On the 1 hour chart on the FTSE100, we see Rising Wedge formed, RSI Divergence and a bear bar closed below 20MA in the Bolinger Band, confirming the SHORT opportunity.
We will have an entry sign when the bottom trend line is broken and a bearish bar closed below it.
SL can be placed at 5748.
It is highly likely that if the index drops and breaks level around the price of 4888, it will form a new bottom, giving us a very good R / R ratio without closing the position, pulling TP down.
An alternative scenario is the price to continue bullish movement, break the resistance at a price of about 5830, delaying entry into any position.
FTSE 100 1D chart overview
Trader Georgi Bozhidarov