I have a Bullish Flag appearing in a Descending Channel for a Bullish Continuation Pattern.
I also have a HEAD & SHOULDERS PATTERN and a very solid Neckline. Currently the price has again reached the support zone level. This is a very psychological level where the market always react when in this zone.
Check Weekly TF and Daily to see this Bullish Flag.
Cheers...
Trade closed: stop reached
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Market moved out on fibonacci zone...and stopped me out.
@MagicView, Though it has taken me out and it reached 61.8% of the Fibonacci, i was then convinced that it might continue going down, however from the closure of the day, i see it being bullish from next week because if you look at the chart, the market has fallen by l3 levels going for a correction mode for the structure which began from the weak/crash of the corona virus. So the last swing low on your descending trendline (support) was in the 50.0% of the fibonacci level and then the market rose up by 3 levels as ypu can, and then (as my rule and observation which serves me right) the market retested all 3 levels just as it did with 3 levels from the swing low on your descending trendline (support)...So, the market is trapped in the BULLISH FLAG and the Bullish flag simple means the market is moving up...so that is what my analysis is base on
Thank you for the @MagicView . I really appreciate...though it was just a picture...but you know what they say, picture speaks thousand words.
Cheers...
MagicView
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@BhekaniZitha, I just saw that the flag was not complete...
BhekaniZitha
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@MagicView, to me the Flag is complete...but if you say so, i will watch to see what transpires.
Thanks for your comment.
MagicView
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@BhekaniZitha, I think the price will slide slowly and will reach the trend line in 1680
BhekaniZitha
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@MagicView, I hear you...i'll continue watching to see what it does...Happy Trading to us all.
King57
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still valid you think? price made new low at 1840
BhekaniZitha
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@King57, It's in the Fibonacci retracement zone, and I have my Stop Loss outside...I will declare it invalid once the PRICE rides outside the zone.