| FCAU |
(Code-Name_Virtue)
Price has formed a Downward Moving Channel on the breakout of a Double Top chart pattern. The neckline on the double top has just broken and price is now trading at support of the downward moving channel suggesting that it's first move of the week is a rally back towards the range to form the pull back on the double top. The first target is set at the .382% line of the Fibonacci Channel, this is also at the range of the downward moving channel. Once price trades to the first target I am speculating that it will reverse to continue the breakout of the Double Top Chart pattern trading down to the second target at the 0% line and the third target at the -.382% line. If Price closes below the Fibonacci Zone it is likely to continue the bearish trend past the -.618% line. The Ichimoku Cloud has a bearish Tenken and the Chickou line has been on the down tick. The cloud itself is located in the Fibonacci Zone, although the cloud is thick a close below the Fibonacci Zone will confirm price will consolidate to breakout of the cloud bearish. The MACD indicator is on the down tick and the Histogram has crossed over bearish 4 sessions ago. The Awesome Oscillator is also on the down tick heading back to the Zero line setting up for a bearish cross over.
(Keymaker)
Entry, use a 1 hour chart to enter on the swing low for the first wave of the move. And enter on the swing high for the second wave of the move.
Exit, at the first target, and the third target.
Stops, Use daily volatility to trail behind price. If you need more flexibility add 1/3 the value of the ATR.
(Code-Name_Virtue)
Price has formed a Downward Moving Channel on the breakout of a Double Top chart pattern. The neckline on the double top has just broken and price is now trading at support of the downward moving channel suggesting that it's first move of the week is a rally back towards the range to form the pull back on the double top. The first target is set at the .382% line of the Fibonacci Channel, this is also at the range of the downward moving channel. Once price trades to the first target I am speculating that it will reverse to continue the breakout of the Double Top Chart pattern trading down to the second target at the 0% line and the third target at the -.382% line. If Price closes below the Fibonacci Zone it is likely to continue the bearish trend past the -.618% line. The Ichimoku Cloud has a bearish Tenken and the Chickou line has been on the down tick. The cloud itself is located in the Fibonacci Zone, although the cloud is thick a close below the Fibonacci Zone will confirm price will consolidate to breakout of the cloud bearish. The MACD indicator is on the down tick and the Histogram has crossed over bearish 4 sessions ago. The Awesome Oscillator is also on the down tick heading back to the Zero line setting up for a bearish cross over.
(Keymaker)
Entry, use a 1 hour chart to enter on the swing low for the first wave of the move. And enter on the swing high for the second wave of the move.
Exit, at the first target, and the third target.
Stops, Use daily volatility to trail behind price. If you need more flexibility add 1/3 the value of the ATR.
Comment:
Hi Folks, due to FCAU's gap up today, resulting in price trading outside the projected target zones, this analysis is no longer "valid" for any future price action . Thank You.
Comment:
8.14.17 Trade Idea VOIDED