An intraday high potential, Back Tested Long Analysis.
We ll try to find an entry price into the correction of the downtrend movement as previously being back tested.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study,...
CPA seems broken down from a rising wedge formation, retested it & now falling down. Moneyflow was diverging & now broken down to the negative side. We think it will decline to 75 area. However for a proper short entry we would like to break underneath support.
You can check our detailed analysis on CPA in the trading room/Executive summary link...
Prior to this continuation pattern we had Head and Shoulders pattern that reversed long uptrend. Currently, we had nice downturn, followed with this continuation pattern. Here, we have very good RRR 1:4. Thus, very plausable trade.
Have a nice trading week,
After printing a high earlier in 2014 CPA has been heading down. It found some support at $100 and the weekly 200ma initially but now price has broken below this level.
The move on the daily chart, since breaking below recent support and $100, has been quick (with a succession of bearish bars) and price is now approaching the pivot high (from 2012) of $86.50. We...