The massive volume spike in the 2nd move up didn't materialize into a rally and failed to intermediate support (POC). This PA is a major criteria for a rev sym triangle setup.
To confirm this setup, price needs to move up a third time and fail roughly at the red box (the red box is also a major pivot). Price won't move in a straight line, could fall to 6K and this pattern would still be valid. Typical count = 5 touches.
Expecting a lot of fake outs. Just observing.
To confirm this setup, price needs to move up a third time and fail roughly at the red box (the red box is also a major pivot). Price won't move in a straight line, could fall to 6K and this pattern would still be valid. Typical count = 5 touches.
Expecting a lot of fake outs. Just observing.
Trade closed: stop reached
difficult range imo
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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.