Morning,
When I make my trades again I shall mainly be working on longer timeframes, a couple of days or so rather than minutes. I shall still be scalping occasionally but closing immediately if it goes against me for the loss of just a handful of points. Most scalps go in my favour
We're very close to 17000, been knocking on the door this month without breaking through. From past observations when it does break we'll shoot through for 30 to 40 points within half an hour. I'll be watching closely and will go long when we do for just a very short term scalp, maybe minutes.
My next trade will be to go short for a slightly longer term pullback. I'll be watching for 17070 and I believe 16750 is the best we can retrace to as the market naturally takes a breather and short term speculators take a profit. I'd be tempted to take at 16950 initially.
Slightly longer term we can comfortably retrace to 16500 on a bit of a panic, maybe Iraq or some other sell off trigger and at that point I'd be long for 500 points.
Certainly for the time being I remain bullish as long as the index shows new highs.
FTSE has been range bound for quite some time, I'm not interested in playing.
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