For now, we are showing signs of accumulation as well as a sell wall which may in fact class as a short term ascending triangle! I have had one other person pointed this out hours ago, but I told him we'd need to wait for a third touch point and dear fucking lord we got it. A third touch point with 4 hour scruffed bearish divergence playing out as far as we know to only making a higher low with Bullish Convergence on both oscillators on the one hour time frame! A measured move if we were to break out to the upside would leave us at around $11,200-$11,300 area although we do need to account for geometrical resistance which we have yet to break after a couple of months! A measured move down is depicted in the chart as well! Happy trading ladies and gents! Generally this isn't the safest area to take a long, but if you were to go long, I recommend placing your stop just below the $10,280 as that is the first down impulse of the potential ascending triangle!
Note
Your stop is also dependent on your exit targets as well!Trade active
A better stop at this point would be under $10,450 for a very marginal loss if you are jumping into the trade now. For the most part, I have taken profit from my entry at $9700! Like I said, small chance this will play out due to it being a shorter time scale, and I don't recommend taking a trade this far into the run up. That is just me though. But I can't deny the potential small bullish pattern in development either.Trade closed: target reached
I was drunk upon posting this. This was not an ascending triangle, it was actually a rising wedge. It would have been a great opportunity to short at the top, but it is what it is. I had my stop at $10,700 back into what I thought was the ascending triangle at first. So I took profit, but did not make it into the short unfortantely
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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.