As I posted about yesterday, an Inside Bar / Pin Bar Fakeout pattern was forming by mid day. By the time the daily candle closed this pattern had indeed formed.
In addition to being a powerful pattern it had also #1 formed with the prevailing trend and #2 formed directly on top of trendline support. All of these things formed a confluence of factors that significantly increased the likelyhood of a bullish breakout. Now that price has broken out it looks like 0.025 will be the next area for a potential pullback. Although keep in mind that the velocity of this movement is so strong it may very well break through this resistance and in short order flip it into support.
Regardless of how great a pattern is, none are guaranteed to be successful. It is a game of probabilities. Always trade defensively and protect your capital.
In addition to being a powerful pattern it had also #1 formed with the prevailing trend and #2 formed directly on top of trendline support. All of these things formed a confluence of factors that significantly increased the likelyhood of a bullish breakout. Now that price has broken out it looks like 0.025 will be the next area for a potential pullback. Although keep in mind that the velocity of this movement is so strong it may very well break through this resistance and in short order flip it into support.
Regardless of how great a pattern is, none are guaranteed to be successful. It is a game of probabilities. Always trade defensively and protect your capital.
Ghi chú
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
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Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.