FTSE

FTSE at short term uptrend support as we speak?



dl.dropboxusercontent.com/u/20815047/FTS...TSEdaily25_09_13.png

Long stops below 6524. Or wait for the break and short the backtest.

Crazy moves on Dow again last night with a massive bounce off 15340 support followed by a determined effort by the bears which took it below that. Lots of bullish divergences on the hourly but crazy trading at the moment there!

Hammer on today's daily chart for FTSE, right off 6388/6390 support:



dl.dropboxusercontent.com/u/20815047/FTS...TSEdaily02_10_13.png

The above is a futures chart but there was also a hammer on the cash chart. You know the score - look to enter half way down the candle with stops below the low.

Ftse is approaching strong support(6386). If this level does not hold then this could signal a bigger correction. Normally id go long from this point but due to the hammer low being tested again im going to short this from 6382 with a 20 point stop. If this level gets taken out then new longs would be risky on shares.
Ive noticed a lot of shares approaching there main trend lines and if ftse breaks its major support then the trend lines may break at the same time. . So could be an interesting day ahead.


dl.dropboxusercontent.com/u/4899609/ftse7thoct.png

Ftse 100 daily chart....starting to look much better again

dl.dropboxusercontent.com/u/40497882/FTSE100_DailyOct13.JPG




Regards

WS

Short FTSE @ 6758 after yesterday's bearish candle
SL above 6820



I have no risk attached long positions open

Closed half @ 6656 - 100 points profit
SL for the rest moved to below breakeven to run as a free trade

FTSE has made a 123 high breakout (3= 6714)
FTSE leads the falls
Dow & Dax are forming bearish candles today

Be careful taking new long positions