FTSE

This bounced nicely this morning from that level. The first attempt worked and it looks like its heading that direction again so do not re- enter on a second attempt .
The way things are going it would be best to just stay on the sidelines with new longs until you start to get a 123 low formation on the indexes now. This correction is needed but at the same time it's only advice able to take new longs once you see an end to the correction phase.
Interesting times ahead

Im gonna go long around 6216 with 40 point stop. This level is strong support so i expect this to bounce on first attempt.


dl.dropboxusercontent.com/u/4899609/ftse10013thjune.png

i think that's potentially the final destination remo... although looks like 5 wave down to 6370 imo and 60min is displaying +div, needs to confirm...

Im short on the ftse now with stops just above the trend line..(today high)
I went short once the ftse broke below 6410.(based on the 1hour technique)
my stops are above the trend line.
im hoping for a move towards 6216 area where ill be going long on a first attempt basis.

dl.dropboxusercontent.com/u/4899609/ftse1006thjune.png

I forgot to delete my orders to go long here and they got triggered out of hours so I had to manage the stops a little bit (30 pts from 6416 and 6412 entries). I've closed half already and moved the remaining stop to just below the cash chart low of 6410.

ftse is approaching short term trend line. Ive got the level at 6420 .Ill be going long on a first attempt basis with 15 point stop during market hours only. This level also has a horizontal support there as well. Only concern will be the dow as its bang on its support line and if it motors through then it could go lower forcing the ftse through.


dl.dropboxusercontent.com/u/4899609/ftse5thjunecloseup.png





dl.dropboxusercontent.com/u/4899609/ftse5thjunefaraway.png