Hey guys, I want to share this idea with y'all.
I think we might be undergoing a symmetrical triangle, which would breakout downwards.
I believe we might test 3000's level, and if it breaks, possibly will go down to 2500's level.
Those levels are ranges calculated by Weekly, Daily and 4H supports/resistance.
I won't give entries this time, because it might be a bit weird. If it breaks the top resistance at 3850, it could do strange things.
I would prefer to wait for a candlestick pattern closure before going into shorting 3850/3950 or not shorting at all :P
Anyways, below 3500 I would be shorting.
I'm going to update this idea :)
Below you have a sum up of a nice encyclopedia :P
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Encyclopedia of Chart Patterns, Thomas N. Bulkowski, John Wiley.
Triangles, Symmetrical Bottoms. Downside Breakouts.
Appearance: Prices trend down then form lower highs and higher
lows following two sloping trendlines that eventually
intersect. The breakout is downward.
Reversal or consolidation: Short-term (up to 3 months) bearish consolidation
Failure rate: 2% -> 5% price upward.
Average decline: 19%, with most likely decline being 10%
Volume trend: Downward
Premature breakout: 16%
Fullbacks: 57%
Percentage meeting predicted price target: 57%
Surprising findings: Triangles with high volume breakouts show larger
losses. Fullbacks are more likely to occur after a high
volume breakout.
///////////////////
I think we might be undergoing a symmetrical triangle, which would breakout downwards.
I believe we might test 3000's level, and if it breaks, possibly will go down to 2500's level.
Those levels are ranges calculated by Weekly, Daily and 4H supports/resistance.
I won't give entries this time, because it might be a bit weird. If it breaks the top resistance at 3850, it could do strange things.
I would prefer to wait for a candlestick pattern closure before going into shorting 3850/3950 or not shorting at all :P
Anyways, below 3500 I would be shorting.
I'm going to update this idea :)
Below you have a sum up of a nice encyclopedia :P
/////////////
Encyclopedia of Chart Patterns, Thomas N. Bulkowski, John Wiley.
Triangles, Symmetrical Bottoms. Downside Breakouts.
Appearance: Prices trend down then form lower highs and higher
lows following two sloping trendlines that eventually
intersect. The breakout is downward.
Reversal or consolidation: Short-term (up to 3 months) bearish consolidation
Failure rate: 2% -> 5% price upward.
Average decline: 19%, with most likely decline being 10%
Volume trend: Downward
Premature breakout: 16%
Fullbacks: 57%
Percentage meeting predicted price target: 57%
Surprising findings: Triangles with high volume breakouts show larger
losses. Fullbacks are more likely to occur after a high
volume breakout.
///////////////////
Comment:
New targets :)
