The FTSE pushed up overnight and just after the open, it reached up to test the 5850 resistance level that I mentioned in this weekends post. The overall trend is still bearish, yet we could end up trading in this range between 5800 and 5850 for most of the morning.

Further declines across the global equities markets this week saw the FTSE remain under the 6000 level, closing out the week just shy of 5800. The FTSE bounced off the lower trendline of the downward sloping channel with much of the recovery actually happening outside of trading hours on Friday.

As for my personal performance I finally managed to get in sync with the market at the end of the week and had 10 winning trades and only one losing trade on Friday. The mid-week break and trip to Anfield was a bit of a distraction which meant that I couldn’t trade on Wednesday or on Thursday morning, and was glad to get back in the swing of things on Friday.

There were a few areas of improvement such as trading larger size when the market looked like it was going to tank, as well as holding onto my winning trades for longer, and adding to existing positions (Friday was a perfect opportunity to do just that). Looking forward to trading next week, expecting the markets to rally back initially as they normally do, and set themselves up for further falls later in the week. 5850 could be a key area of resistance next week; also will be interesting to see if this channel holds.

Smashed it … 11 trades, 10 winners and one loser!

The FTSE 100 had sold off overnight before stabilising and trading in a narrow range during the early hours. The plan this morning was to short any pullbacks or retracements to key levels.