The fiendish plan was set based on what i thought the market was going to do.
Looking at yesterdays morning action it appeared as though the dow was very strong early on during the morning(futures).The ftse was also up due to this fact.A little later the dow futures dropped and the ftse also dropped to reflect this.This is what you are hoping for-A period of consolidation before the next rise.You can then hop aboard the ftse at about 4pm and ride the move hoping that the dow will keep on rising.You have then caught the momentum into the close.the position is then closed after the ftse auction at about 4.35.You can close earlier if you have a decent profit of say 20. If you are sitting on a loss then you have to make a judgement call based upon how the dow is doing.Remember that you always have a stop on for protection.
Yesterday was a complete rollercoaster so all bets were off.
I was out from about 4 yesterday but i noticed that when i came back the ftse had closed down.It would be interesting to know what the dow was when the ftse closed.If the dow was turning it can sometimes be beneficial to place a very small long position on the ftse hoping for the BOUNCE.You are obviously wanting the dow to rise but if it is turning you are going with the momentum.If things become stale i suggest closing quickly.
So you enter the position but if you have doubts you get out.You obviously have to give it some leway hence the stop.I would place the stop 50 away just for peace of mind and incase of chaos in the market.More later about position size etc-may the force be with you all