Flag Pattern on ABT, the way we will trade it
Today we will show our analysis and setup we are planning to take on ABT
Technical Overview:
-The price is inside an ascending channel
-Currently is in contact with a key support resistance zone + the ascending trendline
-In Technical analysis confluence situations provide interesting places to think in terms of buying or selling pressure
Setup development:
-We can see an ABC pattern on the confluence zone (support resistance zone + ascending trendline)
-IF the price reaches the green line we will consider that as a trigger for our view. We will set stop loss below the structure, break-even on the first fibo extension and take profit on the final fibo extension
-IF the price doesn't reach the green line, and keeps falling below the Flag pattern, we will cancel our bullish view.
-Risk we are taking on this setup: 1% of our capital
Thanks for reading!
Technical Overview:
-The price is inside an ascending channel
-Currently is in contact with a key support resistance zone + the ascending trendline
-In Technical analysis confluence situations provide interesting places to think in terms of buying or selling pressure
Setup development:
-We can see an ABC pattern on the confluence zone (support resistance zone + ascending trendline)
-IF the price reaches the green line we will consider that as a trigger for our view. We will set stop loss below the structure, break-even on the first fibo extension and take profit on the final fibo extension
-IF the price doesn't reach the green line, and keeps falling below the Flag pattern, we will cancel our bullish view.
-Risk we are taking on this setup: 1% of our capital
Thanks for reading!
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