We have a Bullflag forming on the 1 hr chart but the rsi and stoch has been sitting in the overbought area for sometime, so be careful, bullflags do fail, and we could see a drop 10200 before finding support.
Good Luck, I hope you made some money yesterday. It was a great day for profit.
Good Luck, I hope you made some money yesterday. It was a great day for profit.
Note
I originally wrote Over-Sold but I meant Over-Bought.Note
This is why we wait for confirmations and use indicators like RSI or Stoch to help base our trades, normally we would assume that a bullflag would be a continuation of uptrend but with such a small flag we need to watch where our position is in relation to over bought/ over sold. In this case, it was a no-brainer that we were due for a dump / sell off . This was an important lesson to remember.Note
Note, if bulls take over here we may see a continuation of pattern.
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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.