FTSE Breakout on 12 February 2018
As with many trades, the same set up has varying degrees of success; it’s the information gained from Order Flow or a technical move prior to the set up that increases its likelihood of success. When looking for poor highs (a level that has been tested multiple times) to break, deciding ‘this is the time to go’ allows more risk to be taken on in your favoured set up.
In this example the FTSE exhibits a failed auction, which occurs when the second hour of the day breaks the Initial Balance but fails to continue and trades back inside the IB; the information gained from this technical move is that sellers have been caught selling lower down and their buying back of positions can help the break of poor highs at 7109. This live Axia daily debrief takes a detailed look at the failed auction and the different ways in executing the breakout trade.
Technical Analysis is one of the foundations of trading and is taught early on in our AXIA Futures 8-week Intensive Career Programme, the most comprehensive programme in the industry, which is based upon skill development within the proprietary futures trading environment.