A couple of posts ago I wrote my plan for achieving £750/week profit. I also said I would fund with £3000.
That was with scalping in mind but I'm changing tack slightly, mainly due to the fact that I'm busy with my day job and can't sit watching the platform for hours at a time.
I'm still going to play at a maximum £5 a point but I'm using longer term time frames. I managed to get back another £100 or so last week from scalping and I put another £300 to my account so my latest funding is £1000. My balance is £900 with a £5 a point short from 6340 showing a £100 loss so far.
The FTSE 100 has had a meteoric rise this year from around 5900 at the beginning of January. 12 of the last 14 weeks have been rises (7 of the last 8) and we've risen 9 months in a row. Even if this market is set to rise further it's due a pullback to get it's breath. Until now I have been watching the minute and 5 minute candles and making short trades in an effort to pinch a few points. That's fine and ultimately 10 points at £50 a point is my daily target.
This is my first trading year and I have to experience various ways of trading. I do feel I'm a scalper, albeit with poor discipline thus far) so for this coming week I'm looking to profit from swing trading with 50 points a trade my goal.
As I write this the markets are closed but we're at roughly 6360. There is support at 6280 and again at 6250. We have Italian elections to be factored in this week, Britain has lost it's AAA rating and even though I think we will push higher this year I'm looking at a consolidation period with a pullback.
So my initial target this week is 6280.
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