Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
WEEKLY: Left Chart
FTT is overall bearish trading inside our brown channel. For the bulls to take over from a long-term perspective, we need a break above the upper brown trendline.
Meanwhile, since we are approaching a support zone in green around 25.0, we will be looking for buy setups on lower timeframes.
H4: Right Chart
FTT formed a valid channel in red but it is not ready to go yet.
Trigger => Waiting for a momentum candle close above the last high in gray to buy.
Meanwhile, until the buy is activated, FTT can still trade lower inside the support zone in green. In this case, we will be looking for new buy setups to form.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
WEEKLY: Left Chart
FTT is overall bearish trading inside our brown channel. For the bulls to take over from a long-term perspective, we need a break above the upper brown trendline.
Meanwhile, since we are approaching a support zone in green around 25.0, we will be looking for buy setups on lower timeframes.
H4: Right Chart
FTT formed a valid channel in red but it is not ready to go yet.
Trigger => Waiting for a momentum candle close above the last high in gray to buy.
Meanwhile, until the buy is activated, FTT can still trade lower inside the support zone in green. In this case, we will be looking for new buy setups to form.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich