Mark Austin FTSE Service Trade Review - 11 March 2011

Dear all

Today we bought the FTSE to finish up binary at 12pm for a price of 13.

The signal target was 5933. No confirmation needed at the open for this as it was one of my stronger signals.  Ideally I would have used a spread bet for this but given the Japanese news I was expecting some volatility at the open. The benefit with the binary is you can't get stopped out and can just focus on the target in hand.

I placed the trade early as I saw a good price.  If I had waited the price may have vanished. 

70% was removed to lock in as much profit when we reached 5933 and I left the remainder to run given my analysis for a bounce today. I was a little disappointed in the slow price rise from the binary but there you go. 

I expect more selling into next week and I'll update you on Monday with the usual trading ideas.

Have a good weekend.

--
Kind regards

Mark Austin

Mark Austin FTSE Trading Update - 11 March 2011

Good morning

The market finally revealed itself yesterday with an end of day close under 5860.  A sell signal created from a break of a double top formation at 6090.

A weekly close below 5860 would be the icing on the cake for the bears and a message to the market that price action over 6000 is unsustainable. I'll be watching out for this today.

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Mark Austin FTSE Trading Update - 10 March 2011

Good morning

We are trading close the bottom of the recent trading range today.  

Firm confirmation of the next trend will come when we see a close either under 5860 or above 6055.

We have a target at 5922 this morning which we can trade. Given the recent range this will most likely fill but I will use the 5 or 10 min bar as confirmation. The reason for this is:

The RSI on the daily chart is looking very negative and well under 50

We now have 2 days closing under the 50 day moving average.

We break 5860 and the market could collapse very quickly.

Mark Austin FTSE Trading Update - 9 March 2011

Dear all

This morning we bought the FTSE binary one touch 5910 at a price of 28.  If we are buying we are risking 28 points to make 72 points as binaries ranges between 0-100. 

Attached is a chart of the FTSE showing a clear triangle forming with a break out pending.  This morning I was looking at the early break from the 1st 10 minute bar.  This actually broke to the downside and I was expecting momentum to pick up quickly.  Instead the market paused at 5935 which you will see from the chart is the bottom of the triangle.  At this point I closed the trade at 44 for a small profit.

To get access to the complete ftse trading analysis as well as my trading opportunities you can sign up here.

Mark Austin FTSE Trading Update - 9 March 2011

Good morning

The bulls and bears continue to fight out the recent trading range between 6055 and 5860.  Yesterday' s end of day candle bar on the daily chart clearly shows indecisiveness in the market. We did sell off but the buyers came in right on cue during the last 1.5 hours of trading as per my report.

I mentioned earlier this week that the complicated wave structure of this current sideways move points towards correctional behaviour with higher prices on the way. The long term market is also technically positive and if we look at historical data a period of uncertainty within a bull market often leads to higher prices.

Mark Austin FTSE Trading Update - 8 March 2011

Good morning 

We continue trading within a rectangle formation between major support at 5922 and resistance at 6055.  An established break of either levels will confirm the new direction. 

We have been trading sideways for some time now and this market uncertainty can be linked to higher oil prices and political unrest which is weighing on investors.  I am expecting a break out and it could come in the next couple of days.

As per my report yesterday the preference is for higher prices until we see a close below 5860.