FTSE 100 has rejected 7600-7590 area in the 1hr time frame, 3 consecutive times suggesting that a correction is possible. If FTSE100 breaks below 7550 (23% fib level) we can see a correction upto 60% Fib levels at 7440-7430 levels. But FTSE needs to break below 7550 to trigger this trade. Stops should be above the recent highs.
Trade active
⋅
I would close 3/4 the position at 7480 (previous lows) since it was a bit accelerated move down and leave the rest to the target 7440
Trade closed: stop reached
⋅
Stops Hit... But we closed 3/4 of the trade at 7480... Closed the trade for a small profit
Thanks