As expected yesterday, FTSE put on a rise today. The extent of the rise did take me by surprise. Strangely, did not trade too well today. Had only one decent long which I closed rather prematurely. Most other trades bombed. Of course the fault is mine - I allowed too many distractions to come in the way - gardener, school trips, shave, shower, lunch, etc... :-)
What continues to amaze and impress me is how channels, properly used can be wonderful for profitable trading. Day after day, I see these channels play out their magic. If anything stops me from exploiting these channels to the hilt, it is myself.
Outlook for 12th Sep 2007: The fact that FTSE has hit the upper line of the channel suggests that a reversal is likely tomorrow. Supporting that view is my interpretation of Pattern Trapper signals, namely:
(1) High 90-10 Continuation AND Reversal Signal
(2) Momentum Pinball Sell
(3) Low Breakout Setup
Also supporting the case for shorts is the Repeating Angles technique. See screengrab below:
Adding another nail in the coffin, Reversal Magic is pointing to a reversal today. As yesterday was up, today (12th Sep) should be down. The case for shorts is looking seriously good. But as ever, safest to wait for the market to show its hand before initiating a trade.
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