ATOM looking to break out of symmetrical triangle
*** Stops need to be re-adjusted and R:R reassessed at point of entry. As a guide, I usually count 6-8 candles back from my entry point on the timeframe I’m trading on and place my stop just below the lowest wick within those 8 candles in the case of a short, or above the highest wick of the last 8 candles in the case of the long. If this rule means your R:R to target one is not good, don’t take the trade. ***
ATOM
Probable
- Long term symmetrical triangle
- EMA’s bearish daily, 12hr & 4hr
- Even though all EMA’s are currently bearish, I have a feeling this is going to break out to the upside. So I’m watching closely on the 4hr for bullish signs and a bullish EMA cross
- Also watch for a break upwards of the triangle & retest of a new support
Possible
- Because of the most recent hammer circled on the chart, I’m not interested in shorted unless we break below that level and retest a new support
- There are multiple channels below the triangle so many short opportunities should this break out to the downside. Shorting this is a game of patience.
- EMA’s are already bearish so now we just need to break a key level
- 3 short targets
ATOM
Probable
- Long term symmetrical triangle
- EMA’s bearish daily, 12hr & 4hr
- Even though all EMA’s are currently bearish, I have a feeling this is going to break out to the upside. So I’m watching closely on the 4hr for bullish signs and a bullish EMA cross
- Also watch for a break upwards of the triangle & retest of a new support
Possible
- Because of the most recent hammer circled on the chart, I’m not interested in shorted unless we break below that level and retest a new support
- There are multiple channels below the triangle so many short opportunities should this break out to the downside. Shorting this is a game of patience.
- EMA’s are already bearish so now we just need to break a key level
- 3 short targets
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.