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day trade ideas – 29/08/13

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FTSE Sep13 held on to 6382/78. The outlook is negative & we are establishing a down trend this month so below 6417/16 risks a retest of yesterday’s low at 6387. Be ready to go with a break lower today for 6364 & may be as far as August lows at 6346. A bounce from here is possible today & we could therefore cover any shorts. However a break lower cannot be ruled out and could target good Fibonacci support at 6313/11 which should hold the downside at this stage. Exit shorts here & try longs down to the 200 day moving average at 6290. 

Above 6420 is less negative & could target 6435/40 where we also meet the 100 day moving average. A high for the day is very possible therefore but any shorts need stops above 6450 for a selling opportunity at 6464 which should hold the topside at this stage. Stop loss above 6484.

 

Emini Dow Jones Sep13 retested the week’s low of 14744 & managed a bounce. Immediate resistance at 14806/10 today but above here look for 14840/50. A high for the day is possible again but a break higher should target 14880/85 & hit selling pressure here. However if we continue higher look for a selling opportunity at 14920/40 & a high for the bounce expected this week. 

Below 14780 could trigger a retest of 14745/740. A break lower in this month’s down trend cannot be ruled out and should target 14714. Failure here risks a slide to 14621/09 before 14527, perhaps later in the week. 

 

EURUSD held resistance at 1.3393/98 yet again to reach 1.3330/20 as expected & we then continued lower to the next target of 1.3298/88. We used this as a buying opportunity & bottomed almost exactly here at 1.3302. Look for resistance at 1.3355/60 & a high for the day possible today. However if we continue higher, resistance at 1.3393/1.3400 offers a selling opportunity with stops above 1.3425.  

Immediate support again at 1.3300-1.3290 could hold the downside, but the outlook is starting to turn negative so be ready to go with a break lower for 1.3260/55. A break lower perhaps later in the week then risks a slide to 1.3225/20. 

 

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