Just doodling initially, but this looked interesting.
Is 3800 in 18 months achievable?
It is in historic terms, but will we see it happen?
All I know is, I'm not buying UK stocks just now.
While the down-trend of the FTSE will undoubtedly continue, the present very severe downslope may not. There is wide scope for moderation in the down-slope. the right side of the colousred triangle mirrors the Resistance Line of the upward trend from 2012 to the current year. There is a slight bend in the current down-slope that suggests that some moderation of...
The FTSE has completed and broken a rather distorted head and shoulders on October 2nd at the same time as breaking a long term weekly trendline at 6588. A Classic Fibonacci Power wave can be seen on the daily chart that started on September 22nd clearly visible on this chart and in one stroke broke the 365 day Hull moving average AND the 90 day Hull moving...
After yesterday's fall, FTSE is bouncing back this morning. However the uptrend has finished; the bounce-back will soon peter out and the downward movement continue.
There is no considerable update until from last update. Cycles I follow are very bearish for the upcoming weeks. So I am some cautious. Better just watch this market from outside
As we do have two missed pivots in row above the price technically and some level of uncertanity in the market it brings opportunity to go short on the break of the rising turbo purple trend line. Go short targeting nearest support level around 6780 and more depending on price action around this level. Stops above the recent highs.
Happy trading!
Even though pull back ratio is not perfect it looks wave iv is forming. Then we will probably complete wave v of wave (c) around 5958 or 6991. From this point we will go don to complete Wave (iv). Whenever Wave (v) of Wave of Wave completes, this market may enter a rather long bearish development
UK took a big hit today with GBP opening gaps -1% over almost all currencies, due to Scotland independence surveys.
The short is quite easy and the risk reward very good.
* resistance unbroken
* GBP in freefall
* Instability due to Scotland
* And cherry on the cake, we may have a Wolfe Waves Pattern playing there, with Target Price around 6400 (5% Gain).
I shifted my outlook to Neutral because we are now in a very strong resistance area of Daily TF Murrey Math Resistance level where we several times failed to go above. I expect one more higher high to correct down for Wave iv of Wave (c).
I wait until tomorrow closures weekly and monthly to decide which way to go
Stop above the maximum to look for new highs or below the minimum for retest of the channel
Bye
RSI divergence and a MACD crossover suggest UK100 is heading for another downtrend. I am just waiting for an RSI cross below 50 to confirm the negative trend.
I haven't been much into Harmonics and was taking a look at the UK100 CFD for FTSE100. Can those who trade Gartleys chip in with your thoughts here?
I have based this Gartley off the article here (www.goldenwire.com) which seems to offer the most simplest and easiest explanation of the Gartley 222 pattern.
Targets are set to 61.8% of CD, 127% and the entire XA...
Lots of things happening here.
1. Possible head & shoulders formation taking place. Need a break of the neckline at 6698 to validate this set up. Targeting 6608.
2. Upward trend line has been broken and price managed to retrace, breaking it to the upside but failing to make a higher high (till now). Look for short positions from 6732.
Notes on chart.
Ive been trial trading for a while and just started a real money account. Focusing mainly on Index SPX500, NAS100, UK100 as had most experience with them in trial and want to move into currencies and others once i get a feel for them.
I dont pretend to be pro and i havent shown lots of technical trend lines this is just a rough of what im seeing in UK100 and where...
