ItsAboutSharing
Long

Pennant forming - Target 128 ish

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
304 8 2
Looks like a pennant (short symmetrical triangle) forming. The volume is going down with the point, very textbook. Hopefully it can take us through resistance (double red rings).
LeMogwai
3 years ago
let's see if the double red ring will be butter or hammer.
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ItsAboutSharing LeMogwai
3 years ago
LeMogwal, I am hoping the daily chart (which is much stronger than the 4hr) just keeps plowing on. But watch that area in general, as it is resistance a few have mentioned.
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LeMogwai ItsAboutSharing
3 years ago
i am aware about the resistance, we actually don't feel it in the price moves, i hope it will just go through it.

Did you try to draw this gann with a fib number of 21 (and does it can be used?) ?
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LeMogwai LeMogwai
3 years ago
or with keeping this initial impulse but changing the fib number and use 3 ?
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ItsAboutSharing LeMogwai
3 years ago
I don't think you choose like that. I haven't tried. Need to back test.
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LeMogwai ItsAboutSharing
3 years ago
ok !
I use and try to find the settings that make the gann fit on the moves already present, but i m not sure if it's a good use of it...
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ItsAboutSharing
3 years ago
Well, the next (daily) pennant broke out. Didn't publish that one but did call it. ;-) Already reached that target of 133 or so, think others are going to pile on though, keep an eye on it.
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