Keeping an eye on that neckline for a break
Confirmed with a break and close below 6305. Follows yesterday bearish action. Still holding onto my shorts, opportunity to bring stops down and reduce risk.
Index bounced off lateral support following the hidden bullish RSI divergence identified yesterday, but has lacked any meaningful following through. Fundamentally I still think this index is overstretched and happy to put on a decent RR short trade here on the backtest of the broken upward channel. Yesterday we saw the first signs of a possible change in trend. ...
Hidden bullish RSI divergence coming through as the price reaches a double support - lateral and upward sloping channel. Still no position.
Didn't chase yesterday's rally following vaccine headline news - as said I don't like chasing price breaks on headlines and this was confirmed with the RSI divergence. Still trading within an uptrend. No position and continue to watch and wait for higher RR set ups
Upside break following more vaccine news - I don't like chasing breaks on headline news. RSI divergence shows price also not convinced.
Would still like to see move lower, but buyers are still emerging around the 6300 level. Possible bull flag on the cards, but daily is still very extended.
Good first step for a move lower highlighted by the RSI divergence published yesterday. Need to see 6300 lateral support and 20SMA decisively break before we can expect to see a meaningful change in trend and momentum lower.
We are seeing strong gains in the FTSE 100 as positive headlines on a potential vaccine, alongside expectations of a Brexit deal is causing investors to buy undervalued UK assets before the pound strengthens against the U.S Dollar.
Our chart is giving us indications for a possible drop (almost at major resistance now).
Would like to see a pullback around these levels. Fundamentally I feel move has been overdone and technicals are starting to show signs of agreement - lateral resistance and RSI divergence. ISAs in cash waiting for better levels to buy back in.
OPEN TRADE IF FOLLOWING TREND BASED ON 1% RISK IS RUNNING + 10.8% OUR STRATEGY EXPLAINED: The entry price, SL and multiple TPs are shown on the chart. Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish should you decide to enter....
The FTSE100 has been trading in a downward channel since June, the daily timeframe shows price is weakening approaching the top of this channel and has given us an indecision candle. We can see on lower timeframes, 1h + 4h there is RSI divergence signalling potential for a bearish move. Will look for entry on 1h
FTSE: REACHES FINAL WAVE-C of DOUBLE CORRECTION ( As oF MARCH FTSE has been in CORRECTION ): THEREFORE EVERY MAJOR INDICES is ALIGNING toward the Downside
UK100 - Intraday - We sold at 5594 (stop at 5662) Prices have reacted from 5597. Intraday rallies continue to attract sellers and there is no clear indication that this sequence for trading is coming to an end. Further downside is expected although we prefer to sell into rallies close to the 5594 level. Our profit targets will be 5400 and 5155 Resistance:...
Double resistance - lateral and downward sloping. RSI heading into overbought territory v quickly. Extended from 20 SMA
Consolidating following heaving selling. RSI is encouraging for a break upwards, but not confirmed yet. A break above 5600 will see the index break above its 20SMA and hopefully touch 5700 region with potentially a gap close. Further selling expected if we break through the lows.
Follow DeltaSD Potential Short Setup. 4 Hour Potential Supply Level to Watch for Monday 2 November 2020 OANDA:UK100GBP