BAB or BCHABC is in a very bullish trend . It is now forming an HVF (triangle), and is consolidating inside the funnel ( parallel channel ), after a what seems to be a fake-out.
The pattern is suggesting that sellers have not taken control yet, although the fake-out is something to keep in mind. the chance to go up is probably 50%, but the risk reward is great. Stop is the most recent low made (190). Best is to buy as close to the low as possible, or when volume confirms a 2nd try for a breakout.
The pattern is suggesting that sellers have not taken control yet, although the fake-out is something to keep in mind. the chance to go up is probably 50%, but the risk reward is great. Stop is the most recent low made (190). Best is to buy as close to the low as possible, or when volume confirms a 2nd try for a breakout.
Trade active:
red resistance is very strong. 2nd time we went there people sold off. Im not sure if pattern will fail because of that but: if in a trade i would tighten stop loss to around 205 (upper funnel). This resistance could be indication of bulls losing strength.
Let me know your opinion!
Let me know your opinion!
Trade closed: stop reached:
& reversed position
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