FTSE: Simple breakout or bat?
We had a nice bullish bat showing on the 4H charts but for now the retracement was very limited. It seems now that this is only a small correction and the downtrend could pick up any time.
To trade this we can simply sell the breakout when confirmed or if we get lucky we might be able to get the bat to short at a much more favourable level. I'll take the bat if it completes, trading the simple breakout is possible if you can stay to watch it, so look on smaller TF's for setups with decent R/R... It looks like this might be the scenario, as it stands now we might be very close to it, but wait for confirmation in any case!
Support zone below, TP1 (70-80%) above or in that zone at one of the fib extensions, I chose the middle ground...
TP2 (20-30%) below the support zone...
SL minimum above X of bat, I took it a bit wider (6244)..., example of tighter SL on chart, above 6222.
To trade this we can simply sell the breakout when confirmed or if we get lucky we might be able to get the bat to short at a much more favourable level. I'll take the bat if it completes, trading the simple breakout is possible if you can stay to watch it, so look on smaller TF's for setups with decent R/R... It looks like this might be the scenario, as it stands now we might be very close to it, but wait for confirmation in any case!
Support zone below, TP1 (70-80%) above or in that zone at one of the fib extensions, I chose the middle ground...
TP2 (20-30%) below the support zone...
SL minimum above X of bat, I took it a bit wider (6244)..., example of tighter SL on chart, above 6222.
