FTSE has moved up strongly from 5520 only 2 weeks ago to today's High 5873. A 1/3 pull back to 5750 before the next move up to 6000 by year end is what I'm looking to trade. First indicator would be a close below the 5ema(5813) and then a crossover on the 10ema (5776).
Using a close below the Daily 5ema, there were 6 Sell signals triggered in 2010 on 11 Jan (5520), 16 Apr (5780), 23 June (5250), 10 Aug (5350), 25 Oct (5750) and finally 10 Nov (5850).
6 Buy signals were triggered on 10 Feb (5150), 10 June (5100), 6 July (4900), 27 Aug (5200), 1 Nov (5700) and 1 Dec (5600). The shortest Buy signal lasted 8 trading days 10-23 June and 1-10 November and the longest was 44 days between 10Feb-16Apr and 41 days between 27Aug-25Oct.
If the 5ema > 10ema was used only 1 less Buy signal was triggered..... 12 Feb (5150), 11 Jun (5150), 8 July (5200), 31 Aug (5200) and 2 Dec (5650). The 3 day decline at the end of October would have been ignored.
This leads me to think the FTSE will climb up to 6100 by the end of Jan 2011
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