We have slightly moved out our long entry zone on the FTSE 100 but more importantly we are now in a position to be able to firm up a lower entry point. We’ve marked this “B” on our chart. We are currently of the view that if the “A” long is not hit then the “B” long will become more likely and this would essentially take the “A” short completely out of the picture.
Unfortunately if the FTSE 100 hits the “A” long first this DOES NOT negate the possibility of the FTSE going to “B” so taking up longs should be done so with great care.
Entering new positions now is a “no-no” for us at the moment as this index currently resides in no-mans land and the slightest bit of volume can knock this Index either way.
Once again discipline and patience are key.
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