It’s gonna be a choppy end to the year and, as our last trade has shown, it’s imperative you manage your risk. Today’s thrust up knocked us out of our short position and demonstrated that the FTSE 100 Index appears to be keen to hit the thick red line.
A sharp rejection of the red line could indicate that the FTSE is going to complete a huge triangle which could last until April next year.
Currently this range stands at 7450 (ish) on the thick red line and 6810 (ish) on the thick white.
As our last trade has shown it is now simply to risky to enter positions which are not close to either line as it’s impossible to achieve a sensible risk reward ration as the opportunity for establishing shorter term trends diminishes.
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