Hi Traders,
FTSE 100 (Footsie) has caught my attention today. The instrument has now displayed Signs of moving to the upside. When looking at the higher timeframe, Price has now created a strong bullish candle on the daily, If price does manage to close this way It will be the very first sign that we have some actual bulls coming into play.
I then will be analyzing the four-hour timeframe where I have mapped out a descending trend line that has been broken. With this being said the TL has also retested the trend line as well as a demand zone as mapped out in the chart. After the retest of the demand zone price then proceeds to create a new higher high taking out a recent high which signifies a shift in structure now.
My plan of action on this one is more conservative as I would love to see a pullback take place, but, remember we need to wait for the daily candle to close bullish. If price does manage to pull back tomorrow I will be waiting for a retest and then a rejection of the resistance at 7250.
My Target is placed at 7555 which seems to have clear and clean traffic with a high probability of hitting.
Once again, wait for the daily candle to close.
Renaldo Philander
FTSE 100 (Footsie) has caught my attention today. The instrument has now displayed Signs of moving to the upside. When looking at the higher timeframe, Price has now created a strong bullish candle on the daily, If price does manage to close this way It will be the very first sign that we have some actual bulls coming into play.
I then will be analyzing the four-hour timeframe where I have mapped out a descending trend line that has been broken. With this being said the TL has also retested the trend line as well as a demand zone as mapped out in the chart. After the retest of the demand zone price then proceeds to create a new higher high taking out a recent high which signifies a shift in structure now.
My plan of action on this one is more conservative as I would love to see a pullback take place, but, remember we need to wait for the daily candle to close bullish. If price does manage to pull back tomorrow I will be waiting for a retest and then a rejection of the resistance at 7250.
My Target is placed at 7555 which seems to have clear and clean traffic with a high probability of hitting.
Once again, wait for the daily candle to close.
Renaldo Philander