engaged there
here we go, I go long only, so see how many bulls points I can scalp.
ReplyDeleteanother scalp cashed in, I could go on for ever here.
ReplyDeletewe are going downwards towards 4200ish, I think, but in the medium term, the target is still very much 4680.
ReplyDeletebut for now, it is scalping that I do to pass time until the bulls find their legs and bullish momentum returns.
third green hourly para sar dots and the Iranians are recounting their votes, a historical win for the western minded candidate will send the global stock market into the second phase of its rally
ReplyDeletemeanwhile, we scalp and wait.
Just got one. Ive got a scalp range from 4325 to 4345. Got to dash soon, so might set an oco order up, firmly undecided.lol Poss sell at 4360 and also 4310.
ReplyDeleteis that much too small a scalp range. I would have to sit on it pretty tight with just a 10 point stop. Also what timeframe do you generally use
ReplyDeletehourly rsi
ReplyDeletelink up lows of yesterday and today to form the lowerbank and parallel and link up top of 13pm on 15th June to form upperbank 1 and low of 13pm on 12th June to form upperbank 2.
we have just broken the bearish triangle, if you link up tops of 11am on 10th Jun and 20pm on 12th jun.
hourly stoch, macd are both bullish crossed and supportive.
remember the old triangle, which was broken yesterday, now the market asks whether we can go back there at all, that breached lowerbank is near 4430, which is near the ma200 line resistance as well.
scalping can not be automated, NBT, it is like fishing with a rod, can't leave the rod to do its own job, trendtrading is more netfishing, you could arrange your nets in such a way and leave it there until you decide to harvest.
ReplyDeletefirst green para sar dot on 15m as well.
forget about 4200 and 4600, the range everyone is sticking to is 4300-4500, surely if that is the range, selling should be above 4400 and buying should be below 4400.
ReplyDeleteanyways, take another scalping profit, I am trading 1m chart, in combination with the rest.
thanks trigger. I shall turn the bite alarms on and check back in a couple of hours. Just keep baiting up the swim for me whilst im gone.!
ReplyDeleteThinking the bear defence will be around 4370-4380, will pop a marker rod out there..lol
happy scalping
Hello Trigger,
ReplyDeleteJust wanted to let you know that i read this blog regularly and I'm a fan of the Moo River System.
It’s a shame that the 1 hr RSI river broke that has done us so well over the last few weeks, but maybe another has formed.
Anyway I’m Long and sitting tight till 4285, then I’ll panic, LOL
the scalper is flooding back and memories of motorway dashing is flooding back too.
ReplyDeleteHi, Matt,
ReplyDeletethanks for joining me here.
the max downside is near 4100ish, though I am hoping 4200ish to hold it up.
Still, it is better to play this 4300-4500 range for now, as it is so well defended either side as scalpers are gathering from all over the world near resistance and support zones. If you play the range, you are certainly in with the crowd.
good luck.
Ps keep drawing the moo rivers, all over the price and momentum charts, the more you draw, the more you are good at it and the more you will see.
judging from the triangle on the daily Momentum Indicator, the downside has not finished yet, today's just one of those days that bulls are allowed to come out to play for a bit, until the bears claw them back again.
ReplyDeletethe returning scalper has grabbed 70 pointer so far this morning, all bull pointers.
ReplyDeletenot bad for a returning scalper, after weeks' absence.
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ReplyDeleteI was watching the inthemoneystock.com video (free of charge on Tradinghelpdesk.com). I realise that there is a huge division between my moo river watch system and my river trading system. The moo river watch system is now quite comprehensive and almost complete; while the moo river trading system is in its early days yet. At the moment, I am using my own trading to embody the moo river trading system, which is requiring a lot of improvement yet. How to turn observations into trading signals and trade accordingly is really the challenge for every moo river watcher and follower. I think NBT has his own way of fishing in the moo river while I do my own way as well.
ReplyDeleteAlso, I see the difference between my observation and his observation and may be able to improve mine further.
