{"id":211167,"date":"2024-06-22T07:00:00","date_gmt":"2024-06-22T14:00:00","guid":{"rendered":"https:\/\/www.brookstradingcourse.com\/?p=211167"},"modified":"2024-06-22T06:42:05","modified_gmt":"2024-06-22T13:42:05","slug":"ftse-100-breakout-high-2","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/analysis\/ftse-100-breakout-high-2\/","title":{"rendered":"FTSE 100 Breakout, Two Legs Sideways to Down, High 2"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Market Overview: FTSE 100 Futures<\/h2>\n\n\n\n<p><strong>FTSE 100 futures<\/strong> went higher last week, reversing the week before. Two legs down after a very strong breakout. The bears want a third leg, but with the daily chart going always in long, it would be better to be long or flat next week. It can go sideways, but I think the selling was profit-taking rather than swing bears.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">FTSE 100 Futures<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Weekly<\/em> FTSE chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2.jpg\" alt=\"FTSE 100 Breakout, Two Legs Sideways to Down, High 2\" class=\"wp-image-211269\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2.jpg 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2-1536x864.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/a><figcaption class=\"wp-element-caption\">FTSE 100 Breakout, Two Legs Sideways to Down, High 2<\/figcaption><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/www.ice.com\/products\/38716764\/FTSE-100-Index-Future\" rel=\"noopener\">FTSE 100 futures<\/a> went higher last week, with a bull bar closing near its high and a small tail.<\/li>\n\n\n\n<li>Some traders see the micro double bottom and the 2-bar reversal with the week before.<\/li>\n\n\n\n<li>The bulls see a breakout and follow-through, and now they have two legs sideways to down\u2014a High 2. This is a classic setup for getting long in a trend.<\/li>\n\n\n\n<li>The bears argue for a parabolic wedge top, 3 &#8211; 4 legs up, and now they want two legs proportionate to the pattern. <\/li>\n\n\n\n<li>But they would need to include legs from BOM &#8211; which I think doesn&#8217;t count. If you look at March \/ April as the start of leg one, then leg 2 was the strong breakout. So expect two legs sideways to down before a final leg up.<\/li>\n\n\n\n<li>The counter-argument is that when it is unclear, traders will look at the trading range behaviour to persist. <\/li>\n\n\n\n<li>A 50% pullback after a bull spike is a buy setup, and traders will look for the market to stop going down and try to get long.<\/li>\n\n\n\n<li>Most bears should exit after a High 2.<\/li>\n\n\n\n<li>It was a big-small-big pattern and traders expected a pullback and then trend resumption.<\/li>\n\n\n\n<li>They can argue 5 bars down is strong, so they should get a second leg \/ bar sideways to down. And they probably will, but with a tail below.<\/li>\n\n\n\n<li>But it&#8217;s dangerous to sell here above a strong bull bar and a weak sell below it. The MA and BOP are there. So, I would be surprised if all the limit order traders get filled.<\/li>\n\n\n\n<li>Open gaps are a sign of breakout \/ trending behaviour, and you should rarely trade against the side of the gaps.<\/li>\n\n\n\n<li>Some traders will argue that we should be always-in short, but in my rules, we did not break any swing points of the bulls, so we are either always long or sideways in a bull channel.<\/li>\n\n\n\n<li>Expect sideways to up next week.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The <em>Daily<\/em> FTSE chart<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Wedge-Bull-Flag-Flipped-Back-to-AIL.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Wedge-Bull-Flag-Flipped-Back-to-AIL.jpg\" alt=\"FTSE 100 Wedge Bull Flag, Flipped Back to AIL\" class=\"wp-image-211273\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Wedge-Bull-Flag-Flipped-Back-to-AIL.jpg 1920w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Wedge-Bull-Flag-Flipped-Back-to-AIL-300x169.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Wedge-Bull-Flag-Flipped-Back-to-AIL-680x383.jpg 680w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Wedge-Bull-Flag-Flipped-Back-to-AIL-768x432.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Wedge-Bull-Flag-Flipped-Back-to-AIL-1536x864.jpg 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><\/a><figcaption class=\"wp-element-caption\">FTSE 100 Wedge Bull Flag, Flipped Back to AIL<\/figcaption><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <a href=\"https:\/\/www.ice.com\/products\/38716764\/FTSE-100-Index-Future\" rel=\"noopener\">FTSE 100 futures<\/a> went down briefly on Friday with a bear doji.<\/li>\n\n\n\n<li>It is the fifth higher-high in this tight channel which crossed the MA.<\/li>\n\n\n\n<li>It was a 4-bar bull microchannel, which got broken on Friday and found buyers below, not sellers. Thats a problem for bears.<\/li>\n\n\n\n<li>It was three legs down, and last week, the inside bar, which was the start of leg 3, just had a breakout above it and a pullback test. This is another problem for bears.<\/li>\n\n\n\n<li>So, a wedge bottom after a HTF bull breakout means trend resumption is coming soon.<\/li>\n\n\n\n<li>5 &#8211; 6 bars up, so we might go sideways around here.<\/li>\n\n\n\n<li>It is a weak buy above the bear outside bar, which also got a bear breakout below.<\/li>\n\n\n\n<li>However, some computers will see the close above the midpoint as a bull bar, making it a better buy\/buy below than a strong sell.<\/li>\n\n\n\n<li>Bears will argue their first leg was so strong they need another leg for symmetry. But with two strong failed breakouts below the lows the best they get now is a trading range. <\/li>\n\n\n\n<li>Maybe sellers above the second leg. But they will need to be quick to exit and now scale into that trade, I think. Because a measured move up is the highs of the range.<\/li>\n\n\n\n<li>I think we flipped back to always being in long now\u2014wedge bottom and bull microchannel\u2014so it will likely break out and need a second leg sideways to up.<\/li>\n\n\n\n<li>Bears do not have time on their side so they would need consecutive bear bars next week closing below the MA to change my view.<\/li>\n\n\n\n<li>Always in long, so expect sideways to up next week.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Market analysis reports archive<\/h3>\n\n\n\n<p>You can access all weekend reports on the <a rel=\"noreferrer noopener\" class=\"rank-math-link\" href=\"https:\/\/www.brookstradingcourse.com\/blog\/analysis\/\" target=\"_blank\">Market Analysis<\/a> page.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\" \/>\n","protected":false},"excerpt":{"rendered":"<p>Market Overview: FTSE 100 Futures FTSE 100 futures went higher last week, reversing the week before. Two legs down after a very strong breakout. The bears want a third leg, but with the daily chart going always in long, it would be better to be long or flat next week. It can go sideways, but [&hellip;]<\/p>\n","protected":false},"author":10339,"featured_media":211269,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"shadow","_genesis_layout":"","footnotes":""},"categories":[1697,136],"tags":[1699],"class_list":{"0":"post-211167","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ftse-100","8":"category-analysis","9":"tag-ftse-100","10":"entry","11":"override","12":"shadow"},"featured_image_src":"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/06\/FTSE-100-Breakout-Two-Legs-Sideways-to-Down-High-2.jpg","author_info":{"display_name":"Timothy","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/timfairweathercagmail-com\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/211167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/10339"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=211167"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/211167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media\/211269"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=211167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=211167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=211167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}