Very quick post - check it out - GVT is breaking triangle resistance as we speak. Don't forget to put your stop losses as well so that you can trade this one well, but just wanted to give you the heads up.
Also on the daily, we have a triangle formation approaching its breakout, a MACD and RSI in the buy zone and curving to the bull direction.
Nice on. 2 questions if I may and if you get time for it:
1. Do you usually work with 15 min charts for TA's? Most suitable to check closer flow or is it mostly for day trading?
2. Regarding BB. On the day chart we have a tight squeeze end of triangle. How can I determine if this squeeze is going to lead to a pump or dump?
Cheers!
A_Cryptastic_Mind
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@raffiwartanian, 1. i work with all kinds of charts, not only varying in terms of time frame, but also in terms of candles (e.g. the ones in this post are Heikin Ashi candles); if you are day trading, definitely go for the smaller ranges and don't be afraid to switch views once in a while. maybe a 5min is showing a death cross while the 30min shows something else.
2) it depends on various things. First of all, we always talk in terms of scenarios and odds. Generally, indicators and stuff will be in favour of a specific scenario, helping you to gauge the potential break-out direction. Moreover, if done completely right, you should actually apply stop losses to get out of the trade in case it doesn't pan out... So it's a lot of different stuff that takes some time and experience to master. But it is not rocket science ;)
A_Cryptastic_Mind
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I'm not sure if that answer is too basic for you; but basically these are broad questions :)
1. Do you usually work with 15 min charts for TA's? Most suitable to check closer flow or is it mostly for day trading?
2. Regarding BB. On the day chart we have a tight squeeze end of triangle. How can I determine if this squeeze is going to lead to a pump or dump?
Cheers!