Trig,
ReplyDeleteI'm covering my longs at the moment with a short from 4350. Looks like we may have picked up a down river on the 1 hr and whilst i'm sure RSI won't go lower price will tend to set up the neg div before heading north.
Well that's my theory anyway.
well, everyone has their own game plan
ReplyDeleteif someone tells you in advance that the trading range is between 4300 and 4500, would you sell at 4350 for 50 pointer or buy for 150 pointer, then again, the greedy one in us always says we want the 50 pointer on the way down, and 150 pointer on the way up, as if we are the market makers
it is all about risk and return; if you use stop loss, then where would be your stop be (don't tell anyone about your stops, never! it was just a generic question demanding no answers).
anyways, good luck, I think there is more downside, but I am a permabull at these prices.
then again, I have missed out about 1000 bear pointer in the past few weeks, not a good record in itself.
well done, matt, seems you are onthemoney.com today
ReplyDeleteout of shorts, the LB is 4370 but im happy to be out.
ReplyDeleteHave just bought on the sep contract with the idea of holding for 2-300 points..!
All I need to do is put it to the back of mind (for awhile) and continue practicing my scalping on the daily
well done, NBT, another good moo run.
ReplyDeletetoday's range forecast was alright, was it, between 4380 and 4280.
ReplyDeletethe weekly on ftse100 is definitely out of the order, but the one on dow is still on, between 8500 and 9000.
ReplyDeleteand there is bullish divergence on hourly ftse100, lower prices based on higher momentums.
maybe, just may be tomorrow we will kick off the run north again.
but the daily momentum has yet to touch the lowerbank of the triangle, how annoying!
ReplyDeletegood morning, all
ReplyDeleteI think we have had the 5 waves down from 8am on 10th June and I am bullish from today onwards.
While the threat to dive into 4250 is still there, I think after some basing movement in the morning, we should head up towards 4680 in fairly quick sessions. At 4300, 4680 is 380 points away, which is strikable for a weekly range, though we might see it on Monday.
Dow has hit 8500ish low, that might be its weekly low as I forecasted over the weekend.
the configuration on 4 hour rsi and momentum for ftse100 is quite like W or bullish.
For today, bulls need to refind confidence in overcoming 4380 and 4420. So a daily range 4300 and 4420 might be useful, though we err on the upside, as bargain hunters pour in.
On the 4 hourly, we can still work on the three peaks and 1 domed house pattern, if we count the peaks from 19th May, so we have had Point 10 near 4280, now we need to work out points 11 to 14 today and then we should rise up to 4500ish tomorrow and work on the points from 15 to 20 on Friday, and then rise up to the Domed house.
it will be a beautiful view when we get there, though the range has been 4300-4500, so plan your trading accordingly and have two break out plans for 4180 and 4680, as extras.
good luck.
Ps won't be here today.
Hi Trigg,
ReplyDeleteIm in awe of the moos today. I went fishing again this morn and set a buy on daily at the LB at 4253. (went at 4258). The 3pm hourly price touched the LB and bounced as if it hard been kicked with something rather pointy.
I need some courage now as it was a larger than normal stake. Rationally im looking at the MB of this DS at 4330 and know that I should hold till then before taking some profits.. however its so hard...! lol
Positive thoughts, 4280 has gone, RSI going thro 50 on hourly following a nice looking Ww (i think). umm democracy could win through in Iran..!!
Perhaps best option is to set a stop at todays close 4270ish and leave it.
At least this has taken my mind off the sept runner..
regards
nbt
ha ha. Took some profit at 4300, the rest with stop at todays close. Will see if the M on 15min develops.
ReplyDeleteall out. Just as I thought the M on 15 was going to fail, down it went.
ReplyDeleteI wonder if Theory would of played it. The rsi to go short, i believe, was 49, or 4295.
So pretending I did, stop at B/E..lol
Will need to do some more drawing tonight as I cant just rely on this one river. Currently keeping my eye on the LB of 4250 sometime tomorrow, though other eye is on your 4180.
not a dig at iii, but I have found trading easier since I switched off from it. There is of course a huge amount of help and info on there but there is also a large amount of distraction. I find it hard to be objective when there are so many different waves, counts, aliases etc around.
