Brexit weighing on the FTSE today.
As the majority of shares that make up the FTSE earn in dollars the weak pound tends to drive the Index up as sterling drops.
So this morning at London opening the signal was across yesterday's close so made R1 the target.However it took an age to finally get home.
My fist loss today I decided that as the signal had hit Fridays close during the early phase of the Asian session to go Short to the S1 level ,minus 2 pips, from the 08:05 Lnd Time entry.The signal just failed to reach that level and steadily reversed direction.Decided to close the Short at the daily Pivot Point Level and go Long.
Net result was a 10 pip loss on the Short Trade but an 18 pip gain for the Long Trade so still a positive day.
Of course I probably should have ignored the signal hitting Friday's close during the Asian session and gone Long from 08:05 Ldn Time.
The signal opened just below yesterday's close so I decided to enter and look to the Long side.
I set TP at 7457 as the signal had bounced off this approximate level several times over the last few trading days.In the event the signal readily shot past this level and on through R1,but as my granny would have said a bird in the hand etc etc.
Having watched the signal bound on up thro' R2 I decided that a rebound was on the cards so a Short was set at R2 as the entry and R1 minus 2 pips as TP .Signal turned and passed entry during 9:20 Ldn Time candle and carried on down after some hesitation.
No trade yesterday 23 April -after a 4 day shut down of the London Stock Exchange the daily pivot levels were not indicative.Today the signal during the Asian session hit highs, around yesterday's close, not seen since Oct 2018.
The signal was moving very quickly around the opening at 08:00 Ldn Time so set a Long @2 pips above the 08:05 opening candle to close the "gap" and a Short with entry at the Daily Pivot Point and TP at S1 minus 2 pips.
The signal went Short without triggering the Long and hit TP during the 09:00 Ldn Time candle for 23 pips so cancelled the Long trade.
The signal opened around yesterday's close and very rapidly shot down through S1 and on to S2.I set the entry for a Short at 5 pips below S2 with S3 minus 2 pips as TP
On reflection as it wandered slowly down to 7409 I thought that a drop of 88 pips -an average whole day move- would be needed to reach TP and without major news - other than the news that theSainsbury/Asda merger was off - this was unlikely this morning.
Bit the bullet and set stop loss at 7423 and a Long entry same level with TP being S1 minus 2 pips.
A net gain of 9 pips and a demonstration that clear thinking before 08:00 Ldn Time is essential when things begin to move rapidly on the open candle.
Having suffered from a small bout of "fuzzy" thinking this morning I waited for the signal to peak after crossing S1 and when it closed for the first time below S1 @10:40 Ldn Time and then only just climbed above S1 afterwards I set a Short for entry at S1.
The signal moved back down again @11:25 Ldn Time triggered the Short and TP was set at S2 minus 2 pips which it duly obliged after just over 3 hours.