The British benchmark index is in a rapid decline.
However, the market tends to simply "slip through" only in exceptional conditions, which I do not currently see in the overall market. There is a chance that there will be a short-term reversal at the March 2023 lows.
We place the SL a bit below the low so that we get a reasonable CRV of 3:1.
In the longer term, it is likely that the FTSE will head for the area around 6,850. There is a lot of liquidity down there and it wants to be cleared.
Therefore, there is also a short setup in the chart.
However, the market tends to simply "slip through" only in exceptional conditions, which I do not currently see in the overall market. There is a chance that there will be a short-term reversal at the March 2023 lows.
We place the SL a bit below the low so that we get a reasonable CRV of 3:1.
In the longer term, it is likely that the FTSE will head for the area around 6,850. There is a lot of liquidity down there and it wants to be cleared.
Therefore, there is also a short setup in the chart.