ReplyDeleteFor now its just a catch up on weekends as this is when the best comes out of most people.
In its defence some of the banter is quite amusing. It also a lot of fun playing my new game. Wheres Bongo? My current bet is that it is St Nicholas..lol
went snookering after work, now exhausted.
ReplyDeletewell done, today, NBT, I think you have traded really well as a mootrader.
still that daily momentum did not touch the lowerbank, a bit annoying that again.
good night.
good morning all
ReplyDeleteftse 100
weekly
price chart: this is IT! 4250/4200 is the line in the sand for this particular upstream moo river. While the red weekly bar is threatening to extend itself downwards, the configuration of the candle chart does not seem to suggest that this is the beginning of a major downturn. But we have just broken the 4500-4300 range, a rational mind would think 4100 beckons. So let's work on the different scenarios:
1. 4200/4250 holds and we close the weekly abvoe 4250, then this upstream moo river is intact. The upperbank is near 4880 at the moment, though I suspect we might reduce the rising angle, meaning being stopped by another upperbank, which is at a reduced angle. If we do hold firm, then there is a good chance we will see at least 4680 top within the next two weeks.
2. if 4250/4200 breaks, then we go testing the lowerbank of the more benign upstream moo river first, possibly at 3960, though we might bounce off 4120ish bolling midline, if that one supports.
I think these two scenarios should contain all market actions from here. So work out your trading plans accordingly.
If we think about the 3+1 scenario, then this current dive is to shape up point 10. let's count them out on the daily chart:
Point 1: 28 Apr low;
point 2: May 1 low;
point 3: 8 May high;
Point 4: 14 May low;
Point 5: 19 May high;
point 6: 21 May low;
Point 7: 1 Jun high;
Point 8: 3 Jun low;
Point 9: 12 Jun high;
Point 10: 17 Jun low.
well, I think roughly this is the numbering of waves there. Now we need to find out whether that was Point 10 bottom. If you see some knocking on the door of 4350ish and some dives towards 4250ish, bouncing up and down a few time, that means we have seen Point 10 and are in waves from 11 to 14. Once we see 4500 again, we are at point 15, then bears can take a break as we will be going for the Domed house.
it seems that with this scenario, there are quite a few days of play yet, perhaps we will see the top of the Domed house later July. The critical question now is to verify when and where Point 10 is in.
I have never played this 3+1 pattern before, this is the first time to experiment.
But it seems to be quite a promising one.
So for today, we should aim for 4350 tops, tomorrow 4300ish bottom; Monday 4350 tops, Tuesday 4260 bottoms, Wednesday, the journey towards 4500 starts.
that would be perfect scenario, but there are variations.
1. there might be more downside to come towards 4100 to shape up Point 10;
2. the intricacy of 11-14 might not play fully, so you blink and we are back at 4500 again.
have a study again: http://www.gold-eagle.com/editorials_05/wood061806.html
good luck. in and out today.
my trading plan is as follows:
ReplyDelete1. permabull;
2. below 4360, scalp;
3. above 4360, trendtrade.
good luck.
trendtrade on shares and scalp on futures for now, until we are ready to shoot.
ReplyDeleteI am always curious to find out what the bank shares will be when the index hits the 4680 top.
got out the vodafone shares at a tiny profit and a free dividend, which is nice, transferred the money into RBS and Barc, ready for the next ride up.
ReplyDeletereloading continues, aiming for 4350 today.
ReplyDeleteout for a bit
good luck
Ps draw that upstream moo river on hour rsi, which should give you more guidance for today's trading and draw two upperbanks, one of which held yesterday's actions.
the moo river on hourly rsi did not work out well, but the downstream moo river on hourly price is fitting the picture very well, with lowerbanks being contantly tested.
ReplyDeletelet's try another one on the hourly rsi.
