Hi all, It's been a few days. To be honest I've been v busy at work despite being stuck at home =|
No clear direction on the global indices today. Gapped down.
LDB strat has not been very reliable for the last few weeks, and I'm not confident in it today. I'm actually long.
No one's offered to build me a pinescript so I'm going to try build it myself today.
PRICE ACTION TODAY HAS BROKEN THE STRUCTURE THAT WAS IN PLACE FOR GOLD AND NOW I BELIEVE THE BIAS HAS CHANGED (GOING DOWN). WHAT WE DON'T NEED TO DO IS JUMP INTO A SHORT POSITION WITHOUT A SETUP, JUST BECAUSE WE THINK PRICE IS GOING DOWN ITS ALWAYS A SMART DECISION TO GET INTO A FOLLOW UP MOVE ONCE WE HAVE HAD A CORRECTIONAL RETRACEMENT OR "PULLBACK" I HAVE...
on this chart,
I have drawn, important weekly and daily support marked by green line.
Then I have drawn a parallel channel ( almost, a bit modified due to price fulucatations ) which displays the price reaction points.
My view is that FTSE would rise,
and touch the upper trendline.
I have also posted instructions on the chart itself.