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So we may as well continue our trials with the Ftse, I've kept away from this and gbpusd for a long time since the brexit made them very difficult to read but never the less I need another live market to play on. 

To recap we are looking to the first hour of market open to try to identify the session high or low, from there we are using the 14 daily average of the average true range to set a target for the day. So it's a bit like the London Breakout Strategy but we are not looking identify the breakout but rather looking to identify it's base. The easiest way to keep score is to let IG do the leg work by simply placing a long call or put on demo.


LT bull, MT neutral, ST bear/neutral. ATR is currently 52 points.

So looking at the chart and rather annoyingly ftse seems to be already taking off to the upside, before the eur open even, but we'll stick to the rules that I'm making up as I go along for er ... reasons.

Currently we are looking at a session low of 7338 which is the value area low and a ATR target which coincides with R1.


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An hour into the London session and Ftse is already at the proposed target set this morning so I may have to re-think my 'rules', any suggestions?  The reason for the 1 hour wait was that I've seen stats (somewhere, long ago, probably made up) that the session low or high is in within the first hour after open some 75% of the time. 

The base did look sound and the chart was short term very bullish well before the Eur open so perhaps should have just pulled the trigger on the off in such a situation.



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5 minutes ago, FOXY said:

Ftse looking to break up through 7369.

Yes, Ftse trying to follow Dax which is trying to push down through the large bear candle bottom put in at 9:30 yesterday evening but Dow not bothered at the mo and currently has support at today's point of control (red dash).

It's setting up similar to yesterday which saw dax and ftse turn around and follow dow up after the US open.


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