1. upperbank: link low of 10am on 8th Jun and 6pm on 10th June;
2. lowerbank: parallel and link up this week's lows.
what we potentially have here is an upstream moo river, we are meandering across, the next rise will be a good one.
the downstream moo river on hourly price chart for ftse100
ReplyDeleteupperbank: link up top at 11am on 10 jun and 18pm on 11 Jun and parallel to form other banks and you can see them fit the price action yesterday and today's quite well. Still, overall, there might be a jab into 4200ish, as daily rsi is into 30's, so a full regurgitation to 30 is expected and daily momentum is expected to touch the lowerbank of the triangle.
bears are still winning the day.
if we work on this upstream moo river on hourly rsi, you can see it bottoms out at 8am on 15th Jun, while price fell from the triangle and broke 4400 firmly. From then onwards, momentum has actually been stablising and rising, while price continued to fall for another 150 points. Sometimes, one really has to look through the surface of the moo river to see where the dynamism is and in which direction. Now we have gradually built up enough bullish divergence, when momentum rises while price contines to weaken, this is when the big boys see the value in this market and they are ready to pounce on it. I believe there are two correlated upstream moo rivers on rsi and Momentum itself, while there is yet no upstream moo river on price, which is interesting. That means if you get in now as a stubborn bull, you get in early before the crowd joins in. It is a journey towards 70's again.
ReplyDeletemoos roared into life, now we have hit one possible upperbank on the chart, but on the momentum indicators, there is space for more upside, taken 80 pointer, now see how it goes.
ReplyDeleteit is a teaser for both sides at the moment, but the path is upwards, whether it goes there sharpish, or goes there slowly, it is not a question of whether, but a question of when.
ReplyDeletejust got back and price is much the same.
ReplyDeleteThank you thank you thank you for the drawings above, I will be going through them this evening.
After yesterdays bounce off the LB I cannot understand why I didnt set another for today. 4240 hit and off it went. Problem is I set a sell at MB 4330 when really an OCO would have allowed me to play both ways..
Have a feeling 4380 is our next stop.
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ReplyDeletethis dude is doing it for free there
ReplyDeletehttp://tradinghelpdesk.ning.com/video/market-techncal-analysis
I used to follow him and Dow watchers quite closely, not taking every word of their analysis, but comparing notes etc.
anyways, it is free of charge over there, so no harm to listen to him and see his charts and spider webs etc.
NBT
ReplyDeleteyou are doing very well. keep drawing buddy and keep believing in the moo rivers, they will reward your belief in them, moooooooooooooo.
good luck
still, don't get too carried away yet, some ups and downs required to make sure this is a solid base for a prolonged bull run to 4680.
ReplyDeletehttp://www.gold-eagle.com/editorials_05/wood061806.html
have this chart imprinted on your brain, it will work wonders for us this time, then fit them with the moo rivers.
to count the waves, you may have to correlated waves on price and momentum as one wave.
For example, in terms of hourly waves, we are having or have had Wave 1 up, as this is the first correlated upmove. Today is when the bull run towards 4680 starts, which will be a prolonged process, as bears have been encouraged with their latest success.
it will be 4350ish, rather than 4380 this time, I think.
ReplyDeletegood morning all
ReplyDeletewe now have perfect moo river banks, which is quite useful and interesting, on the hourly price chart of ftse100.
use the old triangle upperbank (linking top of 11am on 10th Jun and 18pm on 11 Jun) and lower bank (linking tops of 8am on 15th Jun and 16pm on 9th Jun), to parallel to draw banks across the charts, you will immediately see why price stopped at these levels yesterday as it hit the upperbank, while it hit the upperbank of the upstream moo river on hourly rsi as well with an M: linking lows of 19pm on 15 jun and 20pm on 16th Jun to form lowerbank and paralllel to shape up two upperbanks).
At 54.4 for hourly rsi with a peculiar W shape, it is possbile for price to spike into 4350 and then tank back towards 4250 again, if history is any guidance for future.
we are not out of the woods yet, but we are basing, which is pleasing, as this might confirm Point 10 is in for our 3 peaks and 1 domed house pattern.
