The bulls need a buy signal next week – they might get a daily buy setup for a swing back to the daily moving average.<\/p>\n\n\n\n
FTSE 100 Futures<\/h2>\n\n\n\nThe Weekly<\/em> FTSE chart<\/h3>\n\n\n\n![\"FTSE](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/FTSE-100-Weekly-Bear-Channel-Closing-Below-Big-Round-Number.jpg\" "\\"\\"")
<\/a>FTSE 100 Weekly: Bear Channel Closing Below Big Round Number<\/strong><\/figcaption><\/figure>\n\n\n\n- The FTSE 100 futures<\/a> was a bear bar closing on its midpoint so it is not as bearish as it could be.<\/li>
- It is low in a bear channel closing below the big round number of 7000.<\/li>
- It is the 3rd<\/sup> push down from the highs of the 12-month trading range so we might pause here.<\/li>
- The bulls see a sideways bar at 7000 and the bottom of a 12-month trading range. After last week’s outside bar we said they would buy below and they did. <\/li>
- The bulls didn’t get a buy signal last week so we expected sideways to down. The bulls need a buy signal, a weekly bull bar closing on its high for a High 2 buy low in a trading range. That’s a higher probability setup.<\/li>
- The bears see a tight bear channel, 3 pushes down and no decent countertrend bars. We are far below the moving average so bears might wait to sell higher for a stronger move down.<\/li>
- We hit the bear’s measured move from the lower high, the next target is the measured move from the higher high.<\/li>
- Bulls want a reversal and two legs sideways to up – Al calls this 10 bars and 2 legs – 10B2L. But unless they get a buy signal signifying a tight trading range, nears will keep selling above bars.<\/li>
- Limit bulls made money for the past 2 weeks so it’s not as bearish as it could be.<\/li><\/ul>\n\n\n\n
The Daily<\/em> FTSE chart<\/h3>\n\n\n\n![\"FTSE](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2022\/10\/FTSE-100-Daily-Failed-High-1-Low-in-Bear-Channel.jpg\" "\\"\\"")
<\/a>FTSE 100 Daily Failed High 1, Low in Bear Channel<\/strong><\/figcaption><\/figure>\n\n\n\n
<\/a>- The FTSE 100 futures<\/a> was a bear bar closing on its midpoint so it is not as bearish as it could be.<\/li>
- It is low in a bear channel closing below the big round number of 7000.<\/li>
- It is the 3rd<\/sup> push down from the highs of the 12-month trading range so we might pause here.<\/li>
- The bulls see a sideways bar at 7000 and the bottom of a 12-month trading range. After last week’s outside bar we said they would buy below and they did. <\/li>
- The bulls didn’t get a buy signal last week so we expected sideways to down. The bulls need a buy signal, a weekly bull bar closing on its high for a High 2 buy low in a trading range. That’s a higher probability setup.<\/li>
- The bears see a tight bear channel, 3 pushes down and no decent countertrend bars. We are far below the moving average so bears might wait to sell higher for a stronger move down.<\/li>
- We hit the bear’s measured move from the lower high, the next target is the measured move from the higher high.<\/li>
- Bulls want a reversal and two legs sideways to up – Al calls this 10 bars and 2 legs – 10B2L. But unless they get a buy signal signifying a tight trading range, nears will keep selling above bars.<\/li>
- Limit bulls made money for the past 2 weeks so it’s not as bearish as it could be.<\/li><\/ul>\n\n\n\n
The Daily<\/em> FTSE chart<\/h3>\n\n\n\n
<\/a>FTSE 100 Daily Failed High 1, Low in Bear Channel<\/strong><\/figcaption><\/figure>\n\n\n\n