All Time High price broken and previous Three Rising Valley's reached now going for Diamond Pattern Target target $2953?
Comment
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Pre-emptive strike on my Diamond target so fell a few dollars short but maybe the bull still in play and traders taking profits? Scaled out myself ahead of UK General Election with small long in place!
Trade active
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Diamond Target reached new targets $3000 & $3268
Trade closed manually
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Level B targeting $1650 ~ $1850
Comments
ShaohuaLi
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Thanks for sharing. I have a question: the diamond pattern breaks downwards on May 31, so this usually means a bearish diamond? Then why you set a target price that's higher? Thanks.
zippy1day
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@ShaohuaLi,May 31 slight pullback(see example Cabot Oil & Gas) which sometimes happens before moving up. I think if you look at this link it is self explanatory:- thepatternsite.com/diamondt.html
ShaohuaLi
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@zippy1day, Thank you for your quick reply! The link you gave is very helpful. BTW do you mean the last formation in that page? But it eventually went downwards and reached the bearish target... Bitcoin seems still a bit different (going bullish without reversion).
zippy1day
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@ShaohuaLi, Yes as it reached target at $2953 using Bulkowski Measure Formulae