Uk100_buy
UK100 Long: Symmetrical Triangle Breakout Overall Uptrend on 1 Day
Symmetrical Triangle on 4hr and 1hr
Enter on breakout
UK100 Ascending Triangle - Long OrderUK100 Ascending Triangle Long Position
Entry: £6,861.3
TP & RR: £7,036.9 (2.21)
Stop Loss: £6,781.8
REASONS FOR THE TRADE
Unfortunately, this is not a trade that I will take since I already have enough positions for the day and my system prohibits me from being overexposed. From a technical point, this seems like a sound trade - testing lower trendline in ana ascending triangle and the Market Flow indicator printing a divergence. My sixth sense tells me, however, that this trendline may not hold... but it's usually wrong, that's why I count on technical indicators. The Stop Loss is far enough for you to evaluate if the price will drop down or will bounce up and start heading towards the target.
I will not count this trade in my journal but I will continue to update it as it goes.
All aboard the MONEY TRAIN... next stop CASHVILLEWe can see a trend line ( blue line ) that has been respected recently ( price coming down to touch it then bouncing ) And price has also been respecting our support/ resistance line ( green line ) you can also see this from where price has touched and bounced.
Price is currently at this level and is testing it as support, now we think price will bounce and make a bullish run.... our reason for this is because the current candle that closed on Friday was a nice bearish candle, but it also had a longish lower shadow, this means that bears tried to push price bellow support but failed and bulls pushed price back above and closed above key support.
Also on the monthly chart price is forming a bullish candle after the past couple of months candles have also been bullish, this indicates a lot of buying power, and also on the 4H chart price is also respecting this level.
So you can ignore setups like this if you want or you can join me aboard the money train on a 1 way trip to cashville.
UK100GBP @ daily @ most nearly (of 57 indices) last alltime highThis is only a trading capability - no recommendation !!!
Buying/Selling or even only watching is always your own responsibility ...
.zip (with PDF`s) @ my Google Drive
In percents away from all-time high & low by last close (57 Share Indices)
drive.google.com
Best regards :)
Aaron