Mark Austin FTSE Trade Summary - 15th Oct 2010

Good evening

 

Yesterday I sold the FTSE at 5768 as per my pre market email attached below for reference.

 

75% of the profits were taken at 5744 and the remaining 25% is still running with a stop at 5744. Target 5680 -5700.

 

My reasons for the trade

 

1) Yesterday we opened higher than the previous days close at 5661 and this level was not filled.  Today we yet again gapped up higher than Wednesday's close at 5747.  After a strong extended rally its rare that a second closing gap is not filled on an intra day basis.

 

2) My target for the rally was 5750 as mentioned earlier this week

 

3) Given its expiry tomorrow I was expecting a weak consolidating session

 

4) POM - System signal  - http://www.markaustintrading.com/pomseminar.html

 

This mornings email for reference

 

Good morning

Yesterday the market rallied as expected and left a nice short term sell target at 5675.

From a technical front 5820 presents very strong resistance and should be sold on the first touch if we manage to get that far.  Given the overbought conditions the market is unlikely to have the strength to penetrate this area first time round.

Today's Trading Opportunities

We have expiry tomorrow and after a strong session yesterday we may consolidate today.

I have a short term sell target at 5741. Current market is 5765. If we open 30 points higher than 5741 I will issue a sell SMS.

 

To get access to the complete email as well as my trading opportunities you can sign up here www.markaustintrading.com