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OK I get the reasoning and it will most likely trade lower at some point but my challenge is twofold: firstly that the bulk of the bearish move is over; secondly the current retrace is complex, which is more difficult to trade out of.  Therefore the risk/reward is not a good as other stocks, say J&J or Boeing, which you are also looking at.  Same reasoning as for GE if you recall.  If you are going to take the risk to Short a stock better to go for the bigger rewards.  Catch a wave 3 down and you can ride it a long way in trend follower mode.

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1 minute ago, dmedin said:

@CharlotteIG It's interesting, some of the FTSE 100 and 250 stocks seem rather volatile just now.  Probably best to day trade them and close out positions before 16:30

If they are too volatile and you hold the FTSE outside of 08:00-16:30 the spread will widen so that's a good strategy. Further to this, you can't watch the market through the night. I guess you could have your stops and limits in place to secure you but it's whatever works with your strategy. 

For FTSE all GMT: 





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It has filled in a gap (closed the window :P ) - will it now go back up?  The entire FTSE 100 tanked yesterday so it's probably just a case of 'rising tide lifts all boats' and GBP looks set to go up which means FTSE 100 goes back down again.  Who the heck knows - might as well toss a coin :)


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30 minutes ago, dmedin said:

It has filled in a gap (closed the window :P ) - will it now go back up?  The entire FTSE 100 tanked yesterday so it's probably just a case of 'rising tide lifts all boats' and GBP looks set to go up which means FTSE 100 goes back down again.  Who the heck knows - might as well toss a coin :)

Try to think in terms of where price has come from and to where it might be heading to.

On the daily there is this rough range where price looks to be on a downward leg. On the 1 hour price looked to fill that gap but ... 

So you might expect price to try to lift from here or try to force it's way to continue down, the next few hourly candles should reveal what those in control are planning to do. Once that becomes clear then look to enter, the stop loss then becomes self evident (either side of the blue line depending on long or short) and the target also becomes self evident (prior high or low depending on long or short). 


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Completely adrift at the moment ... nothing seems to be working, TA is utterly hopeless (including those pivot points, as they swing up and down without rhyme or reason) and the markets driven entirely by big institutions manipulating things ... once again beginning to think retail clients are stupid for taking part in this.  I certainly am.

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17 minutes ago, dmedin said:

Completely adrift at the moment ... nothing seems to be working, TA is utterly hopeless (including those pivot points, as they swing up and down without rhyme or reason) and the markets driven entirely by big institutions manipulating things ... once again beginning to think retail clients are stupid for taking part in this.  I certainly am.

what 🙃?  The daily pivot points are calculated on yesterday's OHL so plenty rhyme and reason, check the chart below.

The 8am bar this morning went straight up to tag R2, the next H1 bar was a doji after retesting R1 and higher above R2, then price went on to test R3 and pulled back on the last bar of the day. 

After yesterday's pause bar on the break peeps were looking for continuation this morning and they got it.


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