Before describing the chart, I should mention 2 points for newcomers that can also be a reminder for all..
First lesson to be taken in financial markets is that no trend is supposed to be forever ascending or descending.
Second lesson is finding the accurate entrance point and patience... Without patience we will miss all trends, either upward or downward.
Now let's go to the chart:
In any harmonic analysis, we look for D zone. But here we have found point C to enter the position. Now we are double-minded between two patterns..
First is Bullish cypher pattern and second is Bullish shark pattern.
Cypher pattern completes in 240$ area (limit) and shark pattern in 207-93$ area.
Here is the important point in all harmonic patterns .
Our pattern will not be approved until we pass neckline; so we close 50% of position in neckline (400$ area) and in order to decide for the other 50%, we should wait for market reaction.
In case of neckline break, I will consider zone D of cypher pattern as my second target.
Since we had our entrance point whale-like, our exit point must be of low risk.
Notice: We took this short position in the most ascending market and hence having this analysis was risky..
Hope you can use this analysis well..
Good luck
First lesson to be taken in financial markets is that no trend is supposed to be forever ascending or descending.
Second lesson is finding the accurate entrance point and patience... Without patience we will miss all trends, either upward or downward.
Now let's go to the chart:
In any harmonic analysis, we look for D zone. But here we have found point C to enter the position. Now we are double-minded between two patterns..
First is Bullish cypher pattern and second is Bullish shark pattern.
Cypher pattern completes in 240$ area (limit) and shark pattern in 207-93$ area.
Here is the important point in all harmonic patterns .
Our pattern will not be approved until we pass neckline; so we close 50% of position in neckline (400$ area) and in order to decide for the other 50%, we should wait for market reaction.
In case of neckline break, I will consider zone D of cypher pattern as my second target.
Since we had our entrance point whale-like, our exit point must be of low risk.
Notice: We took this short position in the most ascending market and hence having this analysis was risky..
Hope you can use this analysis well..
Good luck
