FTSE 100 UPDATE
Weekly Updates of the instrument could mean a reversal to the downside, what do we expect to see as confirmation of such an event?
Expectations:
I expect to see the price touch the upper parallel line and close the week on its lows, with a decent gap between the price closing and the upper parallel that is a sign of weakness on the chart.
Confirmation:
We can allow the chart to do all the above and upon a retest of the upper parallel again you can place your entries. this is my preferred method of the test and retest, then I place a short buy and expect at least the middle line as my target profit.
Expectations:
I expect to see the price touch the upper parallel line and close the week on its lows, with a decent gap between the price closing and the upper parallel that is a sign of weakness on the chart.
Confirmation:
We can allow the chart to do all the above and upon a retest of the upper parallel again you can place your entries. this is my preferred method of the test and retest, then I place a short buy and expect at least the middle line as my target profit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.