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Short Footsie 100

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Ftse put a good sign in for a double top, and end of month profit taking tomorrow. The first week of October is usually not good for stocks too. 6830 next?

 

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Very good call yesterday, who would have thought that Deutsche would have been the trigger for this, mind you we all know what happened in 2008, not that its the same scenario.

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Daily lower Triangle line support at about at about 6800  and price has just rebounded fast off that area, hourly candle not yet confirmed of course but other Stock indices are also at critical points: Dow at similar Triangle and Dax at Fib 38%.

 



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Yeh that is what i have got, i cant for the life of me determine if the dow is in a similar pattern, but for me this is just a W2 of W3 which is normal for it to retrace that much

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Decent assessment , which would target a much higher high.  I can see that on US large Caps but not so sure on the FTSE, all bets off if we get a new all time high of course but let's see.  I'll post my Dow chart in a bit.

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I think we still got more weakness to come on the ftse100. downward channel takes us to 7100 support ftse1.pngftse2.png 

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ftse Screenshot_2017-02-02-07-39-32.pngftse 100 looking more like it's going to break this channel yo the downside, looking for a short at 7120

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On the IG community are there any daily discussions around Day trading with users and particularly footsie 100?  

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Im short 7155 with a stop at 7220. We have broken 7130 support in the last couple sesions and I think we still have not seen the last of the downside.

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This is another reason why I'm short on the ftse. There's a gravestone bar on the monthly chart, what in most cases does not look good for bulls.2017-02-02 18.30.04.png

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Hi   good to see you again, can see where you're coming from, ftse top of big 50 pip range, may well retest the big support level 7100 but it's messy.

 

020217FTSE 100 (DFB).png

 

 

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Downward trend still in play. We can't seem to stay above 7200 for very long. Strong support at 71002017-02-07 18.40.49.png2017-02-07 18.40.17.png

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The pound is what is causing the FTSE to sell of, hence why it is a good correlation. 7200 is strong resistance for now, but it will inevitably break higher as this is a statistical fact, fundamentals are still strong and talks of repealing dodd frank will help boost bank shares which will lift the ftse higher. 

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