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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
Pattern formed at the all-time high, right shoulder broke through the 200 Days EMA and have also already tested it to the upside. Prices are now attempting a breakout and if you go to the 30 minutes chart (orange arrow) you will see a perfect Rectangle which is forming around the neckline and so it gives us more confidence that an eventual breakout will be a valid one.
Normally, prices tend to revert to the major trendlines (white dashed line) so, for the moment, I expect prices to go towards it but not breach it. Target projection is around that major trendline so the set up seems to be a nice one.
All information is shown on the chart.
Pattern Class: 🌕🌕🌕🌕🌕
Target area: see chart
Breakout area: see chart
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
═════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
Pattern formed at the all-time high, right shoulder broke through the 200 Days EMA and have also already tested it to the upside. Prices are now attempting a breakout and if you go to the 30 minutes chart (orange arrow) you will see a perfect Rectangle which is forming around the neckline and so it gives us more confidence that an eventual breakout will be a valid one.
Normally, prices tend to revert to the major trendlines (white dashed line) so, for the moment, I expect prices to go towards it but not breach it. Target projection is around that major trendline so the set up seems to be a nice one.
All information is shown on the chart.
Pattern Class: 🌕🌕🌕🌕🌕
Target area: see chart
Breakout area: see chart
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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