Forex Mentor - FREE TWC Update 15-Sep-15 538x218

Forex Mentor – FREE TWC Update 15-Sep-15

Forex Mentor

Johns FREE Trading With Confluence (TWC) Update 15-Sep-15

Market Spotlight – FTSE

This Weeks Technicals

ATR:

135

Daily Pivot:

6135

Key Fibo:

6310 is the 50% fibo level with the 61.8% fibo level sitting at the 6413 resistance.

00 numbers:

6000 is a key market sentiment level.

Support:

5980-6010 is the first support zone and where the market has recently found a bottom. We also see an 00 number here.

5860 is another support level that we have in place.

5700-5755 is the base and the current bottom which stops the market falling into a bearish trend.

Resistance:

6200-6285 is the primary and strong resistance zone that contains a key fibo level, trend line interaction and key 00 number in place and acting as foundations to send the market lower.

6380-6445 is the market extension resistance zone and where any potential rise will be rebuffed with market RANGE EXTENSION exhausting here.

Other foundations:

Neutral market with a bearish tone.

Market does hold multiple bearish foundations.

Consolidation theme in place at the moment.

Focus on market sentiment areas in order to see a bias regain strength.

Click the chart to zoom in…

Forex Mentor - FREE TWC Update 15-Sep-15

Expected Movement

Forex Mentor John’s main trade idea…

Preferred direction – Neutral but bearish tone.

Immediate zones of interest – 6200-6300 is the long term weekly resistance and zone.

Target areas – 6000 is the target for any bears looking to send the market lower.

Change in opinion – Above the 6300 and we once again move with bullish intent whilst a move below the 6000 will see the market fall to a negative trend and outlook.

Commentary – The market is trading within a neutral price range, though there still seems to be a bearish tone surrounding the UK equity markets. We waited Wednesday and once again found success at resistance. The team are going to wait for pressure before we come in with an immediate opinion. A sideways market yesterday failed to offer strength so we now sit and wait before taking an immediate stance.

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DISCLAIMER & COPYRIGHT

This report by Forex Mentor John is based on his analysis on his charting package. It may differ to yours as it can be affected by time, market movements, charting packages and broker prices. No liability is accepted for loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on any information in this report or analysis.