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QUOTE (crowman28 @ Saturday 19/11/05 12:07am)

Crowman

 

You are right, the DOW looks strong tonight. Just picked up another 9 pts on the FTSE. I am going to crash, too many late nights.

 

But I think it could go to 5600. I will jump back on Monday. Still want to see what will happen tonight. For some funny reason I get nervous leaving my money overnight when I am long. I never know where to put my stop. The volatility of the FTSE is so unpredictable. Some days you will expect 20pts dip and it will dip 50pts, other days you expect a big dip and there is no dip at all. Don't really expect a dip tonight, market could go up 5500. But then it might finish at 5510.

 

I know that if I sit on the market for a week, I can make some 300pts sometimes. But for some reason I am more comfortable when short to go overnight. The market always seems to come back if it rises.

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In reply to: happy2 on Saturday 19/11/05 12:44am

Yeah that's the problem happy, as we always doubt this rally and always think it may end any time. That's why I see you jumping out all the time taking tiny profits. Don't worry I also have the same experience as you when I traded the ASX200 last week. Taking profits at 4582, and it never came back.

 

Check the Nikkei, if you sit on it since Tuesday, you could have made 600 points by end of today.

 

Oh well my best tip is to check the RSI for these indices, if it dips to just below 60, then buy and hold until it goes above 70.

 

But who dares to short into this strong rally?? I admit when I was new to the game lost quite some money trying to pick a top and shorting it, and let my stop run too far away.

 

Anyway you only go short when the index falls below the 30 day moving average and closes there, that is the best time to short IMO.

 

Going against the trend needs a lot of luck and experience to trade it. Too tough IMO.

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FTSE trading at 5522, all year high now!! No looking back!! We knew these markets are at overbought stage, but who dares to go against the trend?

 

I picked up a nice profit shorting the Euro tonight. Selling it at 1.1750 this morning, and bought back at 1.1680 (70 pips). I reckon trading this currency might be a better option. Watch the Euro drop all the way down to 1.15 before end of year. Hopefully plenty to be made here.

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QUOTE (crowman28 @ Saturday 19/11/05 01:13am)

 

G;day Crow,

 

Market dropped from a high of 5531 to a low of 5483 on the futures and finished on 5503. I went long before going to bed. Cost me half my profits for last night. Had I gone short and aimed at an extra 10 points, I would have come out smiling, 40 pts up for the night.

 

Find shorting tends to work for me overnight. The DOW is so volatile there is usually a short of 10 pts in the FTSE. The FTSE tends to move in sync with the DOW but not quite with the same volatility. The DOW can range 200 pts in a day, whereas, the FTSE will range up to 60. Exceptions are when there is a bombing in London, etc., or its crashing.

 

Not touching the currencies at the moment. Don't understand them. Although I know one guy who makes a good living off them, trading 2hrs a day, so he tells me.

 

Oddly enough, I got liquidated in my US options account because I had money sitting there in $AU and did not realise it was active in the currency market. I thought I had cashed out of $US and my money was no longer active. No point in asking for the matter to be rectified, merely a waste of time. The matter will looked into and nothing will change.

 

Never ceases to amaze me, Crow, how much money one loses sometimes, but when it comes to buying a car or property, such a loss would be outrageous. But this is the nature of this game. High stakes poker, really. At least, we can stack the cards in our favour.

 

I used to trade CFDs of individual stocks on the LSE, but have found the FTSE 100 more to my liking. My only complaint is I cannot get filled at the level that I would like, so I have to trade in a smaller number of contracts. Nonetheless, I am content to average 10pts profit each night, especially when I catch a quick move up or down at the opening.

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In reply to: happy2 on Saturday 19/11/05 08:45am

So how much profit is 10 points for each round of trade in Aussie dollar terms for the FTSE? Do you do one contract at a time?

 

Did you keep your position overnight for the weekend then?

 

Yeah the market finished well off its high. Very hard to read unless you don't sleep and watch its every minute movement.

 

If the FTSE retraces a little, I think I'll go long, but watch the RSI on the daily chart for a good entry.

 

As for currency, it is best to trade it intra day and taking profits all the time, because it can suddenly bounce back against you. The best time to get an entry is during the morning hours in our session because it can get very volatile sessions once the European sessions start.

 

Good luck

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In reply to: woteva on Saturday 19/11/05 09:03am

One prerson is projection 5800 if it finished above 5000 this week. Fell just short. Still the indications are there that it might fire. I will jump back on Monday. Hopefully, I might catch a ride under 5000.

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In reply to: crowman28 on Saturday 19/11/05 09:28am

Crow,

1 contract is currently worth 23.11 for each pt. I find that I have problems with 20 contracts in a fast moving market and need to keep putting in lots of 10. When it is slow, 50 contracts will get filled at entry. Of course exiting can be a problem and I always get requoted, so I often exit at 10 at time.

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