NEO A pennant is forming. Price in the corner. Potential + 45% NEO After breaking through the impulse of a global downtrend, which lasted almost a year, the price draws a canvas of a symmetrical upward pennant. The price is almost in the corner of the canvas, soon the denouement. Potential for working out the figure + 45%. This is the height of the flagpole of the figure.
It is also worth noting that there was a large volume on the pulse, which acts as the flagpole of this figure. All pivot points and local levels on the reaction of which the further movement depends, I showed on the graph. See more global goals in a past trading idea that worked well.
The entrance is on a breakthrough of the canvas or on a rollback of the price, depending on who has what trading strategy. It is worth noting that pennants work out impulse, and therefore there may not be a rollback after a breakthrough.
Past trading idea. Published October 8th
Result after 20 days + 47%
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Features, Pennant figures.
1) The emergence of such a model is preceded by a sharp movement in prices in the form of an almost straight line, accompanied by a significant volume of trade.
2) "Pennant" has an outline similar to a small horizontal symmetrical triangle.
3) "Pennant" are formed approximately in the middle of the price movement.
4) When a "pennant web" is formed, the volatility step and the trading volume decreases.
5) Trading volume increases when the "pennant web" breaks in the direction of the trend.
6) "Pennant" is formed more quickly with a downtrend.
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There are two types of Pennant for the trend:
1) "Ascending pennant ."
2) "Downward pennant ."
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a) “Ascending pennant” - a figure arising from the development of a strong impulse aimed at overcoming the resistance level . Its appearance on the chart is accompanied by a sharp increase in trading volumes, as a result of which one or two long ascending candles, called the “flagpole”, can be observed. Then, after the impulse reaches a certain strong price level, the formation of a “canvas” similar to a small triangle occurs. After which, in most cases, the further development of the current trend continues.
b) “Downward pennant” - a figure absolutely identical to its ascending formation, but directed from top to bottom during the development of a strong trading impulse on a negative trend. Outwardly, the “descending pennant” differs from the ascending one only in direction.
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In the form of "Pennant" is divided into three types:
a) Symmetric pennant (which everyone is used to).
b) Ascending Pennant .
c) Downward Pennant.
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Trading options. Target.
There are two main trading tactics for various Pennants:
1) Trade on the distance of the flagpole of the figure.
2) Trade at a distance of the maximum height of the instrument - the central part of the Pennant (the height of the "canvas" of the figure).
It is also important if the price is being traded in your favor, and according to the plan you should already fix the profit, then it is advisable to stay in position while you get additional profit instead of the planned one.
There must be a strategy and plan. At the same time, your strategy and plan should be plastic from market situations.
NEOBTC trade ideas
Don't miss the great buy opportunity in NEOBTCTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.001300). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NEOBTC is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 82.
Take Profits:
TP1= @ 0.001700
TP2= @ 0.002100
TP3= @ 0.002725
SL= Break below S2
Don't miss the great buy opportunity in NEOBTCTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (0.001300). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. NEOBTC is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 82.
Take Profits:
TP1= @ 0.001700
TP2= @ 0.002100
TP3= @ 0.002725
SL= Break below S2
NEO/BTCKeep it simple!
NEO has shown to be an amazing trade recently, soaring 70% up from our buy zone, and close to its second profit target!
Many people were expecting NEO to continue to drop - including myself, and reach my low green buy zone. However, NEO found support at the 8400 Sat range. This level was key to watch as this was a weekly important zone - my red line.
Unfortunately before hitting this level NEO rose. This type of movement is called "front-running". where people expect a particular level to be hit but the investment doesn't quite reach that particular level. This still count's as a touch in trading terms.
From here we can see NEO do two things.
1 - the green box is held as support, and we see the next profit targets (orange boxes) be hit. OR
2 - NEO hits the next resistance level, comes down and the green box is not held. In this case the second green box is likely to be tested.
Either way Profit can be made, and people who have already longed should be VERY profitable.
Don't FOMO from here. Wait and see what NEO decides to do. Have longs placed in the green boxes and a tight stop just below the range. Never enter mid range of a movement!
NEO Is Super Bullish | Can It Do 130%+ Next?NEO (NEOBTC) has a super bullish chart and is now moving above EMA200 (bold orange line)... This can lead to so much more growth.
On the chart above, we can see that the bulls are now in control with big volume coming in.
The MACD is really strong and allows for plenty of additional growth.
The RSI is also strong now reaching what we call "overbought"... It still allows for additional growth.
Additional details can be seen in the chart above.
NEOBTC printed really strong bullish momentum and now the bulls are following up.
We are looking at massive growth potential in the weeks ahead.
Do you have any questions or something to share?
Use the comments section below.
This is Alan Masters.
Namaste.
Generational Bottom?NEO/BTC has not only broken above the 2 year downtrend line, but looks to have reclaimed / be in the process of reclaiming the previous range. Zooming we can see a very clear bullflag. All that remains now to wait for completion and a daily close or two to make sure we get an S/R flip.
NEOBTC Trend Change| Pennant Formation| New Higher Low!Hello Traders!
Today’s chart update will be on NEOBTC after having a massive bull break from local lows, NEO is currently are trading in an equilibrium coming into its apex of this pennant. Will NEO put in a new higher low before continuing this new trend?
Points to consider,
- Trend broke lower low structure
- Local support in confluence with .618 Fibonacci
- Local resistance is where price topped out
- RSI trading in overbought territory
- Stochastics currently flat
- EMA’s turned bullish from initial break
- Volume declining
The structure of NEO has completely changed with this recent pump, negating the bearish trend of lower lows. Multiple resistance levels have been broken leaving the price consolidating looking to correct, which will be healthy for the price as this will put in a local higher low.
Local support is in confluence with the .618 Fibonacci level, price is highly probable to retrace to this level if a bear break comes to fruition from the pennant. Local resistance however is where price topped out from the initial bull break. This is an important area for the bulls to break in the next impulse move up to confirm the bull trend.
The RSI is currently overbought, a correction in the price back to the .618 Fibonacci level will cool this indicator off, back to neutral territory. The stochastics however is quite flat, no clear direction until we have a decisive break from the pennant.
EMA’s are currently bullish but is yet to meet price, it must hold price as support to confirm a bull break from this pennant. Volume is key to watch as it is rapidly declining, this signals that a break is imminent in either direction, which will be confirmed with an influx of bull and or bearish volume.
Overall, In My Opinion, we have a clear equilibrium forming, trading close to its apex. A break is imminent which has to be back with strong volume as it is visibly declining. A retracement back to the .618 Fibonacci is probable and will be very healthy for the trend; this will allow NEO to put in a new higher low as well as cool of indicators such as the RSI.
What are your thoughts on NEO?
Please Leave a like and comment,
And remember,
“You can lose your opinion of you can lose your money.” – Adam Grimes