Diamond exactly on top of 1Y Peak Trend is pretty scary haha
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Seems about right...
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It's also kinda a 4D H&S.
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Bullish breakout? Bearish breakdown? Hold for confirm....
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False breakout to breakdown?
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false breakdown to real breakout!
Sitting right back on the growth trend there. It seems strong enough but it's right on the edge. It'd be more bearish if it had fallen short of that fractal.
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Look at that beautiful diamond retest and reversal fractal straight up into yellow and through for the expected breakout.
The breakdown below blue was a clear downward continuation signal before the powerful up reversal into close.
Let's zoom into the 2M microcosm here...
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Algos man...
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It's like a cheat sheet for the trading day haha.
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Still hangin on this line...
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Broke under blue dotted, look for yellow break or bounce next...
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It broke but recovered and began a bounce, lets see how it reacts around the blue dotted again...
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Rejected off blue dotted slightly here, didn't reach yellow dotted...
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Rejected off yellow dotted and bounced off the new blue dotted and then broke through yellow...
Depends on how you draw the 'diamond' - your initial lower boundary should be drawn such that intersects the 1st pullback low on the left side of the pattern as well as the first low after the top print. Doing that, you may well see that the angle of the lower boundary on the right side of the 'diamond' is lower - in other words it MAY turn out to be a bullish 'consolidation' taking the form of a 'diamond'. Your initial lower boundary should always intersect the initial pre-top pullback low "According to Hoyle" and generally accepted principles of technical analysis pattern formation.
PDang1301
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@sdembis, can you draw it and share your ideas? I've just started to learn about TA and would love to see how the pattern works
iaretheanimal
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Damn it! It may come a week or two before my march call. HOLD IT! HOLD IT! Let it stay up for a bigger drop down!
moonman777
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diamonds are foreverrr
SLOPolarBear
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Every day trader ought to run with the bulls in Spain. It's marvelous training for short-selling. :D Everyone has a ticket for $4,000. At $4,000, everyone will get off the bus.