FTSE 5454 -18 Jan

Market Open

Pivot point 5476 favours SHORT trades. Resistance at 5460, 5480, 5520, 5536, 5551, 5570 and 5600. Support at 5450, 5422 and 5390. Average move on Monday has been around 77pts. Day range 5422-5499 with support at 20ema (5422) and resistance at 5500

09:15 Using 1min charts to try and scalp 15pts instead of 30pts. Market has been trading down since Peak 5600 on Monday 11th January. Waiting for 15min setup has not provided any good entries. High today was 5487 at 08:01, with Low at 08:58 5454, giving a range of 33pts so far. Went Long 5456 at 08:59 using the 8-9min down tick rule and Support at 5454 only 2pts away. Initial upside target is 5471 which was hit at 09:13 and 50% of Long closed. Rest of Long left until 5ema(5475) < 10ema(5473) or 10:00am.

10:00 Long closed at 5487. High 5492 at 09:53. Range today 5454-5492 is 38pts so far

10:30 Contemplating a Short at 5502 with limited upside 5505.

12:00 Short at 5492. Target 5479. Market has failed to break 5494 at 10:34 and 11:55. Range today is 40pts 5454-5494

12:30 Short closed at break even. High 5498 at 13:02 Range 5454-5498 = 44pts

13:30 Considering a Short again at 5502. Upside limit is 5454+77pts=5531

15:00 Short 5502, Target 5484. High 5504 at 14:56

15:45 Market Range 5454-5504 = 50pts

Oil falls to $77 with Gold steady at $1130
S&P500 (1136) closed down 12pts -1%
Australia All Ordinaries (4936) closed up 6pts 0.1% - Above support 4900.
Japan (10855) closed down 127pts -1.2%  Above 10700 support
Hang Seng (21500) is down 0.7%. Below resistance at 23000 and above support 21000