Pennant, decision?
Updated
Looks like a pennant trying to break up/down...
Usually a pennant is a continuation pattern (Much stronger then a symmetrical triangle), if bulls get enough volume, the might be able to turn things up, but I see very low buying power, and thus I thing we will continue down...
Thus Below 9400 we are going to continue the break towards the 9100...
but if the bulls win this, they will push it towards the lower part of the bigger symmetrical triangle which we broke not long time ago.... so I would guess that above 9540 we will reach towards at-least 9800...
I prefer to go with the bears this time, lets see how it works out..
#short#currentprice9475
entry: 9398
tp: 9480 (a bit above the middle of the pennant)
TPs: 9140, 8800, 8300, 7800, 7300 and I will have 10% left to run more until I feel enough is enough...
Usually a pennant is a continuation pattern (Much stronger then a symmetrical triangle), if bulls get enough volume, the might be able to turn things up, but I see very low buying power, and thus I thing we will continue down...
Thus Below 9400 we are going to continue the break towards the 9100...
but if the bulls win this, they will push it towards the lower part of the bigger symmetrical triangle which we broke not long time ago.... so I would guess that above 9540 we will reach towards at-least 9800...
I prefer to go with the bears this time, lets see how it works out..
#short#currentprice9475
entry: 9398
tp: 9480 (a bit above the middle of the pennant)
TPs: 9140, 8800, 8300, 7800, 7300 and I will have 10% left to run more until I feel enough is enough...
Trade active
Also why I'm bearish?They also will need to prove that they can sustain these levels by getting more buying power volume, which means they need to go above the resistances in the OBV green line... only then we can turn things up.
But until then, it looks bearish to me.
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Trade active
Extremely weird market on last 2 hours!Fake out up (Above the pennant), and then broke the pennant down with another fake out, now don't get me wrong, it still counts as a break (because we closed below it) but! it also counts as a very weak break since we created a dragonfly doji candle!!! which means reversal (YESSSSS!!! the bulls are fighting!), now the real question (again) is if the bulls have enough power to push it above the pennant triangle? if we see the price move above, and confirmation with higher volume and buying power, only then we can confirm that the bulls are coming back! but as we can see in the last picture, it looks like they got stopped right below the pennant, which means they might be creating again! more resistances, it really looks like they are losing all the gas they had, really looks bad for them, but I have hopes ;)
Trade closed: stop reached
#short#currentprice9475 (entry: 9398)price now at 9625
TPs: non
SL hit at loss: 9480 (lose movement of 0.87%)
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