NEO Flag
NEO broke out of the falling wedge and returned a solid short term play. Now it is in a flag pattern.
1) Retrace perfectly to the Kijun and 0.5 fib zone
2) Volume profile is perfect for a flag as volume is descending the further into the flag we get
3) If break of the descending resistance to break the flag then we would want to see it done with significant volume
4) Measured move of the flagpole as a target upon breakout should put us fairly close to the next resistance zone around .0087 sats
I will be buying on a breakout of the flag, just as I was previously looking at the 1H Cup and Handle that never broke out and fell down. In pattern trading do not buy or sell before there is pattern confirmation. This pattern must breakout of the resistance with volume in order to validate the pattern.
1) Retrace perfectly to the Kijun and 0.5 fib zone
2) Volume profile is perfect for a flag as volume is descending the further into the flag we get
3) If break of the descending resistance to break the flag then we would want to see it done with significant volume
4) Measured move of the flagpole as a target upon breakout should put us fairly close to the next resistance zone around .0087 sats
I will be buying on a breakout of the flag, just as I was previously looking at the 1H Cup and Handle that never broke out and fell down. In pattern trading do not buy or sell before there is pattern confirmation. This pattern must breakout of the resistance with volume in order to validate the pattern.
Note
Hit target perfectly, just a couple bars early!
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