FTSE100 POTENTIAL SHORT @ ~6970
FTSE100 is the index of the top 100 companies in the United Kingdom by market capitalisation. It is used to gauge the prosperity of UK businesses.
It has been touted to get to the lofty heights of 7000+. And having broken the record high set in 1999, analysts are more certain. You'd never have guessed from last year's trading though.
So, a H1 supply zone has formed @ ~6970. This is reliable as the market fell sharply away from the high and back to the ~6930 demand zone.
Note that this zone has now been tested and is no longer worth trading with (although this may not be the case). If things go well, I'll look to ~6930 as a guide for profit taking (assuming no strong demand zones are formed on the rally up).
Hopefully, we see a nice gap up into the ~6970 supply zone and a fall through.
With a 5-10 pip risk on this trade, Reward is just over 8X Risk (assuming my previous assumptions hold true).
It has been touted to get to the lofty heights of 7000+. And having broken the record high set in 1999, analysts are more certain. You'd never have guessed from last year's trading though.
So, a H1 supply zone has formed @ ~6970. This is reliable as the market fell sharply away from the high and back to the ~6930 demand zone.
Note that this zone has now been tested and is no longer worth trading with (although this may not be the case). If things go well, I'll look to ~6930 as a guide for profit taking (assuming no strong demand zones are formed on the rally up).
Hopefully, we see a nice gap up into the ~6970 supply zone and a fall through.
With a 5-10 pip risk on this trade, Reward is just over 8X Risk (assuming my previous assumptions hold true).