Keep looking at that pattern, it is going to pay huge dividend for us, I think.
good luck, won't be in today.
while my speculation is 4350, 4315 is one of the key resistance level, but with a W and at this sort of level for hourly rsi, we should be able to get to 4350, I think.
ReplyDeletegood luck.
just remember, both sides have now been encouraged, bears see the hopefulness of further selling and bulls are still determined, so this period will see us swinging from one side to another, until a final break out.
ReplyDeletedraw several upperbanks and lowerbanks
I think we are hypothesising that Point 10 has been reached, so that any further downside should not reach 4250 any more.
let's continue our speculation
Point 10, reached 4238;
Point 11, 4350;
Point 12 4300;
Point 13 4350;
point 14 4280;
point 15 4500;
let's stop there for now, don't want to be carrried away too much, until the market confirms our speculation. Between point 10 and point 14, it could take up to a whole week, so some patient scalping is required, unless you want to play stubbornbull and hold longs for 4680!
have a great day.
well, the moo rivers never stay still
ReplyDeletesuddenly the hourly W on rsi is gone and we attack the lowerbank on rsi with a viciousness.
4250-4350 for now, with 4300 as the dividing line, the market can not make up its mind yet.
now link up lows of 13pm on 18th Jun and 8am on 19th Jun to form the new lowerbank and parellel against yesterday's top to form our new upstream moo river, with an initial crossing target at 4350ish.
ReplyDeletesee the triangle if you still have those parallelled banks from this morning's drawing, between 4270ish and 4308ish, a break of either side will be useful.
I am a permabull at these levels.
out and about now.
good luck.
the surprise might be on the upside, imho.
ReplyDeletewell, 4680 is strikable, even from here, though realistically, we should meander and then rise, 4500 is always a big target, but the market does not always obey our prescription.
it is the bargain hunters who rush in which might cause some bears to run for the exit.
bought some hsbc, now fully invested, meaning no more sitting on spare cash.
ReplyDeletelet's see how it goes.
UK Trading, I have invested some money as well I hope to make some profit if not much.
ReplyDeleteFor the best UK trading tips just visit Trade to Win
ReplyDeletethat upstream moo river on rsi on ftse100 served so well today, it hit the upperbank and hit over 70's and formed a M to come back down, beautiful, moo river power at best, shame I was not home then
ReplyDeletehope you all enjoyed it
good call, NBT, you are getting better at it now.
ReplyDeleteI just had a look at line (close chart), in terms of the three peaks and one domed pattern, it might just be point 9 for today's high, giving more downside next week, perhaps to ma200 on daily near 4166. if you are a bull, you must be prepared for that worst case scenario as well.
ReplyDeleteI must hold my hands up for making mistakes of not shorting at the beginning of the week, it was actually quite obvious. I just got too comfortable with being a permabull, hesitating to be a bear, which is obviously what the market is punishing ofr.
will do the weekly moo river watches over the weekend
have a weekend, folks.
also, I need to pay more attention to ma lines. today's high was just below ma200 on hourly, quite obvious really, I think the inthemoneystocks.com guy talked about that a lot.
ReplyDeleteif 4250 holds, this morning's speculation holds, if that goes, then we might have seeen point 9.
we might see a jab into 4390 on Monday to confuse many.
we know once we are over 4400, we are in bull territory again.
once we have reached into 70's, the rsi upstream moo river ends its usefulness, same for downstream moo river, once reached 30's, then we have to redraw.
ReplyDeletestill, this particular upstream moo river on hourly rsi gives bulls a 130 pointer run on one long, not bad at all.
Monday or Sunday night
ReplyDeletewe might create some bearish divergence, as this upstream moo river is gone now, we need to construct a downstream moo river and see how far that one goes.
in a bull run, rsi drops quickly without pulling the price down too much and vice versa, when you are on the wrong side, you feel like being cheated.
anyways, that is, folks, not a good week for me this week.
good night.
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ReplyDeletecan't blame the moo river though, entirely my fault as a moo river trader.
ReplyDeletetake care