FTSE Swing Short Preview; 8th July 2013

FTSE Swing Short Preview; 8th July 2013

This is exactly the same simple idea as detailed in last nights post for USD:JPY.

Keeping an eye on FTSE for a back test and failed re-entry into the long term 4 Hourly channel for a possible swing short dependent on how other factors play out if and when the back test occurs:

FTSE 4 Hourly channel back test 8th July 2013

Its always a great additional factor when this kind of resistance lines up with a major Fibonacci level. I’d almost certainly expect some kind of intraday resistance to at least take a few points from such a trade with a hard sell off being the ideal scenario. Again its not uncommon to see a dip followed by another rally for a 2nd test so beware of stop loss placement when taking trades like this.