Magnetic FTSE Trading Week Summary

Dear traders

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

MAGNETIC Report - Friday 30, May 2014

Its the last trading day of the month so we could well see some profit taking come into this market at some stage if the FTSE remains below 6895.

If the FTSE holds above 6870 this morning we could see the market push up towards 6890 where the market is worth shorting first time round for 10-15 pips. Stop is above 6900. non official

If the FTSE is trading near its highs in the last hour of trade I will update on sell opportunities which will be in anticipation of profit taking going into the end of the month.

If the last 5 minutes of any sell off into the close (4.30) is extreme...

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MAGNETIC Report - Thursday 29, May 2014

No real change to my analysis from yesterday. The medium term forecast remains the same. i.e sell rallies whilst 6825 remains unfilled.

This morning 6840-38 is again a key level - if we avoid 5 min bar acceptance below this level then expect higher prices towards 6865-6870. Acceptance below is a negative and will support a move to 6750.

6868 if seen is worth a short first time round for 10-15 points...

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MAGNETIC Report - Wednesday 28, May 2014

The key level today is 6840. Whilst above here the FTSE could climb back towards 6870 however any rallies at this stage are likely to be short lived. 5 min bar acceptance below this level (6840) is negative and we are likely to see 6825 and then 6780 if seen. Trade ideas are as follows:

Yesterday's gaps did not fill so today's should fill at 6844. If we see a spike up at 8am we can go short and target this. Stop would be 5 min bar acceptance above 6870. If 6844 is filled after 8am prior to any spike up then the trade is not valid.

Look to buy 6840-6844 just after the open for 10 -15 pips. The stop would be a 5 min bar closing below 6840.

I am expecting to see 6825 in the next few days...

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MAGNETIC Report - Tuesday 27, May 2014

The FTSE is gapping up higher this morning after a strong DAX session yesterday.

In terms of the gap filling at 6825, if the market is going to target this then the FTSE needs to fall straight away and not look back. If we open at 8am and start to build above 6840 then the gap at 6825 may not fill early on. Therefore if you sell the open then your stop is price holding back above 6840 after the open. non official.

The FTSE is worth selling at 6858 if we reach this level in the first hour of trade. Look for 10- 15 pips or profit. Stop 15 pips above entry. official

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All the best,

Mark Austin