BitcoinLong
BitCoin BTCUSD - Breakout over $800 -- Target $811 - PT Lesson
Here is a small display of how to measure a price target of a breakout after an initial flag or pennant forms... These short-term patterns often reflect the rally's halfway point and are great opportunities to test your price targeting ability.
The rest is easy, measure the length of the pole portion ($11.23 is the dollar value of the move) and than measure and add the same value (in dollars, not % as it changes ever so slightly) to the breakout point of the flag or pennant you measured! If it hasn't broken out yet, just pick between 1/2 and 2/3 along the flag or pennant and go from there. Even that isn't necessary, it all depends on your level of OCD and anal retentiveness :p
Happy Trading!
The rest is easy, measure the length of the pole portion ($11.23 is the dollar value of the move) and than measure and add the same value (in dollars, not % as it changes ever so slightly) to the breakout point of the flag or pennant you measured! If it hasn't broken out yet, just pick between 1/2 and 2/3 along the flag or pennant and go from there. Even that isn't necessary, it all depends on your level of OCD and anal retentiveness :p
Happy Trading!
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