Looking to take price short from 61.8 retracement + channel ending should cause leg down to at least 6640 first take profit then move break even or take half targeting 6550
A 67 point PRZ on this gartley makes it unattractive for an entry, but, still a possible long.
These are the patterns generating awesome profit in the FTSE range trading of descending channel.
6758 is the T1 on this gartley with a clear RSI signal for short.
FTSE doubled topped in year 2000 & 2007 at price levels $6490 & $6627.. Now price is heading back to those levels, but as previous resistance now turned support.. Price action has formed a nice little trend channel which gives me confidence of taking the bullish bat reversal pattern. ********************************************************** For inquires of...
Here are the levels to keep an eye on for the FTSE.
French index forming bear flag after bull channel was broken. comments on the chart. Check my previous idea in weekly chart for CAC40 and FTSE.
FTSE reached major level of resistance after Reversal Candle, then it regained moving averages and borke bear channel. That attracted many active buyers and we had nice follow through into major resistance 6875-94 that is in tact since May 2013. On Friday, it closed with doji, holding near top. At this point I think we need some kinf of rest or sideways action...
I would risk going long from there thinking that this double top can be negated or complete now. Placing Stop Loss little below 6721. Lets see if going against it can be any good.
Is the FTSE 100 Index following DJ 30 Index ? Is the FTSE 100 Index breaking up the Ascending Triangle ? See the links below.
Bearish Bat completed in FTSE 100, let see how it will turn out, Hope for the best..!
Going nowhere fast! FTSE approaches top and runs out of steam. Note the 18 month ascending triangle...
1st Resistance on the upper level of the ascending triangle and the Resistance Line from week 9 Jul 2007 and 15 Aug 2007. 1st Support on the lower Line of the ascending triangle. 2nd Support on the Tentative Up Trendline. If price close above 6,860 , the next and the last Resistance Level is 6,950 from week 27 Dec 1999.