Hello fellow trader,
I have identified a combination of 3 distinct patterns in this analysis.
The first one is a descending channel within the second one, an ascending triangle. Both are likely to produce an upward price action.
This is an interesting setup because the pattern may boost each other from inner ones to outer. Of course there is the possibility of invalidation or inverse movement, but if I must give an estimate of likelihood, I'd say we're at 0.7 probability. Please see thepatternsite.com for deeper insight on common chart patterns, even if the site's design isn't up to date, it's information is.
Let me know what you think about this constellation.
See my former tripple pattern in the related ideas section, it played out quite well...
Trade safe
Nik
I have identified a combination of 3 distinct patterns in this analysis.
The first one is a descending channel within the second one, an ascending triangle. Both are likely to produce an upward price action.
This is an interesting setup because the pattern may boost each other from inner ones to outer. Of course there is the possibility of invalidation or inverse movement, but if I must give an estimate of likelihood, I'd say we're at 0.7 probability. Please see thepatternsite.com for deeper insight on common chart patterns, even if the site's design isn't up to date, it's information is.
Let me know what you think about this constellation.
See my former tripple pattern in the related ideas section, it played out quite well...
Trade safe
Nik
Comment:
If you ignore the price's outliers manly caused by stop hunting, the symmetrical triangle, gets more symmetric...
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Here is a macro view of the most important part, if the price falls below 6460 consider this TA as invalidated
Trade active
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Interactive chart instead of the static image... The price is pushing against the channel, we might see a breakout, but I'd rather go with the option of a small drop towards 6500-6480 before the next attempt of breaking it.
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A flag has formed within the channel, flags are rather weak patterns.
Ill watch the movement closely, if we bounce from the 65/648 resistance I'll buy in.
Ill watch the movement closely, if we bounce from the 65/648 resistance I'll buy in.
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The price is getting squeezed by the two intersecting channels, expect a breakout in the next 60 minutes, most likely down.
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The attempted upward breakout lacked a lot of volume, the price has left the channel and forms within the upward tilted one an ascending triangle, but I'm not sure if this plays out well. Weekends in this marked are quite boring and/or dangerous...
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An ascending triangle has formed while I took some hours of desired sleep. The price has already broken out and now takes a break from rising by forming a bullish flag.
The triangles average price target is (highest point - lowest point) * 0.75, which would be in the realm of 6700 to 6710
The triangles average price target is (highest point - lowest point) * 0.75, which would be in the realm of 6700 to 6710
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