Clean, Simple, Concise. That's how I like my charts.
Price has been trending downwards. Despite price gapping lower and making a new low, price came back to cover the gap. This was to be expected as gaps are generally covered. This provided me for a re-entry to go with the trend.
I currently see price forming sort of a flag pattern which is a continuation pattern. Should price break below I would add to my positions to compound the profits. Further, price is holding nicely below it's natural moving average.
This trade has a very nice risk/reward profile.
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Price has closed below, confirming flag pattern. I have added to my position.
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TP 1 reached. Closed out half of my position and time to let the rest of the position run to the final profit.
+3.08%
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Trade moving along very nicely. Protected my position now. Even if price were to come back up, it'll still be overall profitable.
Thanks for the quality (well-defined, precise and clear) input.
laughingchartist
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@Oeevault, You're welcome. Just trying to value add here and show how a proper institutional grade analysis is to be done.
Not spreading hate, but some charts out there are just really really messy.
Oeevault
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@laughingchartist, Thank you - and those charts in negative subject lack most basic definitions such as Entry, Target and StopLoss Points - making the originator look a bit controversial in terms of respective knowledge level Congratulations on your successful transaction.
laughingchartist
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@Oeevault, to each their own... Some like to just show profits without showing their methods, some like to show both. Some like to show methods only. I'm just coming from a background where I have been drilled to try to keep my chart as neat and as clean as possible, yet showing the key elements in such a way that one look, my clients will understand why and how I entered. Thanks for your kind words nontheless!