KVE
Long

FTSE: Possible bat completed today, not yet at support though...

INDEX:FTSE   FTSE 100 UK Index
34 2 5
I only have EOD             data on this index so I can't show the bat on the 4H where it's clearer but this also inludes part of the bigger picture.

The former uptrend ended at the major S/R zone after which the up trendline broke and was re-tested and then the downtrend accelerated. We are now inside the zone of a former horizontal range, have just passed the 1.618 ext. of the first leg down (top to bat B point) and have completed a bullish bat ...

To trade the bat look at the 4H TF to get an entry, it has fully completed at the current time and the current 4H candle is looking good, the next one should give us a clearer sign so it's not too late to do some analysis on lower TF's and still get in. Look for confirmation! SL below X or maybe somewhat lower so that it's below the support zone and 38.2% retracement of the whole up move...)

Upward retracement if the bat does the job could be limited by the down trendline and thus the 38.2% retracement , above that we have confluence of the 61.8 fib and the upper boundary of the previous horizontal range. I do not expect this to go any higher at the current time, but we can never know, we could still get a push further up also, in which case we could get on to that S/R zone above (red arrow) and possibly even break it...

In time I suspect we will break below the support zone (thus also the 38.2% fib) and continue down (blue arrows) towards the next retracement levels:
- 50% first and nice level to complete a new bat B...
- 61.8% at major support and a nice level to complete a B for a Gartley for instance)

As always, we'll have to see what actually happens so trade with care!

Other idea's on this pair linked below!
Comment: Smaller TF possible after all..., look here for 4H bat:
may i ask what stock broker do you have account with? if you live in north america
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KVE arif_awan
IG, XM and IC markets, I'm not in North America
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