FTSE

lets get ready to rumble = up
lets get ready to crumble =down

my stance has remained bullish since the lows in july and nov 12 & posts reflect that, the recent side ways action, well it was just teasing the bears n bulls...like giving a candy to bears and taking it away lol.

ftse n spx has made a new highs, dow laggining, although dow has now retraced over 90% on the recent down move in Nov12, will we see the reverse this time round...whereby dow fails to make new highs like SPX last time round.....

Remo put a good post on Dow today - could it be we will get there 13665/700 area, pullback in a 4th to close that gap created today and truncate in the 5th on int wave3.... hmmm we will see when we get there.

Dow = 13588, we get abv that then will will see 13665 imo.
Ftse a decent close, targets indicated in below post stand for now. assess and re-assess, take each day step by step.


regards WS.

here we go ....no sell signal at all, 1487/1499 spx possible today or tomorrow.

depending on where we close may get a day trade sell signal (scalp), better to buy the effing dip on that pb.

max pullback i see from there will be 1468/75 area.

1 spx pip = 10 dow pips approx.


line in the sand is 1461. enjoy W3.

Looking to short the FTSE100 or 250 for a small retrace any idea where a good top point to enter the short would be?

I am thinking 6300 for the FTSE 100 & 13150 for the FTSE 250

Would love to hear peoples thoughts..

Thanks
Spidy

Could 6300 be the top for the FTSE 100??

Interested in your thoughts..

Hi SpideyMonkey,

I'm quite new to trading myself but I do find when asking for advice on this forum you might get more luck if you post your own thoughts first, e.g. why do you think 6300 is a good place to short the FTSE? That way the more experienced posters can also give you advice on your own trading methods at the same time.

Thanks
Amo

Attached is a chart with two lines one at 6300 from the second high in 2007 and another at 6700 which was the high in 2007.

My thinking is that the RSI is now higher than it was back in 2007 and seems to have maxed out although there is some momentum in the rise.