24 Jan FTSE Trend Line Back Test Day Trade
Not much going on today and not much to post about so here’s a quick post showing a day trade I’ve taken on FTSE.
The chart explains it all really. No idea if the trade will fail or not as different time frames are so mixed. I’ve been hanging on to the position for a few hours and it’s not really moved much. Stop loss is a relatively tight 10 pips and the target is open ended for now.
Chances are this will probably fail because volumes are low and there doesn’t seem to be any conviction for either direction, but entering short on the retest of a trend line from below generally offers pretty good reward for relatively low risk.
Here’s the chart: