I usually don't trust parabolic advance because they are unsustainable and often ends up retracing 60 to 80 percent of the distance from the base.
I think this time will not be different.
It is only my analysis and on a smaller time frame. this is not indicative of the overall trend which is bearish on the daily and the weekly time frame now.
so if you trade the reversal to the mean to keep your trade open for to long or mange risk properly.
I think this time will not be different.
It is only my analysis and on a smaller time frame. this is not indicative of the overall trend which is bearish on the daily and the weekly time frame now.
so if you trade the reversal to the mean to keep your trade open for to long or mange risk properly.
Note
I used a invert scale to present the setup better.If the pattern is confirm we can expect a correction to the green zone.
It is a short trade on a small time frame (4h) but it can still be profitable if manage properly.
Trade active
So far so good.Trade active
The chart is forming an inverse head and shoulders pattern.if the pattern in confirmed (4h close above 7378) then the target is 8255.
don't be greedy we are still in a primarily downtrend.
the volume is concluant with the pattern and the RSI show sign of strength.
Trade active
we got a confirmation of the H&S.now on the 4h RSI a bull flag has formed with a target... higher.
Trade closed manually
the price never went to touch the target of the H&S. this is a bearish sign.
I will close my trade for now and take a lit bit more time for observation.
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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.