BoE keeps interest rates at 5.25%

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This topic has 4 replies, 1 voice, and was last updated 2 months ago by Christian Harris.

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June 24, 2024 at 09:27 #181667 Reply
Christian Harris
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Here’s a FTSE 100 day trade I just closed.

My analysis in a nutshell:
- The FTSE 100 is in a downtrend (higher timeframe analysis).
- The Bank of England (BoE) announced at 12:00 yesterday that it’s keeping interest rates at 5.25%.
- The FTSE 100 rallied for the remainder of the day, as a higher interest usually is bullish.
- I decided to trade a pullback today because the FTSE 100 is in a downtrend overall.
- At around 8:00 today, I entered a short position, targeting the 0.618 Fibonacci retracement level
- My take profit hit in around 2 hours.
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- June 25, 2024 at 06:50 #181896 Reply
  PipPredator240
  Thanks for sharing again.
  
  Can I ask do you always use TradingView for your day trades?
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  - June 25, 2024 at 09:25 #181935 Reply
    Christian Harris
    Participant
    TradingView is my go-to charting platform for analysis, but I don’t trade directly from it.
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- July 1, 2024 at 09:38 #182655 Reply
  PipPredator240
  is that because it simply has the best tooling set?
  
  Can I ask which platform you use to actually trade?
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  - July 1, 2024 at 10:19 #182688 Reply
    Christian Harris
    Participant
    I use TradingView for charting because it is super easy to use, is fast on both desktop and mobile, and has a vast collection of built-in and community indicators.
    
    The fact that it’s a third-party app also helps to avoid random fake candles that sometimes appear on broker charts.
    
    However, I place trades using cTrader because it links nicely to my broker and has many excellent features including an economic calendar.
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