FTSE100 - Fresh highs incoming
The FTSE is currently sat at strong support. Sellers tried to push price lower, but the index was bought back up to form a pinbar (red arrow). Lower BB also sits at this point (see %B in bottom window).
Considering the lacklustre fall from the rising wedge and the subsequent pin bar, we can expect 6800 to break (see how long price spent lingering around the level).
The next resistance is ~6838, so a break and restest of the 6800 is likely and will be the perfect high probability entry.
An aggressive entry would be at open on Monday (I personally will probably take this based on the pinbar with a stop below the low).
Target is the psychological level of 7000, which acted as a strong support throughout 2019.
High prob:
Entry = 6805 when retesting the level
Stop = 6735
TP = 6800
R:R = 3
Aggressive:
Entry = 6720
Stop = 6642
TP = 6800
R:R = 4
Happy trading:) follow for more of this kind of stuff!
Considering the lacklustre fall from the rising wedge and the subsequent pin bar, we can expect 6800 to break (see how long price spent lingering around the level).
The next resistance is ~6838, so a break and restest of the 6800 is likely and will be the perfect high probability entry.
An aggressive entry would be at open on Monday (I personally will probably take this based on the pinbar with a stop below the low).
Target is the psychological level of 7000, which acted as a strong support throughout 2019.
High prob:
Entry = 6805 when retesting the level
Stop = 6735
TP = 6800
R:R = 3
Aggressive:
Entry = 6720
Stop = 6642
TP = 6800
R:R = 4
Happy trading:) follow for more of this kind of stuff!
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