My name is Philip, I am a German swing-trader with 4+ years of trading experience and I only trade stocks, crypto, options and indices🖥️
I only focus on the higher timeframes because this allows me to massively capitalize on the major market swings and cycles without getting caught up in the short term noise. This is how you build real long term wealth!
In today's anaylsis I want to take a look at the bigger picture on Advanced Micro Devices.
Just 9 months ago - after a quite harsh drop of more than 60% - Advanced Micro Devices perfectly retested the 0.786 fibonacci retracement level and reversed towards the upside.
With the overall trend still being massively bullish I am now waiting for and expecting a bullish breakout of the current flag pattern with my upside target being the previous all time high.
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I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy.
Philip - I'd be worried this pattern could also be a head and shoulders forming. Is there something you'd look for as confirmation if two patterns with different bias appear to be forming? Last question is about the two month time frame, which is about the longest I've seen - it seems to me that patterns would take years to form, during which period so many things can happen that can change the short and long term direction of a company or the entire market, so do you have a method for handling these inputs? I can see how helpful the chart has been for the patient trader, however, so good work!
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@Craig-in-Naples, first: the markets will always stay in an uptrend forever and second I am just looking for bullish patterns since I want to trading within the overall trend - regardless of how long a pattern takes to play out