Was a hung parliament then knew it! | Cable drops FTSE 100 rises | 7430 support

9th June 2017

What a shambles. That’s what happens when you get greedy kids – it doesn’t work how you think it will. May was arrogant and thought she would walk that election and increase her majority. And thats backfired spectacularly for her. Whatever adviser told her to call the election should be fired as we now have yet another political mess, especially as she didn’t really need to call it. Just arrogantly believed that she would be voted in with an increased majority. Greed once again, pure and simple. Wouldn’t be surprised if we have a Labour/SNP tie up next week and see Corbyn as PM next week. Certainly makes the Brexit negotiations a lot tougher to push through now. These MPs never learn though do they! Suppose they are only really interested in how many millions they can earn once they leave office. Which will probably be tomorrow for Theresa – she didn’t last long…. Wonder how well Trump and Corbyn will get on?!

The result has seen cable plummet and is probably heading back to 120 at some point (maybe that 112 low back on the cards too), which should keep the FTSE 100 up in the short term due to the international companies earning money overseas. Different story for the UK based companies over the next few years though. Thats the only thing keeping the FTSE up at the moment as uncertainty would usually see it fall.

FTSE 100 Outlook and Prediction

Daily FTSE 100 Trend Channels
Daily FTSE 100 Trend Channels

Well, got to try and make sense of this to a certain extent but it would probably be a good idea to let the dust settle and see how the day plays out and the political uncertainty is sorted out.

So, today….. Could do anything really! Cable has taken a battering so far and probably will continue to do so which ironically is likely to underpin a rise in the FTSE 100. I am looking at support at the daily pivot area around 7430, and we actually have a bullish 30min chart to start with today, after the bounce off the daily coral overnight at 7385.

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42 Comments

  1. Nick you have hit the nail on the head in your opening commentary …..”It makes pushing the brexit negotiations through harder!!!!….. ” That’s why I voted for my Dog……Gromit for PM……that way I know who’s wagging his tail…..:0)

  2. I think she will stick on forming some kind of coalition. These people have no shame

  3. Another election inevitable. Obviously she will have to step down. Wouldnt want to be long GBP.
    Off to the sun for a couple of weeks so wish everyone luck.

      2. I hear that that Italians are calling Britain “ungovernable.” How the the world of politics has turned on its head

  5. Morning all,

    Wow what a night..

    Account intact – yeah!!! I am a little miffed I missed the 7540 push this morning to close out but I think it will rally in the afternoon session. Also big dive today.

  6. Hi all, I managed to hold on to my long through the night and close this morning for a modest profit. Happy with that. Really thought it would fall further before that rise.

  7. Good stuff guys. I have mixed feelings at the moment. Not at all happy. Looks like we need to head lower before heading to 570

  11. Brother Anstel, what’s your thinking. I think yanks will dump gbp and rocket Dow and FTSE?

  12. Great / but gold is now my issue!
    My wish is..,
    FTSE rise, close longs and add short. Then…

    FTSE crash to rise Gold so I can close them.

  13. This is that 7510 level that supported it yday…its resistance now if we can push through here should be ok.

  15. What a slow long today on Dax. In the morning I took 12800 long but it pathetically was closed 12790. So I rushed in at 12770 but it dropped further. Scalped from 12740 and later at noon from 12750 which averaged my virtual b/e to 12754. So I held from there until 14.50 (shame I needed to go to the school party and as it was up and down before I just needed some profits for the week) for extra 14 points, total today 30 points which I immediately cashed in. Didn’t like the way I traded so I don’t accept those money and cashed in.
    I need to deal with my nerves this weekend, relax a bit. I am a bit gutted this week although making it a profit. I deflated because of the long I had on Tuesday which was later recovered, but still had an impact on me.
    That drop at 11.42 was unnecessary. Just really deflated my confidence. My target was 11820 but I never reached there.
    So I have a problem: I don’t know when it is a holder or when I should close earlier. I should have closed before that drop at 11.42 but I didn’t know that it will happen. So it’s emotions emotions again. Need to deal with it at the weekend.

    1. I think your over thinking it.,

      I rarely take more than 30pts, better take the profit in your hand.

      I do hold longer but only on more obvious trades.

      Entry point is tricky but I never get the top or bottom, but I just go in
      When I think. I am trying to be more tech lead but it’s not everything.

      1. Yes, thank you for reply, I was a bit greedy today especially when I was saying “Come on” and shouted at the screen. I wanted those 12820 or even 12840 by 3 pm. But it wasn’t going according to plan. The most annoying it was when it stopped between 13.00 and 14.20. I am sitting and saying to myself: “this happens very rare, all my indicators tell me it must be long but long is not going, it’s weird, but I am sure as soon as I come out it will shoot up to where I want it to go”. And I was sitting in frustration falling asleep at the table trying to avoid pressing the stop button. But I had to stop at 14.50 oh, but never mind. Now I feel more positive. Thank you.

  16. All out of FTSE longs!

    The FTSE may tank last thing…who will want torus know holding that over the weekend. Cable, politics could do anything.

  18. Omg I shorted Dow and FTSE and it’s just crashed.

    Just added 20% to my account. Payment I feel for the election which I was up all night and made little on!

  19. Not sure what’s happened, or if to try and snatch the retrace. PPT are bound to lift it again…

    Probably stay out !

  20. Evening chaps,bit late posting my results…..Well I thought we would get a strong close so I decided to hold long till the end…….when the Dow sold off and brought the Ftse to 82 I was really kicking myself…..anyway I held and the late rally did happen but not as much as I had thought….I exited my longs that I’d held since Tuesday or weds I can’t just Rmember at 15.8…… I lost 2.2 points as my break even was 18……the dividend has been really needed this week…..all in all with taking the modest loss from the dividend and adding a good day’s trading profits from Monday plus some profit from my gold short I have regained that loss from last fridays close of £745.50 and made myself a wage……also I have gained 200 approx pips at 7usd on my cable short but as I havn’t banked it its un closed profits as I’m letting it run.
    I’ve traded really really badly this week,I have lost two 1.5 k gains that I should have closed out…….its taught me I cannot trade without sleep……I have been up the last three nights and where’s it got me?…..on the positive side I managed to trade right through the volatility of the election without closing any of my original longs and my account is intact and has grown since last Friday…..it could have gone really badly when it gapped down last night ……I’m going to try and put rest and sleep at the top of my trading needs ….glad you have done so well Morko,well done Icarus….and best of luck Jack,,,,, I’m going to write up my journal now then off to bed :0) goodnight all…….

    1. And well done to you too mate. A well rested mins is a better performing mind. Hope you relax well over the weekend!

      1. Thanks icarus,we all did pretty well really,I bet there were a lot of traders that lost quite a bit of money…..ive not been this tired for a long time, last night I actually fell asleep on the settee after I’d written up my journal till 5 am….then I went to bed…..I think I was running on adrenaline ,,,it’s not good really…anyway going to bed now and a restful day tomorrow,have a great Sunday and catch up next week…..all the very best…….

    2. Yes, anstel, that’s why I went to bed on Thursday evening to have a fresh mind on Friday to trade. It does help. And that’s why I didn’t trade Wednesday as I was so tired after a sleepless night on Tuesday when I held my long on Dax. But luckily we all got out well this week.
      I also hoped for a better push up on Dax on Friday which didn’t happen. Good luck and hope you are having a good weekend.

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