FX:UK100   FTSE 100 index of UK listed shares
1. Price initially consolidated within a large triangle and eventually broke out
2. Price rallied towards 127.2% and in the process formed a rising wedge
3. Price often reverses from 127.2% back to 100% (You check my past trade ideas with flags to notice this common occurrence)
4. Price then forms a bearish flag at the 100%
5. A break out to the downside will see price go back to 61.8% of the initial triangle pattern
6. This 61.8% if the first triangle, forms 161.8% measured objective of the bearish flag (GOOD Confluence = Buy Zone)
7. From 6571 - 6528, FTSE             should embark on a rally towards the final objective to 7100.
-----------------------------------------------------
I'll update this chart on a weekly basis to track the progress.
You were right to wait for confirmation. I got stopped out very quickly. I switched to long at the 50% retrace of the move down but it's a tiny position. Looking to add somewhere.
Reply
snapshot
+1 Reply
Will need to see a break below 6715 for confirmation, probably a good level to move to break even on a close below 6715.
Reply
Not as neat as yours :)
Reply
Upside capped by 0,236 Fib expansion of the last big swing high. You were right. I entered short. Been looking at flags a lot recently and noticed they can develop either way on occasion which was the reason for my hesitation. Are you taking a position on this?
Reply
Yep, in a few hours when the market opens.
Reply
Yep. Looks like a bear flag after today.
Reply
Would be a confirmed decline if price now reverses from 6808/61.8% Fib and makes a close below 6750.
+1 Reply
Lovely analysis! I see the same thing although I'm not certain that bear flag can't develop into a bull flag. This weeks price action should give us more clues.
+1 Reply
Thanks for your comment. For a bear flag to turn into a bull flag (which is rare) we'll have to see a sharp rally and a small downward sloping consolidation. But given the fact that the flags are formed after a sharp rally or a sell off, it is unlikely to change course and move in the opposite reaction.
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out