Thanks for your idea, it's awesome!
I have done a similar analysis but I think there was a triangular pattern formed between the 8th and the 10th. I am kinda new to analysis and I have read that if there is a triangle formed then it could indicate a safe bet to use the base of the triangle to set the take profit price. I have set my take profit for $1.12 but I am too new to know if I am right.
Did you see a triangle and am I potentially off mark with the target price?
wassim010
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@Whitetails99, I see the pattern that you mean, I drew my lines on the 4h at the candle closes. Seems like a broadening wedge might be forming which is known as a bearish pattern. That's why I'm also still skeptical about this trade
Whitetails99
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@wassim010, YUP I just shifted mine and set my take profit to 1.10 instead as the counted the wicks .... which I shouldn't have. I also think its is highly risky move to think that it will go to the 1.10 price as the 4 hourly charts would indicate a bearish pattern, this could be linked to the drop in price of bitcoin. I think I will drop my take profits to $1.00 and I can always reassess it at that time.
Thanks so much for responding, much appreciated as every bit of feedback helps me learn :)
wassim010
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@Whitetails99, Since you're new I would advise you to take profit just a little under $1, a lot of time people take profit a little under and that's why it may not reach 1 exactly
Whitetails99
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@wassim010, Good point, thanks .. I'll add this into my rule book :)
Thanks for your idea, it's awesome!
I have done a similar analysis but I think there was a triangular pattern formed between the 8th and the 10th. I am kinda new to analysis and I have read that if there is a triangle formed then it could indicate a safe bet to use the base of the triangle to set the take profit price. I have set my take profit for $1.12 but I am too new to know if I am right.
Did you see a triangle and am I potentially off mark with the target price?