Bull flag forming.
If the top of the symmetrical triangle breaks, we should see a new All time high. The gains are typically 80-110% of the length of the flagpole.
If the top of the symmetrical triangle breaks, we should see a new All time high. The gains are typically 80-110% of the length of the flagpole.
Trade closed manually:
The buy on this trade never triggered, which is a good thing since the price exited the bottom of the symmetrical triangle.
For those of you just getting started: This is why I place my buy above a momentum indicator (in this case the upper wall of the triangle). If I were greedy, I'd try to catch the bottom. But then, the momentum would be against me and the coin would be more likely to continue down, costing me money. This is often referred to in trading as trying to Catch a Falling Knife.
Yeah...don't try to catch a falling knife :/
It's far better to miss out on a couple percent of theoretical gains and have momentum on your side.
Hope you are keeping your profits safe and keeping the odds in your favor.
Comments always welcome!
For those of you just getting started: This is why I place my buy above a momentum indicator (in this case the upper wall of the triangle). If I were greedy, I'd try to catch the bottom. But then, the momentum would be against me and the coin would be more likely to continue down, costing me money. This is often referred to in trading as trying to Catch a Falling Knife.
Yeah...don't try to catch a falling knife :/
It's far better to miss out on a couple percent of theoretical gains and have momentum on your side.
Hope you are keeping your profits safe and keeping the odds in your favor.
Comments always welcome!