The range today was scoped between 8 and 9.25am. The clock on this chart is one hour slow for UK residents!!
But I am anticipating a downwards general trend following recent all time high and new structure low off that yesterday.
I started these on the oanda chart because the prices are nearer the fxcm prices but I shall continue daily analysis on this chart now.
London open scoped the range 20 points so we are targeting 20 on top of the high plus 2 points so 7497 ->7517 roughly.
...partly wishful thinkin because I have a swing short. But there's been a nice turn yesterday with a new structure low from the all time high last week. The arrows are where I entered trades for about 20 points each.
If we get momentum then 1H break down for 8-9am range will be an option.
5min bar break down failed! The opening spike was probably too large...
the 5minbar break up worked this morning. we've ranged 30 points and 8-9am has scoped out a range that might stick. If it breaches then it looks as thought it will be upwards so I'll publish a 1H bar break up plan.
typical. The 5min break down didn't reach before turning around to scope a channel trade. But even that is changing scope. Here's an example of the 1H break going up. Volatility is low so 7515 looks likely.
The FTSE tends to either have trending days or tunnel bound days. Not sure which this Mon could be ...I'm wagering another downwards reach after the recent rally but the open wasn't strong. Recent bear mondays have been v positive so the sentiment could be equally balanced. Let's watch the price richochet between these boundaries. General negative direction.
I'm going to start with a london open trade. A classic, the 5 min bar break. I'll also look at an 1hour break later on.
5min bar break - once the price moves beyond the range of the london open 5mins by 2 points, trade in that direction for the length of the opening 5 mins. Valid for 1 hour otherwise mmtm is too weak.