Forex Mentor - FREE TWC Update 22-Sep-15 538x218

Forex Mentor – FREE TWC Update 22-Sep-15

Forex Mentor

Johns FREE Trading With Confluence (TWC) Update 22-Sep-15

Market Spotlight – FTSE

Last Weeks Report Review

What happened last week?

A negative week for the FTSE last week, and once again TWC profited. We found the resistance zone highlighted at 6200-6280 in last weeks report and we rejected, coming lower and hitting target. We did see foundations such as sloping trend lines, fibo levels, previous high and strong resistance to help send the market lower.

Foundations and in particular indicators are the primary interest.

This Weeks Technicals

ATR:

143

Daily Pivot:

6115

Key Fibo:

6310 is the 50% fibo level with the 61.8% fibo level sitting at the 6413 resistance. Immediate fibo levels sit at the current trend and we see 6135 as the 50% fibo.

00 numbers:

6000 is a key market sentiment level.

Support:

5930 is the first support level and where the market has recently found a bottom.

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:

6135-6170 is the first resistance zone and where we combine a 50% fibo level alongside overbought indicators to help push the market lower. ATR also present here.

6260-6310 is a key fibo and secondary resistance zone contains latest high alongside a key 0 number. We also see a long term 50% fibo level alongside previous rejection.

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 22-Sep-15

Expected Movement

Forex Mentor John’s main trade idea…

Preferred direction – Neutral but bearish tone.

Immediate zones of interest – 6135-6170 is the first resistance zone, 6260-6310 is the long term weekly resistance zone.

Target areas – 6000 is the target for any bears looking to send the market lower with 5900 the next major target.

Change in opinion – Above the 6310 and we once again move with bullish intent whilst a move below the 6100 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 once again await a move towards resistance and the sloping trend line before we look to see a further fall. The team are going to wait for pressure before we come in with an immediate opinion. A fall this morning leaves the potential for further downside momentum so focus will be on BEARISH moves this week.

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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.