Does one week make a change?
Yes. That head and shoulders pattern from March – May failed after a break – un-break action at 3 YL.
No. FT100 is back to resistance like it was at the beginning of June.
Resistance remains valid until broken. Traders should not lose sight of what charts are printing. Poll results, headlines keep us informed but also distract us from the most important thing: what price is printing. If we lose sight of important facts, we will realise that Brexit or not, there will still be a UK after the referendum, that the state of the economy hasn’t changed (not enough in 2 weeks anyway), that we have been taken for a ride.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.