Ethereum has continued in its downward channel, we had a nice bounce off the top of the channel at 128 and then we saw the price drop down and not push through the downward sloping resistance line. We are now currently in a symmetrical triangle that is looking like it will break to the downside. If it does drop to the downside, there is a big possible profit ratio...
Patience is key. Charts are very abstract. Analysis MUST be properly conducted to predict profitable possibilities.
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Watch for a break above the triangle for the confirmation of the move and also a cross of the Moving averages.
Stop loss set at 3:1 of entry.
Expected profit on Target 12% and 21% on extended target.
P.S Possible drop before a bounce expected.
GBPJPY Bullish Butterfly & Symmetrical Triangle Chart Pattern (Wait the breakout & Retest for confirmation)
Wait the point D to go Long (you can Short after the retest)
TP1= 0.382 C-D
TP2= 0.5 C-D
TP3= 0.618 C-D
Hello! I hope everyone enjoyed the holidays! I picked up a few books on EW and a lot of my ideas are updates as I progress my understanding of the EW principle. Thanks for feedback so far, the likes and comments! Let me know what you were thinking! If you like the idea give a thumbs up and if you had an idea post it in the comments. I'm looking forward to 2017 and...
For this trading I'm looking for this broadening pattern to break out by 30 pips in either direction. It looks like this support level has already become resistance but I will be waiting for a breakout to get in on it. Target 1 in is at roughly the price range of the beginning of the wedge. The second Tp is at 30 pips less than the range from the lowest candle in...
Only A-B is draw with "Disjoint Angle Tool" and it gives that perfect 6 months long symetrical triangle.
Some notable key levels have been added by the blue lines and the red/green area.
Let see how things will unfold.