AVY - 9 months RECTANGLE
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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 ✌
The pattern is taking place at the top of an uptrend,
at the all-time high (violet dotted line) and prices
have already breached and re-tested the 200 day
EMA. The friday Hammer candlestick is maybe the
worst possible candlesticks we want to see when
evaluating a breakout signal but... on the weekly
chart we can see that last week was a clear
bearish one and the friday Hammer was probably
due to the 185.00 level testing.
The scenario is nice but basically everything can still
happen. Perhaps my sweet spot here would be
entering the market after a clear Rectangle lower
boundary re-test and so respecting the friday
Hammer. Of course prices can easily fall down with
no re-test or even have a quick recover. If prices
go towards the target, keep in mind that we will
have to deal again with the 185.00 previous level.
Entry Point and Initial Stop Loss depends on your
Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEBER
"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 ✌
The pattern is taking place at the top of an uptrend,
at the all-time high (violet dotted line) and prices
have already breached and re-tested the 200 day
EMA. The friday Hammer candlestick is maybe the
worst possible candlesticks we want to see when
evaluating a breakout signal but... on the weekly
chart we can see that last week was a clear
bearish one and the friday Hammer was probably
due to the 185.00 level testing.
The scenario is nice but basically everything can still
happen. Perhaps my sweet spot here would be
entering the market after a clear Rectangle lower
boundary re-test and so respecting the friday
Hammer. Of course prices can easily fall down with
no re-test or even have a quick recover. If prices
go towards the target, keep in mind that we will
have to deal again with the 185.00 previous level.
- Pattern Class: 🌕🌕🌕🌕🌑
- Target area: 170.00
- Breakout area below: 190.00
Entry Point and Initial Stop Loss depends on your
Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEBER
"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.
════════════════════════════════
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.