The Lower High on this All Time High was set via a Confirmed Diamond Reversal Pattern. What followed was a period of price compression into a triangle.
Diamonds signal either a reversal or continuation pattern, making them the most challenging of all chart patterns to front run. For me is time to wait and watch, as price makes it way through the compression phase of the right side of this gem.
Putting the Fixed Range Volume Profile to work shows price found short term support at the Point of Control. The Lower Trend-line and the Diamond Reversal Pattern Break .786 offered demand for the wick to the upside.
Consolidation after the ATH run continues as the Bear Pennant broke too the downside. The Diamond Back-Tested Bear after failing to recover the .5 of the drop from ATH. Now time to scout the next reversal pattern on the 8 hour frame.
diamond and rising wedges pattern formed in H1 & H2, while H4 is pending wave 5 to complete the diamond formation. expect big fall if 5 waves completed in the big diamond (H4). Price to top at 52.5 - 52.7 (short area) target price at, 47.2 - 49.2
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It hesitated after hit TP1 and break out again now, so we modify SL to 0.1511.
Remember take some profit and give it more time !
✅TP1:0.1478
✅TP2:0.1606
✅TP3:0.1658
TP4:0.1714
TP5:0.1770
🔴🆕TP6 : 0.1950
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Diamonds are for Theta Burn. Rotate out of Amazon into Apple before European close at 11:30 and back again in the afternoon. Net = Options sellers win the day.
In 1h chart
There is a diamond top and a potential double bottom in the chart .
If price break out the diamond and stand firm above the neckline ,trading strategy as below .
*top wick shorter than 1/2 body
SL:0.1262
TP1:0.1478
TP2:0.1606
TP3:0.1658
TP4:0.1714
TP5:0.1770
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Price remains inside the Diamond's lower bound; Losing the 2 hour MBB with a bear back-test of the 8 EMA. Support was found in the premarket with double-bottom at the 5 min, LBB. The next support is below at the 2 hour LBB, a mark SPX found during the overnight session.
The market feasted on the fuel from the iH&S break and has powered price to the Golden Section of the Pattern Break Target. Along the way a H&S was invalidated and a Diamond served as a continuation pattern to the upside. Big Tech continues to report as both MSFT and APPL have set up above support in sideways patterns.
The Euro had a bit of a rally on Friday however the United states dollar showed sudden pressure on the Euro mid day during US session. This sideways action has formed a clear bearish diamond on the 4H / 240 time frame. Im expecting EUR/USD will test lower support levels next week. The favorable support is 1.1500, we shall see next week but keep an eye on this...
A Diamond Pattern at the top of a trend signals a reversal or continuation, making them challenging to front-run. Watching for signals in the price action to provide clarity.
Hey guys what's good! So here I have my technical analysis on the crypto currency SHIBA INU . As you can see on the 4H chart it is clearly forming a bullish pennant/flag. For those of you unfamiliar with this pattern, it essentially is in a period of consolidation which rises higher and higher and will eventually break and rally upwards. It is squeezing more and...
