Double top could be a possible reversal of the upgoing trend. A significant slow down at least.
We are closing the rest of our long position for now locking ourself in a decent profit.
At the current market situation there could be a nice re-entry point reached soon. Still there is a possibility of staying in the channel.
Good luck and peace!
Volatility collapsed creating a triangle or wedge pattern
#1 - A breakout to the upside could result in a new swing high => classic trend trade
#2 - A breakout to the downside could result in an ABCD pattern. Traders can chase the D point into SUpport then build a trend trade position
FPRX is forming a nice fallen angel pattern. It had a huge decline, and now getting some upward momentum. For entry we are looking for a break above its SMA50.
* Trade Criteria *
Date First Found- April 24, 2017
Pattern/Why- Fallen angel
Entry Target Criteria- Break of $34.31
Exit Target Criteria- $39.23
Stop Loss Criteria- $31.73
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