The UK100 has been range bound since BREXIT, with some price action discipline a great long term profitable trade we've enjoyed for over a year. The orderflow has been perfect when matched with price action queue's when to enter the trade and exit the trade.
But recent uncertainty in the UK economy (thanks to excessive borrowing and reduced taxation promises) and a strong DXY has increased the volatility to the downside and we're expecting further breakouts towards the previous 6,000 lows with some excellent risk return ratio's.
But recent uncertainty in the UK economy (thanks to excessive borrowing and reduced taxation promises) and a strong DXY has increased the volatility to the downside and we're expecting further breakouts towards the previous 6,000 lows with some excellent risk return ratio's.
Trade closed: target reached:
First target reached at 6765, with the big moves from the DXY and Indicies this week, it's further invalidated the trade potential. I've left one trade to run on this at 25% of the open in profit for our final target down at 6615. Anything could happen right now.
Trade active:
We're still active on our second trade targetting down at 6600
Comment:
The stronger pound will increase the costs for these companies and with HSBC reporting below the forecast, I'm expecting a drop in the UK100
Comment:
A "stronger" GBP makes doing business tougher for UK companies, add that to poor performance earnings reports coming out from HSBC and breaking and holding that 7,100 is looking very tough indeed.
We've been in a range since Jan 22 and we're testing the bottom of that range which has been broken more than once. Winter is coming and so is challenging times for the UK, that's why we're bearish on the UK100
We've been in a range since Jan 22 and we're testing the bottom of that range which has been broken more than once. Winter is coming and so is challenging times for the UK, that's why we're bearish on the UK100
Comment:
We have a rising wedge on the hourly and a pin bar forming on the daily, we are still bearish on this trade, expecting a break down after the BoE speaks
Trade closed manually
Trade active:
Massive impact on the GBP and export heavy FTSE 100 with the 3% interest rate set by the Bank of England. I cannot see how the UK100 will move back to the upside now with this much downside pressure in the long term downtrend.
We continue on our trade down towards the 6615 target
We continue on our trade down towards the 6615 target
Trade closed: stop reached:
Then Oil changed all that and hit my stops ha ha