CGC is currently in a very tight equilibrium pattern. Although these conditions are not ideal for active trades or anyone looking to trade short term, they are ideal for those of you whom are patient and are willing to wait for a break to enter a short/long position.
Equilibrium patterns are my favourite pattern to trade from upon breaking as there is generally very significant movement to whichever direction it breaks.
Please note, although not textbook due to amount of time, some may argue that this is a bull flag scenario.
I will keep everyone updated as to what positions I open for CGC.
Equilibrium patterns are my favourite pattern to trade from upon breaking as there is generally very significant movement to whichever direction it breaks.
Please note, although not textbook due to amount of time, some may argue that this is a bull flag scenario.
I will keep everyone updated as to what positions I open for CGC.
Trade active:
As you can see we closed below the most recent low of the EQ pattern. I will now open a short position on CGC but be cautious of the several support that may act significant and not cause a sharp decline.
A favourable set up for a bear trade at this given time though.
A favourable set up for a bear trade at this given time though.
Trade active:
Well, so far this has played out perfectly from the initial break of the EQ and a short position is showing some nice profits now.