7th February 2017
FTSE 100 Support 7176 7164 7157 7154 7106 7089
FTSE 100 Resistance 7183 7184 7203 7209 7225 7248 7275
Good morning. The bulls failed to break the 7205 level yesterday on the FTSE 100, managing to just sneak above it but not really pulling away, and then hovering there for 4 hours! The bears then appeared to take us down to the support area at 7170, but then it all stalled again and we stayed around that level instead for the rest of the session. For the bulls the support level at 7160/7170 is still intact so we may well see the rise happen today, for a retest of the 7210 level. 7209 is the top of the Bianca 10 day channel for today. We still have 7250 above that as resistance. If the bears break the 7160 support then 7100 and lower look possible. We could well get a bear Monday, bull Tuesday pattern again.
FTSE 100 Outlook and Prediction
For today I am thinking that the support level will still be valid and hold around 7170. Below this we have the green coral support on the 2 hour at 7155 though so if it does break then that is the next area of support. If we rise from the 7170 area then we should be on for a retest of the 7210 level tested yesterday and might well stutter a bit here. Double top and also the top of the 10 day Bianca channel. If the bulls are able to break this area then 7248 is still resistance and could well mark a short term high, as we are still near the top of the various daily channel so might not zoom too far past these higher resistance areas.
If the bears manage to break 7170 initially, and then the 7155 level, a trip back down towards 7100 and possibly lower – I am thinking 7080 and 7022 as levels of note.
However for today, I am thinking that we might see a bit of Bull Tuesday once again to get a rise that will try and break the 7210 level. the GBPUSD rate dropped below 125 again, and if that drops further then that should in theory help the FTSE 100 to rise and offset the bearishness present in other indices. We are also see further rises in gold so there is a bit of a flight to safety going on there, as the markets digest the new US administration and how they will balance protectionist trade rhetoric with promised tax cuts and spending increases.
In case you are wondering what BTFD means:
Good morning all, just closed ydays Dax long for +21.8pts…..still long Ftse….
Yep, Nick, doesn’t look short. Hope anstel is happy with his longs, if he still holding, especially the one on Dax.
I just took 6 points on the go to school.
I expect/want a good dip on Dax to 11505-510 area because of 200EMA, the only worry is we are not yet at pivot 11566 where it breaks 200 and may start holding around pivot for the break up.
Nick has drawn a some sort of 38% retrace on FTSE and it may fit there. But I want a bigger one on Dax.
Morning Jack,yes I’m very happy with my longs now thanks, but I was up all night!!!!! Mind you I got a few jobs done so it’s all good…..good luck…
Why don’t you sleep, anstel? It’s good for the health. I slept till 8.30 today and it wasn’t until 8.47 when I looked at the charts.
Can’t sleep too well when I have size on…….. I don’t want to wake up to any nasty surprises…..
It’s the early bird that catches the worm Jack…..there’s some good movement at 8am……
Pull back hasn’t even started yet on Dax or elsewhere.
Well, it’s time now, pivot on Dax, comon, retrace…
Here we are, sitting around pivot, like I said, I have a worry I won’t get a decent retracement. One hope for afternoon.
anstel, That’s why I stopped having positions over night. 🙂 All closed and you sleep calm. Good movements at 8, yeah I often miss them due to school etc.
Yes I prefer to just be out at night but sometimes you get the overall trend right,but for whatever reason it pulls back on you or goes up if your short so no choice really unless you take the loss on your position….
Your right though Jack,trading can effect your health I think,especially if you are pushing it a bit….it’s one thing to have good emotional regulation,I’m not too bad at controlling my emotional state,but you can not control how the stress effects your physiology,I’m learning about it at the moment and being very mindful of the feelings I’m experiencing, you know the little knots in your stomach,and the way it effects your system…I think if you have your sizing right you are more relaxed,it kind of automatically tells you if your pushing too hard ….
I’m pushing it too hard then. But if I don’t push, I will never learn to handle higher stakes.
Trading in the Zone by Mark Douglas is a good read for the psychology of trading. http://amzn.to/2kD2LHD
I wouldn’t mind buying cable if it drops under 1.21….. If FTSE does get towards 7245-7250 cable could well get there?
It wasn’t even 38% ? Typical 200EMA now supporting and I didn’t have a decent pull back.
I think I missed this rally. Everything happened on Dax as I thought, it didn’t pull back and stayed around pivot.
Going now for 2 hours and see what happened then.
I think the Ftse is goin to break through 7218 and try for maybe 7245?
Looks like there’s only you and I in the office today Jack,they must be all on holiday!!!!
I am here, went long this morning at 7170 FTSE, Dax at 11480, S&P at 2291 and Gold at 1229. Just monitoring at the moment!
Early bird…. Well, at least we are not alone, anstel.
Oh that’s good now there’s three of us,I think your right to hold Nick….it’s just teasing us at the moment trying to get the weak hands out…..
Taken tiny long 66 dax. I wonder.
Right, I could be possibly sitting more, but I got loads to do. Parent evening etc etc. So I’d better go. Profits today and I closed the last long 83 dax. GL
Patience anstel patience…….Ftse why don’t you just go up already,you know your going too……. grrrrrrrr.
And don’t stop at 23 either
Be interesting to see when the USA opens. Up then a big down for me on the Dow