Hello traders , in this idea i wanna to talk about the BAL ; so let's start with the beiger time frame first :
here we have weekly time frame :
in the weekly chart , you can see price hold above the red support line (weekly trend line ) ; and also there is some similarity in the chart , because when you look at the RSI you can find out that RSI is in the same level , when BAL price created the first W pattern over on the weekly trend line .
also you can say it's very possible to see another W pattern , because already price is on the weekly support .
but let's look at the daily chart :
in the daily chart you can see price created very clear falling wedge over on the strong weekly trend line , so how we can calculate the price targets of this pattern , i think there is 2 different way to calculate the price targets :
1_consider this pattern as falling we :
as you know the technical target of the falling wedge should be the top of the wedge , but i like to measure the targets like this :
by using the fib level , you can say the target could be around 0.618 and 0.786 , but before open any position we need to look at the smaller time frame to find best place to open long position .
2_ consider this pattern as flag :
if you consider this pattern as flag , the technical target could be very higher than the targets of the falling wedge ; but also it's make sense to take some profit around the falling wedge pattern .
if you draw FIB pro , you can see higher price target for this pattern , the first one is 0.618 which is very alignment with the technical target of the falling wedge , but you can also look for the higher price targets , and don't forgot to take profit around 0.786 , near to the weekly structure( red box) because it's very very possible to see hard rejection from that level.
let's look at the smaller time frame to fine best place to open long position :
in the 4H time frame you can see price is already in the down trend and is below the ema ribbon , also price is below the yellow trend line (4H resistance line ) , but it's seems to price created something like W pattern around this level ; so wait for the clear break out from the 4H resistance line and also close above it , then you can open long position , but for higher price targets , first price needs to break the falling wedge .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas
here we have weekly time frame :
in the weekly chart , you can see price hold above the red support line (weekly trend line ) ; and also there is some similarity in the chart , because when you look at the RSI you can find out that RSI is in the same level , when BAL price created the first W pattern over on the weekly trend line .
also you can say it's very possible to see another W pattern , because already price is on the weekly support .
but let's look at the daily chart :
in the daily chart you can see price created very clear falling wedge over on the strong weekly trend line , so how we can calculate the price targets of this pattern , i think there is 2 different way to calculate the price targets :
1_consider this pattern as falling we :
as you know the technical target of the falling wedge should be the top of the wedge , but i like to measure the targets like this :
by using the fib level , you can say the target could be around 0.618 and 0.786 , but before open any position we need to look at the smaller time frame to find best place to open long position .
2_ consider this pattern as flag :
if you consider this pattern as flag , the technical target could be very higher than the targets of the falling wedge ; but also it's make sense to take some profit around the falling wedge pattern .
if you draw FIB pro , you can see higher price target for this pattern , the first one is 0.618 which is very alignment with the technical target of the falling wedge , but you can also look for the higher price targets , and don't forgot to take profit around 0.786 , near to the weekly structure( red box) because it's very very possible to see hard rejection from that level.
let's look at the smaller time frame to fine best place to open long position :
in the 4H time frame you can see price is already in the down trend and is below the ema ribbon , also price is below the yellow trend line (4H resistance line ) , but it's seems to price created something like W pattern around this level ; so wait for the clear break out from the 4H resistance line and also close above it , then you can open long position , but for higher price targets , first price needs to break the falling wedge .
I hope you enjoyed this analysis.
Do not forget to like and subscribe
share my ideas with your friends , thanks for watching my ideas