FTSE 100 Support 7520 7490 | Rise to 7600 today? | ASX200 bullish

13th June 2017

Everyone was taking stock yesterday to see how things evolved I think as it was quite flat though we did get a bit of a bearish reaction off the 7537 resistance area in the end. The bears could only manage to take it down to the 7512 area though, while gold also remained fairly flat at 1265. The pound fell and tech shares declined again, as the Nasdaq continued to decline. However, overnight in Asia tech shares have faired better with the buy the dip mob starting to appear.

We have had a very bullish ASX200 session in Australia on Tuesday, and with the GBPUSD back below 127, might experience something similar here today. Wasn’t much bull Monday yesterday, and might not be much bear Tuesday today, though we are at the top of the 10 day Bianca at 7543 as I am writing this (7583 is the 20 day Bianca above this).

FTSE 100 Outlook and Prediction

Daily FTSE 100 Trend Channels
Daily FTSE 100 Trend Channels

No ones really in charge, its all slightly chaotic in terms of the UK government, well, better buy shares then! Overnight the FTSE 100 futures prices have risen well, following the lead in Asia.

I am actually thinking that we might well get a bit of a rise as well, and if the bulls can break the 7555 level we are likely to test that fib level at 7567. Above this then the top of the 10 day Raff is in play at 7600 and thats a pretty decent rise from the 7400 lows last week.

Want more detailed analysis? Then please join our active members community.

What you get

  • Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
  • Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
  • WhatsApp and webinars group membership for discussion and realtime trade updates

80 Comments

  1. Well I messed that up. Derisked my short as thought it was going higher. Then it dropped back and I was stopped out my long losing almost all but a few points profit.

  4. Icarus, is that Dow trade one to hold through to tomorrow’s rate change? Tempted myself to go short. Anstel point about to much debt could be a factor that maintains the current rate. Any opinions yourself?

    1. Yeah they won’t change the rate I don’t think,it’s just BS to create uncertainty ……if they do it will be a very small change to keep the illusion alive…..couple of days all be back to normal I would guess….just BS…

  6. Morning all.

    I was up at 5am and bagged a good short on FTSE from 550 to 515.

    I have added and closed Dow short from 76 to 50, still holding lower one from last night.

    Had a gbp long for 25 which I closed out.

    I’m still getting railed by gold.

    I’m short on FTSE, dax and Dow. Waiting for 1:30 news.

  7. Nice one Morko.i was up at 4.45 am too went short from 46.7 area came out at 38…at 7am .. Should have held the short but expected a push higher so went long at 36 now 34.9 and 20 underwater presently ..waiting up my tree to see what happens….

  10. Hey Morko.i remember once Dow had been just below 17000…..it sold off to 15800……then it recovered and at 16800 I thought I’m gonna short this……I was still holding it at 18000 short…couldn’t believe it.it went against me 1200 pts…,,,,had a few sleepless nights I can tell you….,but I made a profit in the end…..,,was it worth it? No way…..,I never underestimate shorting Dow or Ftse…

  11. Ftse seems uninterested since cable went above 127 still cable with reverse I think…

  14. Wasted day today. Spent all day just winning my being held 12748 short back. With help of Dow and other add ups on Dax just now closed b/e (or maybe -6 quid) all position to take a breather. Wasted day. Should had closed my short 52 and flipped over. But that rise from 12.12 didn’t give me much promise for a long push, but it pushed.
    There was no point to hold in hope it will get positive now cos all energy gone and the entry is not justified. So what’s the point? Here’s the open stop strategy for you. That entry was doomed, all I needed was to save it and get out. So I should have closed in the first place to avoid this time waster.
    At first it looks OK as it is only 5-10 points away on a relative low stake. Then stakes get bigger, you try to close out those in profits, average down the tops, close bottoms out of profits etc. etc. Nerves wrecking. And this is a relatively “good” day.

  19. Added to my underwater Ftse long at 94….. Bit naughty adding to a losing position really but I think it’s the right move….

      2. How do you manage your risk? 40 points on one trade is quite a lot? I’d assume your stop is just under 7480 as below there it looks to be fresh air and dangerous holding longs given the clear topping pattern that’s showing on both daily and weekly charts. Might get one more push up on the fed but don’t expect it to get above 7550 again before a multi hundred point drop.

        1. I don’t use stops…..might be foolish to some….but I don’t believe in them I use a different method I have developed…..but basically if I’m not happy I dump it…I don’t want some computer taking me out…..

          1. I Remember a gentleman on here,don’t want to mention his name ,but he had a technique he used for entering trades…..then he posted he had lost every trade in a two week period because he got stopped out on all of them…having too tight a stop is like throwing money away….but people do it because they have had it drummed into them ….10 pt stop or whatever…..if the original reason you entered into a trade remains valid I’m for staying with it…..but each trade has a finite life,if it’s nearly dead then dump it…

      1. It’s 32.8….. It’s possible because I like a challenge……down about 3.8 k it’s not going to kill me is it ?:0)

      2. It’s 32.8….. It’s possible because I like a challenge……down about 3.8 k it’s not going to kill me is it ?:0)

        1. If they are playing by their rules then so am I……if I lose ,I lose but I have a big pressure tolerence do lets see how we go …good luck Jack…

      3. Have you thought about taking small profits on the way while you are waiting for you 532.8? Now you can grab 11 points, it will cover possible losses. It is a relatively good technique.

  21. I’m short on dax at 73

    Long on FTSE at 7500

    And short on Dow looking like I’m about to hit stop on latest position.

    1. Bloody hell Morko…..you are fighting too many battles……at once….that’s why the Germans lost ww2…

    1. I’m all for riding the waves :0) think I might not short Dow at 350 it looks like it means business too me…

  28. Icarus I sense some confidence on the selling front, can you give any reason or is this just a hunch?

    1. No hunch coombsy. The only reason I started to play these short term movements is to prove a point and show the journey the price takes. My targets for longs/shorts will be turning points (approx) within 50-75 points.
      Not saying we will not make higher highs but my targets shall be met

  32. Coombsy, I would like to add that I have been calling out doom and gloom for the last month or so. So may sound like a broken record, I am getting to the pulse of the and starting to understand what is happening better. The day is not very far!

  35. Hi morko, just Dow and ftse at the moment. I only plan to trade these two for the time being

  37. I just added to my Dow short.

    Be aware that this could spike well over 21400 If rate decision is not or even as expected

      1. Me too..although I have added a few extra with tight stops in case it falls at end of session.

Comments are closed.