UK100 Pullback gives opportunity for long on 4hr chart
UK100 index has been moving in an up trend for many weeks!
Please see below rationale for the long position:
1) Long term price is to the upside - Daily & Weekly Charts
2) Price bounced back into 200 EMA (4hr chart) - Red line
3) Near term price action prompts upside - Black line drawn (still indicative rather than a conclusive trend line)
This will be a hold for more than a couple of days, therefore size accordingly. Risk management rules!
Hope this contributed to your idea generation and pip hunting activities!
Keeping it simple! Looking at the bigger picture!
Please see below rationale for the long position:
1) Long term price is to the upside - Daily & Weekly Charts
2) Price bounced back into 200 EMA (4hr chart) - Red line
3) Near term price action prompts upside - Black line drawn (still indicative rather than a conclusive trend line)
This will be a hold for more than a couple of days, therefore size accordingly. Risk management rules!
Hope this contributed to your idea generation and pip hunting activities!
Keeping it simple! Looking at the bigger picture!