Trading the SPI and FTSE

[James Austin]

MLH & 38% fibs give short signal

ST 3707
SL 3717
target MLM

 

[James Austin]

price is consolidating intraday, back and forth, lack of market committment makes me wonder if there is strength in my TA here . . . we'll see!

a concern with this trade is that price may rise to the purple line, hit my SL, then move in the anticipated direction.

 

[James Austin]

drifting back to my entry + stuck in a wedge

3712 tight stop, above purple line

 

[James Austin]

looking to see if price will begin moving down from yellow circle towards ML

ST 3778 - just under purple line.

Partial exit to cover stop might be the go, given price has been misbehaving for me recently.

 

[James Austin]

caught in another long drawn out wedge (3min chart)
stops BE

 

[James Austin]

see if we can get the SPI to go down to the lower ML

 

[James Austin]

would like to see price rise from the yellow circle, up towards the MLH, 80ish pnts profit

but may bounce around MLM before heading up, but hopefully wont drop below that MLM

 

[James Austin]

price went dn ~20pnts = target not reached,
then rose back to dbl top = entry
exit at BE with such a pattern

 

[James Austin]

lower highs and price approaching ML encourage BE exit.

higher highs and price approaching ML encourages a hold

 

[James Austin]

looking to short the yellow circle ~4320ish on the FTSE some time around the open if price plays out

 

[James Austin]

well,
got my entry as desired, lets see if the ftse will head down to the target shown
= 50ish pnts profit

 

[James Austin]

with hindsight , that gap on the chart and the fact it hadnt been filled can indicate market bias to the upside.

not that price cant reverse at my entry and move to fill the gap, but the trade prob. is reduced.

-12pnts . . . another lesson