Descending Broadening Wedge for TNY?!?!?
37c in the next 3-6 months.
Possible decline to 6.5c before a reversal.
Bullish cross on the KST!
Tinley's trading in a descending broadening wedge.
With the Descending Broadening Wedge formation, we are looking for two touches to each trendline.
Both the upper and lower trendlines should fall. The lower trend line should fall more steeply than the upper trendline thus forming the broadening wedge.
Tall and wide patterns work better than short and narrow patterns.
Descending Broadening Wedges tend to breakout upwards.
Swing traders can trade the pattern from top to bottom and from bottom to top.
After the trendlines are formed, as soon as the price touches the upper trendline go short. Cover this short (exit the trade) when the price reaches the lower trendline.
As price touches the lower trendline go long (buy). Place your stop below the lower trendline. Trade price upwards to the upper trendline. Exit this trade here.
When price breaks the upper trendline and closes above it this signals a breakout. Go long (buy) here.
The target is the first (highest) high in the pattern. Which is around 37c CAD for TNY.
Possible decline to 6.5c before a reversal.
Bullish cross on the KST!
Tinley's trading in a descending broadening wedge.
With the Descending Broadening Wedge formation, we are looking for two touches to each trendline.
Both the upper and lower trendlines should fall. The lower trend line should fall more steeply than the upper trendline thus forming the broadening wedge.
Tall and wide patterns work better than short and narrow patterns.
Descending Broadening Wedges tend to breakout upwards.
Swing traders can trade the pattern from top to bottom and from bottom to top.
After the trendlines are formed, as soon as the price touches the upper trendline go short. Cover this short (exit the trade) when the price reaches the lower trendline.
As price touches the lower trendline go long (buy). Place your stop below the lower trendline. Trade price upwards to the upper trendline. Exit this trade here.
When price breaks the upper trendline and closes above it this signals a breakout. Go long (buy) here.
The target is the first (highest) high in the pattern. Which is around 37c CAD for TNY.
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