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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
Honestly what I wanted to see here was a breakout on the upside. We have already talked about the importance of proportions of the pattern compared to the previous trend and I don't see any big and solid previous uptrend to reverse here (compared to the pattern height and width). Anyway, the Rectangle in itself exists and it is a good one with both boundaries tested several times.
I should have posted it yesterday but the today rebound at previous level could offer another chance to evaluate this set up.
If prices go towards the target, keep in mind that we will have to deal again with the 3.23 previous level.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
Honestly what I wanted to see here was a breakout on the upside. We have already talked about the importance of proportions of the pattern compared to the previous trend and I don't see any big and solid previous uptrend to reverse here (compared to the pattern height and width). Anyway, the Rectangle in itself exists and it is a good one with both boundaries tested several times.
I should have posted it yesterday but the today rebound at previous level could offer another chance to evaluate this set up.
If prices go towards the target, keep in mind that we will have to deal again with the 3.23 previous level.
- Pattern Class: 🌕🌕🌑🌑🌑
- Target area: 3.00
- Breakout area below: 3.30
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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