ADA is nearing a confirmation of bottom head & shoulder (ABC), spanning since September 2018. The nearly completed right shoulder has successfully broke out a double bottom and wedges.
Two key resistance levels are the red diagonal neckline of the HS and the magenta line. I'm considering a preemptive entry when the magenta resistance is breached (around 1297), since it had more failed actions in the past (Triangle 1 and turnaround 2).
I'd put stop at 1220 if it did break out, with 1730 as the first target.
Two key resistance levels are the red diagonal neckline of the HS and the magenta line. I'm considering a preemptive entry when the magenta resistance is breached (around 1297), since it had more failed actions in the past (Triangle 1 and turnaround 2).
I'd put stop at 1220 if it did break out, with 1730 as the first target.
Trade active
Updated stop: 1235Trade closed: target reached
There we go. The trend is pretty strong on this one. I'd long again after the first significant pullback
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.