FTSE might revert to ranging, check out my other idea's for details. Bat TP2 not reached, target 6233 in possible resistance area...
Preferring longs for now on this TF based on recent smaller degree HH.
Currently we might have ourselves a triangle on the hourly. In case of trend continuation from the low we could break to the upside, watch the 'down' trendline though. Breakout to the downside possible as well, fake breakout could stop around 6100 which is possible Quasimodo support at 0.618 retracement of last up move from bat completion point.
Example of trade on chart, SL at least below bat X but preferably below Support zone. Target 6217 or 6233 ultimately but keeping an eye on the 'down' trendline... Looking for smaller TF momentum exhaustion and possible ending structures to get better R/R setups now!!
Preferring longs for now on this TF based on recent smaller degree HH.
Currently we might have ourselves a triangle on the hourly. In case of trend continuation from the low we could break to the upside, watch the 'down' trendline though. Breakout to the downside possible as well, fake breakout could stop around 6100 which is possible Quasimodo support at 0.618 retracement of last up move from bat completion point.
Example of trade on chart, SL at least below bat X but preferably below Support zone. Target 6217 or 6233 ultimately but keeping an eye on the 'down' trendline... Looking for smaller TF momentum exhaustion and possible ending structures to get better R/R setups now!!
Trade closed manually:
Small order triggered this morning, partial profit at 6165, close to trendline, it broke the trendline but reversed, rest was stopped out at BE..., Next I will be looking to buy at support zone or sell at resistance...
Comment:
Didn't get a chance to trade the recent moves, but range trading is on!! Sell high, buy low... SL beyond the zones, only trade confirmed breakouts out of the zones....
