Russell Futures Anlaysis, 05 July - Newbie Forex Trading

The Russell sold off in the first half of the day, all the way to the Value Area Low (lower blue line in the video) of the volume profile for the price range
Following, RTY staged a V shaped recovery (4 hour candles), reclaiming a relevant price channel
Some trade ideas are suggested but as always, trade the Russell 2000 index or Russell futures at your own risk
For traders that may want to hedge against the possibility of the Russell being a little extended, and aspire to fill a lower entry price for a possible Long position, see the suggested entry, stop loss and take profit target in the video
For buy and holders waiting to get back in the market, as long as a daily candle of the Russell 2000 futures does not close below 1645

Russell 2000 Futures on a Weekly Timeframe

It seems legit that the Russell futures is at an interesting spot, having dropped apx. 34% from its ATH (all time high), following the Jerome Powell Money Printing Party

RTY is at the same price area levels that the market was before the 2018 crash, before the COVID stock market crash, and following the recent decline, which is a candidate for a correction

Now some might say, “it is not over yet”. And they may be right. Nobody really knows. BUT even a temporary a relief rally (before more down later), from a technical analysis perspective as well as a psychologilcal one, seems legitimate at this spot

Even if we were the best analysts in the world, we do not know if it the Russell 2000 will just go down further. Nobody knows for sure. So we set a responsible stop for our Long trade idea, on a lower timeframe, as shown in the above video

Russell futures analysis with price chart, since 2017

Trade that Russell 2000 Futures at your own risk and stay tuned for more opinions and technical analysis on a variety of assets. Be sure to visit ForexLive.com to get an original perspectivem, analysis and trade ideas.

This article was originally published by Forexlive.com. Read the original article here.

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