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Rhombus

My success with GMA +500% by TA.At the end of August 2020, I saw that the GME price touched its historical low (the lower red horizontal line). At the same time, the "Diamond" reversal model was formed. The breakout of the" Diamond " up on 31/Aug/2020 confirmed the reversal from the downtrend to the uptrend. Next, I used the old-school tactic of "Measured movement" according to D. Schwager - according to which each new wave of growth is equal to or slightly greater than the previous one. And each new wave of falling is equal to or slightly less than the previous one. And this "Measured Movement" clearly bounced off the support line of the new trend (the purple line). This allowed me to surf both long and short until mid-January 2021. Then the growth became threatening, I closed GME and took a profit of about +500%.
NYSE:GMEEducation
by Dr_Chester
8
REGULAR RHOMBUS AT THE PIVOT LINE OF RECTANGLE RANGE (UPDATE)(This is an update to one published earlier. The rhombus on this chart is bigger than the one drawn on the previous one) The regular rhombus is a powerful reversal pattern taught by my mentor Rodney Ahenkan (Papa Smurf). I tend to look for it at reversal areas, especially at the pivot lines and support/resistance areas of the RECTANGLE STRATEGY (again as taught by Papa Smurf) On NZDCAD , I see it has lined up nicely. There are quite a number of indications for a reversal at where price is currently: 1. Price is at the pivot line of my RECTANGLE (the blue line on the chart). The pivot line is a potential area of reversal. If price fails to break below it, then it would likely return to the top of the RECTANGLE . 2. The formation of the REGULAR RHOMBUS (a reversal pattern) at the PIVOT LINE of the RECTANGLE (a potential reversal area). 3. The PIVOT LINE is being tested for the third time. The previous two times, price was pushed back up. 4. There is a clear MACD DIVERGENCE. All these are powerful technical indications for a possible price reversal. On the FUNDAMENTAL side, there are 3 red-folder news releases for NZD at 1:00 am this morning, to be followed by an RBNZ Press Conference an hour later. I would therefore wait to see what price does AFTER the news releases. If it agrees with my analysis, then we're good to go. If price does break and close above the first triangle, we take 3 trades, one each for TP 1, TP 2, and TP 3.
Long
by Pesokia
1
REGULAR RHOMBUS AT THE PIVOT LINE OF A RECTANGLE RANGEThe regular rhombus is a powerful reversal pattern taught by my mentor Rodney Ahenkan (Papa Smurf). I tend to look for it at reversal areas, especially at the pivot lines and support/resistance areas of the RECTANGLE STRATEGY (again as taught by Papa Smurf) On NZDCAD, I see it has lined up nicely. There are quite a number of indications for a reversal at where price is currently: 1. Price is at the pivot line of my RECTANGLE (the blue line on the chart). The pivot line is a potential area of reversal. If price fails to break below it, then it would likely return to the top of the RECTANGLE. 2. The formation of the REGULAR RHOMBUS (a reversal pattern) at the PIVOT LINE of the RECTANGLE (a potential reversal area). 3. The PIVOT LINE is being tested for the third time. The previous two times, price was pushed back up. 4. There is a clear MACD DIVERGENCE. All these are powerful technical indications for a possible price reversal. On the FUNDAMENTAL side, there are 3 red-folder news releases for NZD at 1:00 am this morning, to be followed by an RBNZ Press Conference an hour later. I would therefore wait to see what price does AFTER the news releases. If it agrees with my analysis, then we're good to go.
Long
by Pesokia