18th April 2017
Monday saw the US open as they were not on a day off and they put in a bullish performance, dragging the FTSE futures up towards the 7345 level. However, the overnight Asia session has brought the FTSE back down to the 7310 level. There are still geopolitical concerns simmering away, though the test firing of the nuclear missile by North Korea fell flat on Saturday. We are at the bottom of the 10 day Bianca day channel at 7318 currently. Obviously we have missed the bull Monday in the cash prices, so straight into, in theory, bear Tuesday. However, I am thinking that today might actually see a bit of strength, especially if the 7300 area holds as support. Buy the dip quite possibly a good play for today.
FTSE 100 Outlook and Prediction
I have gone for a couple of longs on the plan thinking that buying the dip is a good play for today. We still have the major support at 7250 to break which if we do will see 7200 fairly quickly I expect, and probably lower. However, there are some key supports above that for today, namely 7300 (or just below at 7292/7298 area), and then the bottom of the 10 day Raff at 7274 and S2 at 7268.
The 30min chart is bearish to start off with this morning, with resistance at the 7320 level so we may well see a bit of a dip down towards that first support level first thing. The 2 hour chart is weak bullish though, and we dropped off the coral on this time frame yesterday at the 7340 level. We also have a rising 10 day channel now too, so provided 7290ish holds as support then we could be on for a decent bullish week ahead and may well see 7400 again. Though of course it will still be low volume, so will be slightly erratic.
So, fairly simple plan really for today, looking to buy the dips.
Morning all
In at average of 254 on ftse long…
It’s really struggling though- weak pullback so far considering oil pushing up again.
Theresa May has just confirmed that a General Election will be held on June 8.
and… Theresa May just announced the resignation of Jeremy Corbyn on the 9th June.
Theresa May – might be calling snap election… sell pound I assume
Lol, maybe not an election apparently- pound sold off on uncertainty anyway – kerching
Closed shorts @ 7231.4 looking for the US to close the inside gap down…
Sold my longs last week around 7385 so just proves there is a God after all. Pound strength no surprise as markets will expect a strong tory majority delivered and that kind of certainty will be good for currency.
Bound to be good buying opportunities at some point. Staying out today but will be looking for the turn.
My short positions are closed now 🙂
Long at 195
Long ftse 189 average. Could be heading to 169 though. US futures starting to break down potentially
Have bought the dip, a first for me. 7179
…and am currently short gold, looking for a pullback before higher.
Ha! Is buy the dip seriously not going to work today after all the millions of times I’ve seen it work in the past?
Pound strength wont help FTSE. Wont be rushing in here. 7100 looks attractive buy though.
Out of ftse long now… made money through trade management… plus a fair bit of prayer as usual
Well this is a dip and a half…..:0)
Interesting day today. Can’t believe that this market fell 200 points but it is all good experience I suppose. So, I bought the dips quite a few times today – great with nachos by the way 🙂 x
Hey Tufty, you leave the jokes to me please,I need the stress relief :0) hey just wondered ? …..what do you look like :0) I’m sure the lads would like too know :0)
Oh well, my long is 60 points in deep shit…:-)
Surprising yes, shocking YES, 200 point drop is a rare event and I certainly won’t be voting Mrs. May to come back to make such announcements in future 🙂
Oh dear, Icarus…I think it has been a bit stressful today for a lot of people… Hope that you get a nice reversal on that long, soon. I guess that you just have to expect the unexpected and then you won’t go far wrong with this trading! Good luck tomorrow 🙂
Hello anstel….nice to make your acquaintance. So far I can see that you are curious, cheeky, think you are funnier than me!!? …any good at trading though, that’s the big question..? 😉 x
Hello Tufty, well to answer your big question,on tdays performance I’m a flipping lousy trader….had a short over bank holiday but like a complete clown I closed it way to early and bought those dips you like…..unfortunately the dips I bought seem to be giving me indigestion and I seem to be sharing a bed with Icarus (so to speak) in a right pile of deep sh1t….. :0) sometimes I make a couple of pounds though if I’m very lucky :0)
I think I am the only one who made some profit on long Dax 15 points after US open driving on a dual carriageway. I just set the limit 12040 and it reached it from 12025
Good one mate
Cheers Tufty!