FTM - Potential Reversal.
Updated
4hr Chart is showing signs of reversal.
A squeeze is occurring on the 4hr chart, low volatility + squeeze indicates that FTM is going to choose to reverse or drop out.
The 4hr trend crossover occurring indicates that this will be most likely a move up.
the following fibs are potential short term targets.
0.5
0.618
Mid term
1
Long term
1.382
1.5
1.618
Always strive for counter opinions prior to jumping into a trade and ensure you are happy prior to entering any position.
**Not financial advice**
Just an opinion on a potential path for fTM from this point.
A squeeze is occurring on the 4hr chart, low volatility + squeeze indicates that FTM is going to choose to reverse or drop out.
The 4hr trend crossover occurring indicates that this will be most likely a move up.
the following fibs are potential short term targets.
0.5
0.618
Mid term
1
Long term
1.382
1.5
1.618
Always strive for counter opinions prior to jumping into a trade and ensure you are happy prior to entering any position.
**Not financial advice**
Just an opinion on a potential path for fTM from this point.
Trade active
The Bollinger band squeeze is in full effect, we should see a solid move soon.
Strong trend crossover on the 4hr and volume is increasing.
Note
Squeeze still in play and working to the upside as projected.
Note
FTM hit 0.5 FIB and pulled back into trend. Overall this is still in play
Note
Hi All, Apologies i have been away. This failed to breakout as we all saw. It tested the upper trading band on the squeeze and failed to push through.
In the original post i stated the a decision was coming to reverse or drop out. This is because while bollinger bands are a good indication of trading ranges and indicate a direction change is about to happen (via a squeeze) it is not able to tell us which way this will go.
So only the 0.5 Fib hit. And it dropped out.
Now we look to have bottomed
FTM looks to have bottomed on this pull back. But wait for confirmation
We look like we are in a position to retest the 0.382 fib, I personally am waiting on this to be broken before taking action.
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