FTSE 100 - Forming a triangle pattern?
The FTSE 100 has been on a sideways trend and its difficult to read the chart to see where its headed. So this idea doesn't have a strong case to go LONG. What do you think, post your comments below?
LONG - UK100GBP
SL: 7056.8 (Suggested by our algorithmic system)
TP: 7320.4 (Suggested by our algorithmic system)
Reasons behind this idea:
1. On short term support trendline and support level
2. Volume flow has started to increase on the daily chart and accumulation looks positive
CAUTION: Volume flow is concerning on the 4 hour chart but its a different story on the daily. That's just how the OBV indicator calculation works. Remember all "indicators" are just based on calculations and are not always an accurate representation on what is happening with the equity, futures or other instruments. You could change the parameters of the calculation and the result would have less or greater impact.
---------- Chart Drawings ----------
Blue Dotted Line: Broken Support Trendline
Red Dotted Line: Broken Resistance Trendline
Blue Solid Line: Support Trendline
Red Solid Line: Resistance Trendline
Blue Rectangle Box: Support Level
Red Rectangle Box: Resistance Level
Blue Arrow Line: Bullish Divergence
Red Arrow Line: Bearish Divergence
Purple Vertical Line: Suggested Stoploss by our algorithmic system
Green Vertical Line: Suggested Stoploss by our algorithmic system
Trade idea from our mobile app: ibb.co/vk4CyHm (Timestamp is in Australian Sydney Time UTC+7)
Please trade responsibly and good luck!
LONG - UK100GBP
SL: 7056.8 (Suggested by our algorithmic system)
TP: 7320.4 (Suggested by our algorithmic system)
Reasons behind this idea:
1. On short term support trendline and support level
2. Volume flow has started to increase on the daily chart and accumulation looks positive
CAUTION: Volume flow is concerning on the 4 hour chart but its a different story on the daily. That's just how the OBV indicator calculation works. Remember all "indicators" are just based on calculations and are not always an accurate representation on what is happening with the equity, futures or other instruments. You could change the parameters of the calculation and the result would have less or greater impact.
---------- Chart Drawings ----------
Blue Dotted Line: Broken Support Trendline
Red Dotted Line: Broken Resistance Trendline
Blue Solid Line: Support Trendline
Red Solid Line: Resistance Trendline
Blue Rectangle Box: Support Level
Red Rectangle Box: Resistance Level
Blue Arrow Line: Bullish Divergence
Red Arrow Line: Bearish Divergence
Purple Vertical Line: Suggested Stoploss by our algorithmic system
Green Vertical Line: Suggested Stoploss by our algorithmic system
Trade idea from our mobile app: ibb.co/vk4CyHm (Timestamp is in Australian Sydney Time UTC+7)
Please trade responsibly and good luck!
Trade active
Please adjust your SL accordingly to prevent a loss.Note
Here is a screenshot of our SL adjustments: ibb.co/0GQ04rgTrade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.