(Summary) On this chart I have highlighted a possible historical price pattern swing trade. I'm referencing price action from last summer which in some ways has exhibited similar price behavior to this years price action. I'm looking for price to put in a solid footing at 169 range notice last summer before price was able to break to the upside and complete it's measured move it consolidated around the previous highs this type of price action may also occur before this trade fully initiates.
(WARNING) The RSI is near overbought territory this may mean that ranging as I spoke about above or a pullback may have to occur before this trade can initiate.
(Pullback) If a pullback does occur i'm looking for support near the 166-167 range to say bullish for this swing trade. I will keep those interested updated through the comment section.
(Side Note) Like last time patience will be key and I will be actively trading around this position. Remember price action is the only thing that should be traded and not opinions.
Comments
StealthTrader
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So far price action remains similar to last year with price consolidating above key support as long price can hold above 168.38 I will remain bullish in this market.
StealthTrader
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Stopped out swing trade vs 168.38 looking to reengage this trade above 169.00
Robert_Hightower
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How did you come up with arithmetic? To me these two triangles look very different in size and shape.
StealthTrader
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Each of these moves are different but similar in many ways when constructing historical price pattern comparisons nothing will be identical but the price movement is very similar. Last summer price completed a retracement consolidated and eventually broke out to new highs which may be happening again this year.
StealthTrader
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Overall consolidation today which is typical still like this trading heading forward so far.
StealthTrader
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Trend Line and Prior Pivot High Have Been Playing Key Roles Lately Expect This Indecision To Last Until Market Has Clearer Direction Of The Fed This Week tradingview.com/v/GPw82WLN/
StealthTrader
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Please View In Full Screen For Best Picture
QuantitativeExhaustion
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excellent chart.
What's the probability we back test the back edge of this triangle before going higher?
StealthTrader
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This is defiantly a possibility I personally would like to see some ranging or a small pullback as listed in the description rather than a straight climb up.