FTSE

This bounced nicely this morning from that level. The first attempt worked and it looks like its heading that direction again so do not re- enter on a second attempt .
The way things are going it would be best to just stay on the sidelines with new longs until you start to get a 123 low formation on the indexes now. This correction is needed but at the same time it's only advice able to take new longs once you see an end to the correction phase.
Interesting times ahead

This trade has played out perfectly so far.
Now if you look at the chart its showing a hammer formation currently(you still have 1.5 hours of day left). And this has come at the perfect level as well. If your not already long from the entry mentioned earlier then you maybe able to re-enter from half way down the hammer with stops below over the next few trading days.


dl.dropboxusercontent.com/u/4899609/ftse13thjune.png

123 low breakout on 4H (6348)
Long @ 6350
SL 40 points

Possible head and shoulders on the ftse????
If this finishes below 6205 then really bearish.
That would be the signal to avoid any new longs for the time being. Obviously short term trading is different but going long also requires speed and watchful eyes.


dl.dropboxusercontent.com/u/4899609/ftse20thjune.png

Could this be backtesting the breakout from 6106 today? The weekly RSI is at support though not from a bullish divergence. It's very risky going against this correction so it's more a technical question than anything else...



dl.dropboxusercontent.com/u/20815047/FTS...SEweekly24_06_13.gif

Clearly not!