(For some reason, my published idea chart was blank… so I’m sharing it again)
As you can see there is a cup and a handle pattern forming.
At the same time RSI showing bearish divergence a strong one from the tops, and and weak one from the bodies, and price is showing a gap.
Now simply put, I can try and snipe it by waiting for a better entry after filling the gap, and perhaps cut losses at 18.15
OR as the last red candle has been denied by buyers (denied a lower price (wick)), you can enter now but tread lightly.
To me, with current market conditions, maybe I'll buy a little position, incase it went up, and add to the position to complete a full lot size (from cost basis amount) once it fills the gap.
Remember, the target price from a text books rule says it's the cup and a handle depth but from endpoint of the handle.
But to me, I'm a little worried with current market volatilities, mostly I'll take profit before it reaches full price target.
As you can see there is a cup and a handle pattern forming.
At the same time RSI showing bearish divergence a strong one from the tops, and and weak one from the bodies, and price is showing a gap.
Now simply put, I can try and snipe it by waiting for a better entry after filling the gap, and perhaps cut losses at 18.15
OR as the last red candle has been denied by buyers (denied a lower price (wick)), you can enter now but tread lightly.
To me, with current market conditions, maybe I'll buy a little position, incase it went up, and add to the position to complete a full lot size (from cost basis amount) once it fills the gap.
Remember, the target price from a text books rule says it's the cup and a handle depth but from endpoint of the handle.
But to me, I'm a little worried with current market volatilities, mostly I'll take profit before it reaches full price target.
Note
the divergence note is to say that it seems that it will most likely fill the gap. the rsi divergence here is bearish. so far the gap is not filled. and the divergence may not hold.
But i think it will most likely close the gap giving the divergence some bearish room then continues back up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.