POWER OF ATTORNEY
                         For Executing Forms 3, 4 and 5

      Know all by these presents, that the undersigned hereby constitutes and
appoints each of Rene Bustamante, Ellen Metzger, Arthur C. Delibert and Jennifer
R. Gonzalez, signing singly, his true and lawful attorney-in-fact to:

(1)   execute for and on behalf of the undersigned Forms 3, 4 and/or 5, and
      amendments thereto, relating to First Trust High Income Long/Short Fund
      ("Fund"), in accordance with Section 16 of the Securities Exchange Act of
      1934, as amended, and the rules thereunder;

(2)   do and perform any and all acts for and on behalf of the undersigned that
      may be necessary or desirable to complete and execute of any such Form 3,
      4 or 5, or amendment thereto, and the filing of such form with the United
      States Securities and Exchange Commission and any other authority,
      including preparing, executing and filing Form ID with the Commission; and

(3)   take any other action of any type whatsoever in connection with the
      foregoing that, in the opinion of such attorney-in-fact, may be of benefit
      to, in the best interest of, or legally required by, the undersigned, it
      being understood that the documents executed by such attorney-in-fact on
      behalf of the undersigned pursuant to this Power of Attorney shall be in
      such form and shall contain such terms and conditions as such
      attorney-in-fact may approve in his/her discretion.

      The undersigned hereby grants to each such attorney-in-fact full power and
authority to do and perform all and every act and thing whatsoever requisite,
necessary and proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or his/her
substitute or substitutes, shall lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted. The undersigned
acknowledges that the foregoing attorneys-in-fact, in serving in such capacity
at the request of the undersigned, are not assuming any of the undersigned's
responsibilities to comply with Section 16 of the Securities Exchange Act of
1934, as amended.

      This Power of Attorney shall remain in full force and effect until the
undersigned is no longer required to file Forms 3, 4, and 5 with respect to the
undersigned's holdings of and transactions in securities issued by the Fund,
unless earlier revoked by the undersigned in a signed writing delivered to the
foregoing attorneys-in-fact.


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      IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to
be executed as of this 21st day of September, 2010.


                                                Taylor Wagenseil
                                                -------------------------
                                                Signature


                                                /s/ Taylor Wagenseil
                                                -------------------------
                                                Print Name