Long FTSE

The FTSE made a new high which implies that the 2018 pullback in January is complete and the next leg higher has begun. Price is currently retracing the first wave higher and looks like it might be putting in a 3 swing movement for that pullback, I have added a green box to the chart showing the area I expect to be able to buy this asset. To take the trade I would like to see the current pullback in the yen pairs come to an end as that would be a good sign that the risk off sentiment has ended. If taken the trade would have risk reward of 3:1 and i will be risking 2% of equity. This trade is related to my trade idea on Nasdaq, i would not take both and at the moment FTSE looks a better bet as the nasdaq made a new high ending this pullback. The indices are in a state of permanent bullishness, I never sell them indeed over many years the only decision has been when to buy them and if you could afford the draw down you could have bought them on any day in the last 100 years and made a profit. That is a trend you do not want to be on the wrong side of.
My entire trading plan is about choosing what to trade, solid one directional trends where you know what side to be on makes things much easier.

Order cancelled:

Price appears to have turned higher before meeting our limit order, although we cannot say yet if the bottom is in place the price action is putting the predicted structure under threat and it seems sensible to step aside. We are still interested in buying indices especially FTSE, NASDAQ and ASX but at the moment no opportunity is clear

Order cancelled:

I have updated my view here and am assuming that the market found its low last week. This should mean a move to new highs will follow in the coming days, I do not see any opportunity to trade and will step aside. My attention on indices is now focused on the NASDAQ and the Australian ASX