NFP 200k | Buy the dip | FTSE 100 Support 7315 7308 | Resistance 7358 7400

10th March 2017

FTSE 100 Support 7315 7308 7306 7282 7279 7265 7237
FTSE 100 Resistance 7350 7358 7375 7399 7408 7416 7419 7440

Good morning. Nice V shaped day yesterday so fading the longs in worked a treat, and closing at 7320 was pretty much the top of that run back up. The market has started to anticipate a decent NFP as we expected it would, which is why that dip was overdone – stop hunt or bear trap, one or the other!

Overnight the FTSE 100 has gained further on the futures prices and I am thinking that a buy the dip this morning is a good plan, probably at around the 7315 area. With regards to NFP, employers probably added around 200,000 workers to payrolls, in line with the average over the past six months and a sign of steady growth, economists forecast.

FTSE 100 Outlook and Prediction

FTSE 100 Prediction
FTSE 100 Prediction

Here we are with another NFP Freaky Friday. NFP is expected at around the 200k mark, showing a steady improvement in the US jobs market and continuing the theme. The markets are expecting the same which is why we have seen an overnight rise and should more than likely have a bullish day today.

Initial resistance is at 7358 but I think we may well see 7400 today. I am feeling bullish. That is definitely looking like a bear trap yesterday. However, there might be some downside next week so don’t get too carried away just yet.

Support is at 7315 and this looks like a good spot to go long, and maybe a bit lower if it drops to 7292 this morning. 7315 is the new support on the 2 hour chart, and we also have the 30min coral and daily pivot just below this at the 7307 level.

Buying the dip this morning is the plan today.

63 Comments

  2. Bonds got destroyed past 2 days. Commodities tanking. Nowhere else to put money except stocks. Dont think there can be a bad NFP number today. Higher than 200k alls good. Shock lower number means interest rate rises may have to wait. Home James and dont spare the horses!

      1. I think your on the money CM……North of 7400 tday…..not sure if we will see the northern lights but it’s certainly possible….

    1. If it would head up North then it should briefly retrace to 12030, hopefully and 7340 on FTSE. Just an idea.

        1. If you type economic Calander into Google…..then I use the economic Calander by FX street……it tells you how many how hrs and minutes to go……

          3. Yeah , the number of times I’ve been waiting for some NFP action at 12.30…….. And waiting,,,and waiting and nothing happened……lol. Everyone’s probably done it at some time but don’t like admitting it…..lol….he who never makes a mistake never makes anything :0)

  5. Bit weary of holdings longs over the NFP

    The market could bomb if the figures are high and interest rates will def go up?

  6. Tell you what guys there’s only 3 of us posting on here now…..it used to be really busy…I suppose the 90% failure rate is to blame?..

    1. Yes I think the last 6 months have burned a lot of people. Also new customers of the various SB platforms is a declining number at the moment

      1. Yes I think the new SB laws are making it harder for people to get new accounts……I remember someone coming on the board last year asking if any one was making money and complaining of losing about 70k…The fact is I don’t think its possible to make consistant money at trading till you have blown a few accounts…..it’s just whether you have the strong minded ness to push through all the losses and view them as part of your education.A lot of people think it’s easy,they put a trade on and go to the pub and then wonder why they lost……it’s very very difficult and requires a lot of work….dedication….sleepless nights…..and bulk packs of toilet rolls….it’s not a get rich quick scheme,and all most people want is a shortcut to financial freedom but without doing the work…

  7. Afternoon Traders 🙂 I am a complete newbie although I am fortunate in the fact that I have an old timer who gives me a few tips here and there – he’s not too bad, generally likes to go Long. I like hedges myself (I reverse into them often enough!!)

    Anyway what do I know? Took his advice and have gone Long – just waiting for a bit of action with it being NFP day.

    Hope you all have a great day’s trading as we move into the weekend 🙂 Tufty

    1. Welcome to the forum…..you have picked a difficult time to trade with NFP imminent but good luck and keep your sizing small till you get some experience….

      1. Thank you for the kind welcome Anstel – appreciated. Hope that you are going to take lots of blue today. My mentor says a patient trader is a profitable one, so let’s hope it is worth the wait today… Good Luck! 🙂

  8. Ok, with all of you guys so certain on the long outcome of this, you’re making me wary! Much better if it’s not a foregone conclusion.

    1. Your right Cowboy,it’s not a forgone conclusion at all…..the safe thing to do is sit it out…..

      1. Yeah I think a push up,then sell off ,then a steady climb up towards 7400,nerves of steel needed here…

  11. Dullest reaction to NFP I ever saw. Still doesnt change the outlook, but if it hits 7400 and doesnt push on quickly might take profits and look for an entry next week.

  13. Hi All .. I am still holding on to my equity well.. just not so “all the time trading guy”
    I trade morning and close and some big data.. works out well and even better. NFP IS above expected should it drop now .. 😛 I am currentl short from 370 .. waited whole day for it

    2. I would say profit taking. Dax had already filled the gap to 12070 area and was ahead of other markets eg I am still waiting for FTSE to fill gap to 7400. If it doesnt burst through im out.

  16. SP has a very obvious gap to fill to 2385 but if its not there by 3pm on a friday Id call a taxi.

  17. Sod it im cashing in this market lacks energy. The profit is acceptable dont like weekend risk always an emtry next week. HANW everybody.

          1. I’m not giving up yet Nick….very often the Dow will make its move when the FTSE shuts…

  19. Evening chaps,well I gave it my best shot with this long,I had about + 14 pts when it peaked around 7370 but I really thought it had more……I have just excited the position for 2.3 pts loss……it was a fair size and ive held it for three nights with little rest…..the dividend has paid for the loss and the finance and in the real world has given me a nice return but I have thrown away a large gain by overestimating the strength of the market……Still been a good week,had a very very good Monday,and I have made good money trading around this long but when it really mattered I made a mistake…….anstel 0…… The thief in the night 1…..final score……..but no Injuries so I will be back…..goodnight chaps ……and good luck all…..

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