Either FTSE100 will break the previous high and head higher, or it will form a beautiful Head-And-Shoulders pattern and sell off. This will be really interesting to see.
If close above 7405 – BUY around that and keep it till the previous high of around 7445. If the Daily closes above that, then could lead to higher levels. But we will determine those later, if we first get to Scenario 1. For this one, because it’s risky, personally, I would put a very tight SL around 7390.
If close below 7350 – SELL, as we are, probably, forming a Head-And-Shoulders. For this one, I would let it run and determine TP at later stage. For SL, probably, depends on your appetite. If you’re willing to gamble more, then a bigger one (around 7400), but if feeling less risky, then around 7375. You decide!
But as always, keep an eye on the price action!