On Monday I'm hoping that we stay above 7540. This seems to be quite a strong support area as well as resistance if it does drop below. If we stay above 7540 on market open I'm going to take a Long position with a starting SL at 7520 with TP1 7650 & TP2 7700. I like to trail my stop loss and will change this accordingly as it progresses towards the upside.
Alternatively
If we don't hold 7540 and market goes to the downside. I'll be looking for a break of 7520 and hold below before opening a short position. SL 7540 with TP1 7400 & TP2 7260. Again with a trailing stop loss.
On market open I like to wait until the first 15 min candle closes to find a good opening range and trade accordingly.
Looking at the over all market upon close on Friday, FTSE was pretty red in all areas so despite my long bias, there is a strong potential for a short. I think the 7540/7520 is going to be our pivot points. The market is still trending upwards but very close to breaking the trend at this area.
Alternatively
If we don't hold 7540 and market goes to the downside. I'll be looking for a break of 7520 and hold below before opening a short position. SL 7540 with TP1 7400 & TP2 7260. Again with a trailing stop loss.
On market open I like to wait until the first 15 min candle closes to find a good opening range and trade accordingly.
Looking at the over all market upon close on Friday, FTSE was pretty red in all areas so despite my long bias, there is a strong potential for a short. I think the 7540/7520 is going to be our pivot points. The market is still trending upwards but very close to breaking the trend at this area.
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