I am still bullish FTSE! It's a pair I've trading within the indices that I have had great return this yr - great momentum trend towards it and with Brexit drama going on too, it has has great volatility.
Fun fact: When the first lock down occurred earlier this year in UK...A family relative was intrigued about me being a young trader - I had advised a distant family member to watch out for the FTSE it's a great buy at the areas of 5850! Let's hope they did listen to advice and if not - there's always chances in this beautiful market we've had this year! Let's hope to make plenty of pips for the end of this year and start the next year with great optimism within ourselves!
Let's get onto the technicals:
Pattern - Bullish Flag target area: 1.618
Resistance: 6860 & 7035
Support: 6140 & 6040
My target - 6800-7100 Areas!
One of the major investment banks did even announced UK assets are undervalued within options check out Rolls Royce has been a great trade to take as well!
Fundamentals to keep in mind: Brexit and what the indices has a large portion of companies energy based. Although, my target for Crude is 55 area.
All the best,
Trade Journal
Remember: Just a trade idea, not a recommendation
London
The Early Stop-Hunter catches the WormThis is a textbook pre-London setup.
During the Asian session we often see (especially in Yen pairs) moves that set up for the London session. What this does is provides us with liquidity of retail trader stops that we can take advantage of.
This was a simple 0.7 R trade that I was in and out of within 45 minutes.
It amazes me that traders still put their stops above/below swing points and prior structure, you're basically asking me to come and hunt you down!
Also, side note the reason the R is 0.7 is because my strike rate on this strategy is s high, so I don't need to use the absolute poor excuse of *I use a minumum 1:3 Risk to Reward because I can lose 40% of my trades and still be profitable* - IF your strategy gives you a 40% strike rate, it clearly doesn't work!
Rant over!
Good morning anyway guys, go smash the day!
Still clear The high is still alive Still can drop the daily candle
Doesn’t look good the down fall should start 🤞🏽.
Not financial advice
Gold buys in London session Had Gold buys this morning in London session. Was waiting for more of a well defined double bottom, did not get my confirmation that i was looking for. Even though the low did not break the first low at 1939 level. Waited for safer buys as its Friday and don't like putting alot of risk on.
Took most of the month of July off and just got back to actively trading, taking time from trading is good for the mental. Its a game of growth but at the same time consistency. Happy Friday, Ill be back posting more as I'm back at the charts