Day Trading The FTSE; Intraday Channel Support

Day Trading The FTSE; Intraday Channel Support

As you will know by now, in view of the low volumes and erratic price movements across many Index’s I’ve decided to concentrate on a little day trading during this week.

As it’s now after hours and price can pretty much do it’s own thing, I’ve just entered a small stake buying FTSE at this channel support with stop loss just beneath the channel. Ideally I would like to either take a profit or run break-even stoplosses overnight if price moves far enough in my favour over the next couple of hours.

With such a small stake and with great reward on offer for the comparitively small risk, it’s a trade that can easily be forgotten if stopped out, but can also offer a nice reward if it plays out.

The lower line you can just about see in the chart is part of a larger channel, so a break of the current one may see price head somewhat lower, and there are plenty of technical scenarios that suggest this is a possibility, but for now, entering long on this channel line seems too good to ignore:

  • RS2OOO
    Posted at 00:17h, 29 December

    I have closed half of this position for +13 points and running a super tight 3 point stop loss on the 2nd half (which allows for a 2 point break of the channel).

  • RS2OOO
    Posted at 16:33h, 29 December

    Closed 2nd half of this long at 5560 for 68 pts.

  • Pingback:Day Trading DOW & FTSE; Updates on Projected Channels
    Posted at 21:42h, 29 December

    […] the FTSE channel did hold overnight and I exited the position today on the cash close at 5560. The updated chart […]