Trade Idea on FTI, Broken Channel + Corrective structureToday, we will share a long setup we are waiting for on FTI. Here you will see a full explanation of it
A) The price broke a descending channel. That is considered a weakness of the bearish trend
B) Currently, we can see a corrective structure, finding support on the broken Descending channel ( Throwback: Meaning a retest of a broken structure)
C) IF the price breaks the corrective structure above 7.49, we will enter the market. Why 7.49? Because it is above a minor resistance zone.
D) The target we will be aiming for is the 2nd Fibo Extension. We will move our Stop loss into break even on the First Fibonacci Extension.
E) Observe that the Fibo Extension is approximately the same level as the next resistance zone.
F) Entry, Stop and Take profit are the ones you can observe on the Setup. The risk-reward ratio is 1.84
G) If the setup goes as expected, it will have a duration of 20 Days as Maximum
H) Finally, we will provide you with a Daily View so you can see which is the main context (Support zone + Broken trendline + Throwback)
