FTSE has been in a correction for a couple of weeks now after a strong bullish up move from the 5500 level. The retracement has so far been limited and it looks like we have somewhat of a horizontal range so a flat correction seems most likely atm. But of course anything is possible and the retracement may very well continue further down...
At the moment momentum indicators are flat and BB is squeezing so we might get a breakout in the following week or so!
If it breaks to the downside I will see if I can catch a move lower towards support, one of the fibo levels or a broken trendline but I will only do so on smaller TF setups and with caution since I believe the general direction on the daily is still up... So actually, If it does go down, I will probably also be looking for good levels to get back long...
The main idea is therefor to catch the possible next big impulse up!!
At the moment momentum indicators are flat and BB is squeezing so we might get a breakout in the following week or so!
If it breaks to the downside I will see if I can catch a move lower towards support, one of the fibo levels or a broken trendline but I will only do so on smaller TF setups and with caution since I believe the general direction on the daily is still up... So actually, If it does go down, I will probably also be looking for good levels to get back long...
The main idea is therefor to catch the possible next big impulse up!!
Comment:
And what a nice breakout!! Hope at least some of you are long!
