Update: FTSE 100 short trade

his trade has progressed well and I have been trailing my stop all the way down (brown lines).

The price has made a lower low but the indicators are up (red lines) and this represents a bullish divergence.   I am therefore expecting a retrace against the trade but my stop is in place and I hope it won't be hit so that I can participate in the onwards ride down.

In any event this has been a nice trade and I've managed it well so I am a happy with that.

FTSE 100 Short Trade - Update

My FTSE 100 Short Trade has made good progress downward.

The price action appears to be forming a bear flag pattern.   There will always be retraces in any trend on whatever time frame....It's all part of trade monitoring and management.

I've moved my stop to a guaranteed profit position just above the round number of 5550 and my profit target down to just above the 5300 level....yes....all the way down there!  My target price comes from the channel which the price has formed..but has yet to break....If the price action at the channel level appears to be resisting too much, I will close the trade at the bottom of the channel instead.

Another short trade on FTSE

The markets appear to have digested the FOMC meeting and minutes and I don't think they got what they were looking for.......

I re-entered another short trade on FTSE 100 at lunch time today.  You can see the indicators confirming the downward pressure on the price and I'm hoping this will translate in to downward price action.

I will monitor the price throughout the afternoon and may move my target downwards, depending upon the price action.

Markets celebrate!...Hello?..I'm short the FTSE

So this morning the market is celebrating the fact that Greece is not going to go bust this week!   The result

At one point the FTSE 100 was up around 10%.

I've gone short the index simply because nothing has changed soince Friday....OK...the Greek vote went the way the world politicians wanted.....but..hey ho...what do that do for the UK economy!....ZILCH!

The result of the Greek election gives the pro-austerity conservative and socialist parties enough votes to form a fragile and awkward ruling coalition!

Oh and by the way......also at the weekend elections the French Socialist party won a commanding parliamentary majority, giving President Hollande the power to tax and spend to his heart's desire.........

FTSE Short trade closed for a small profit

I had to leave my desk for a couple of hours this morning and as the price had fallen below the previous low (bottom mauve line), I moved my stop into the middle of the funnel which guaranteed me a small profit.

I was stopped out and, of course, the market has dropped a little further since then.

However, always keep in mind:-
Rule 1 of trading - Don't lose money
Rule 2 of  trading - Don't lose money
Rule 3 of trading - Apply rules 1 & 2

And.....a profit is not a profit until it is banked!

I am watching for another entry at the top of the funnel if the opportunity arises.

New short trade FTSE 100

I've spotted a potential Fibonacci funnel setting up on the FTSE100 cfd.   I've taken an earlier entry than normal.

The benefit of this is that it reduces my risk by some 35 points....and of course, would increase my R:RR significantly if the trade is successful.

However, the downside is that by taking the entry early, I could be wrong in my view that this will be a Fibonacci funnel...only time will tell.