Ftse

[Caseynotes]

So we may as well continue our trials with the Ftse, I've kept away from this and gbpusd for a long time since the brexit made them very difficult to read but never the less I need another live market to play on. 

To recap we are looking to the first hour of market open to try to identify the session high or low, from there we are using the 14 daily average of the average true range to set a target for the day. So it's a bit like the London Breakout Strategy but we are not looking identify the breakout but rather looking to identify it's base. The easiest way to keep score is to let IG do the leg work by simply placing a long call or put on demo.

Ftse;

LT bull, MT neutral, ST bear/neutral. ATR is currently 52 points.

So looking at the chart and rather annoyingly ftse seems to be already taking off to the upside, before the eur open even, but we'll stick to the rules that I'm making up as I go along for er ... reasons.

Currently we are looking at a session low of 7338 which is the value area low and a ATR target which coincides with R1.

[Caseynotes]

An hour into the London session and Ftse is already at the proposed target set this morning so I may have to re-think my 'rules', any suggestions?  The reason for the 1 hour wait was that I've seen stats (somewhere, long ago, probably made up) that the session low or high is in within the first hour after open some 75% of the time. 

The base did look sound and the chart was short term very bullish well before the Eur open so perhaps should have just pulled the trigger on the off in such a situation.

 

[Caseynotes]

Ftse has continued on up past yesterday's high to stall just below R2 while it waits for the NFP data.

[Caseynotes]

Left Ftse out today being a UK bank holiday but has performed much as Dax.

[Caseynotes]

Ftse looking to break up through 7369.

[WallStFoxy]

2 hours ago, Caseynotes said:

Ftse looking to break up through 7369.

Looks like we may test yesterdays lows. Take a look at the DAX30.

[Caseynotes]

5 minutes ago, FOXY said:

Ftse looking to break up through 7369.

Yes, Ftse trying to follow Dax which is trying to push down through the large bear candle bottom put in at 9:30 yesterday evening but Dow not bothered at the mo and currently has support at today's point of control (red dash).

It's setting up similar to yesterday which saw dax and ftse turn around and follow dow up after the US open.

[phillo]

#FTSE 100     a little lower maybe

[WallStFoxy]

3 hours ago, elle said:

#FTSE 100     a little lower maybe

@elle

eyes to 7245 with a bit of luck. hope you are short.

[Caseynotes]

No real clue as to direction, Dow giving nothing away, Dax went to tag the pivo then stalled and Ftse has looked both ways and returned to the middle.

[Caseynotes]

Ftse remains more subdued, currently at the pivot 7235 waiting to break either way. R1 is 7281 and S1 is 7200.

[Caseynotes]

Ftse in a similar place as dax and dow, looks set for an attempt on R1 at 7212 with tested support below at 7134.

[Caseynotes]

Should have been looking at ftse instead of willing dax on the break resistance which it finally did at about 4 pm. Nice uneventful run up through the pivot and R1 and stalling just short of R2.

[Caseynotes]

Ftse already making a move before the Euro open testing ST resistance at yesterday's high, once cleared the first target is the daily chart resistance level at 7284.

M30 chart;

[Caseynotes]

Ftse held firm in the early part of the day and was carried up at the 3pm Trump tariff announcement. An interesting gap down on the close which has since nearly filled.

[Caseynotes]

Unlike the other indices ftse stayed on the underside of the pivot but otherwise similar chart structure.

[Caseynotes]

Ftse similar to dow and resting on the pivot looking to bounce up.

M30 chart;

[Caseynotes]

Ftse is above the daily pivot 7339 reaching for R1 at 7370, S1 is at 7321.

[Caseynotes]

Ftse tags R1 ahead of dax and dow on the back of a declining gbpusd.

[Caseynotes]

Looks to be setting up for a retest of resistance at 7358 after a bounce up off the pivot.

[Caseynotes]

Similar situation to dow and dax, again not checking the pivot but homing in on S1 where it waits for market open, more substantial support below at 7267.

[Caseynotes]

Ftse in the same place as dax and dow, stuck between the pivot and R1.

[Caseynotes]

Ftse trying to get above the broken daily chart support level (orange) like dax, needs dow to break up above support turned resistance at 25214 to go higher.