Technical analysis for 3A Stock based on Trend Analysis, Chart Pattern and VPA
Just as I've shared yesterday on a sideway bounce setup that I'm waiting for a shorting opportunity. The triggered candle(circled in yellow) will be the level I'm looking at to engage the trade.
A sideways consolidation on the daily timeframe which indicates by the big green box, there is a bullish bat has triggered on the 1-hourly chart. Traders who are looking for a buying opportunity can wait for a retest at the entry price which the chart indicates (Terminal) for a type2 trading opportunity.
The market is on a sideways consolidation, good thoughts to put in a trading opportunity within the green box.
The 3 level that I was waiting for buying opportunities still stands and it's on my last week analysis, you may check the link below to refer on it. Right now, let's look at the #1 buying opportunity, the red and blue line will act as support and resistance for now and I will be using my filters to wait for entry confirmation to engage the trade, which comes to...
A bearish ABCD pattern setup for a shorting opportunity, on top of the sideways bounce setup that I've mentioned yesterday(linked at the bottom).
Sideways bounce detected with a checkback on the arrow. This setup is considered as a counter-trend.
A great reward:risk for this shark pattern even for the 1st target. Pending order will be set as there is also a rising wedge with rsi divergence. Based on the candle movement in this timeframe, it looks more like a sideways pattern.
A classic sideways bounce trade has engaged, great Reward:Risk, let see how this trade roll-up. When the market hit 1st target I will shift stops to entry because a bigger trade plan for EURJPY is to long the market.
Great trading opportunity especially if we look into the Reward:Risk