FTSE and Pivot Lines
Welcome back to normal markets again.. I’m glad that the holidays are over and that the markets are open for business again. I have enjoyed the Betfair trading which to me seems far easier to make a profit than financial trading so I’ll need to assess and look into it further.
Anyway, back to business, something which I’ve been watching of late is how the market responds to pivot lines. Today the FTSE price hit the pivot line 6101 and also being the round number at 6100 provided a huge amount of resistance knocking the price action back 30 or so points.
I wasn looking at a short at 6094 at the time but since this goes outside of my trading entry strategies I just watched it. It’s annoying to see profits slip but I’ll continue to watch this and if it is something which I can see an edge to, I’ll build a system around it. Realistically, I think I would have taken around 20 points which would still have been a nice profit in 10 minutes or so.
Here’s the chart of the FTSE action:
