My thoughts going into this week were as follows:

• The expected Santa rally is to continue this week and we should end the year on a bullish note.
• Daily chart shows the long bullish green candles from last week which propelled the FTSE 100 back into the middle of the symmetrical triangle formation and past the 20EMA.
• Looking at the hourly chart the market has just dipped below Friday’s lows and looks like it’ll head back down to retest the 6200 level.

It’s a bank holiday here in the UK today, and I will not be trading – just watching the markets and the FTSE which is effectively mirroring the futures market as it does out of hours.

I will not be trading today as I still have some last minute shopping to do! Taking a quick look at the charts, I expect the FTSE to trade in a relatively narrow range between the 6230 and 6260 levels.

Just wish to take this opportunity to wish all my readers a joyous and happy Christmas!

Running late this morning so will explain later this evening …

My thoughts going into this morning’s session were as follows:

• On the daily charts, the FTSE had clearly broken out of the triangle pattern to the downside, then pulled back up to retest the bottom of that triangle before declining again yesterday.
• On the hourly chart, the FTSE broke out of the downward channel to the upside, only to head back down to retest it, bouncing up off the upper trendline.
• Overnight the FTSE had recovered from yesterdays lows, and I expect the FTSE to be range bound for most of the day. The plan of action was to short any pullbacks to key levels.

Took a short at 6085 as price pushed up to re-test the intraday support and resistance level at 6088, which was closed out for a healthy profit.