Magnetic FTSE Trading Week Summary

Magnetic FTSE Trading Week Summary

Mark Austin Trading

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Dear traders

Please find below a summary of this weeks trading for your perusal-

MAGNETIC Report - Friday 20, June 2014

Its triple witching day for the FTSE. This is when futures and options expire on the index. The event occurs between 10.10am - 10.20am. We can often see sharp spikes to the upside or downside.

Overall I am still expecting the FTSE to continue selling off and I would expect to see 6700 before we see new highs in this market above 6895. There are far too many bulls in the market right now which supports a larger correction is on its way.

During expiry between 10.10am-10.20 traders can look to sell any spikes up to 6840 - 6850 or buy any spikes down to 6775. Look to target the 10.10am price what ever that may be. Stop 5 min bar acceptance above 6850 or below 6775. Experienced traders can also look to fade any spikes greater than 25 pips back to the point of origin (i.e where the expiry spike started from)

I am looking out for a decent sell signal for you. Early on if we 5 min bar closes below 6808 this would indicate a move to 6775 early on...

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MAGNETIC Report - Thursday 19, June 2014

The first trade is to sell FTSE between 6825-6830 - target 6811. stop 5 min bar acceptance above 6830. Not valid if 6811 is seen first.

The second trade is to buy the FTSE at 6800...

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MAGNETIC Report - Wednesday 18, June 2014

Its a key day in the US markets today with the FOMC meeting and this will have a big effect on the FTSE as well. Either the decline we have been expecting from the upper 6800 levels is now over or we will a final push down to 6700-6680 this evening after the meeting.

A link to major economic news is here

http://www.dailyfx.com/calendar

The FTSE is now positive above 6745 however we do have major resistance at 6800 and unless we see 5 min bar acceptance above here i expect more consolidation before the announcement.

The MAGNET today is 6776...

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MAGNETIC Report - Tuesday 17, June 2014

The FTSE declined to the 38% Fib yesterday and had a near perfect reaction to the upside. The bounce to the upside will either remain below 6877 or we will see an attempt at 6800. At this stage I favor more downside towards 6700 before we see price regain ground above 6800. Don't forget we we have the FOMC meeting tomorrow so this could spark a big reaction in the market.

In term of trading today:

If the market hits 6800-6803 we can get short for 10 pips. The stop would be 15 pips above entry and try and leave 25% to run for 6710. Official...

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MAGNETIC Report - Monday 16, June 2014

A weekly close below 6800 was bearish for the FTSE on Friday so opening lower today is of no surprise.

The closing gap at 6777 should fill today so if the FTSE falls to 6745 before reaching this level we can look to get long. Target 10 pips for 50% and leave the rest for 6777. The stop is 6727. If 6777 is hit first the trade is not valid. Half stakes

If the FTSE does reach 6777 just after the open then we can look to take a downward break...

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All the best,

Mark Austin