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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
After a long and vertical decline, the bottom took the form of what I didactically have to label as a SYMMETRICAL TRIANGLE but the upper boundary is almost horizontal it could also have been labeled as an Ascending Triangle since we expect an upward price movement.
As you can see, we also have a small Rectangle acting as what is called "launching pattern" that gives us more confidence with an eventual breakout.
The main challenge here is dealing with the 200 Days EMA which seems flattening just around what could be the breakout area. Immediately after that we also have a quite strong previous level to deal with too.
Be aware of these two critical points but the pattern is a really good one.
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
After a long and vertical decline, the bottom took the form of what I didactically have to label as a SYMMETRICAL TRIANGLE but the upper boundary is almost horizontal it could also have been labeled as an Ascending Triangle since we expect an upward price movement.
As you can see, we also have a small Rectangle acting as what is called "launching pattern" that gives us more confidence with an eventual breakout.
The main challenge here is dealing with the 200 Days EMA which seems flattening just around what could be the breakout area. Immediately after that we also have a quite strong previous level to deal with too.
Be aware of these two critical points but the pattern is a really good one.
- Pattern Class: 🌕🌕🌕🌕🌕
- Target area: see chart
- Breakout area: see chart
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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