On the Hourly chart we can see another beautiful, and clear bullish flag pattern.
The trend us up, and this flag should resolve to the upside.
The target is the measured move, the length of the flagpole that formed on the breakout of 2900.
Buy Signal: aggressive 3250, conservative 3300 (high of consolidation pattern)
Target: aggressive 3700, conservative 3500
Stop: Set stop below the consolidation pattern swing low at 3150
Reward to Risk: aggressive 3:1, conservative 2:1
The trend us up, and this flag should resolve to the upside.
The target is the measured move, the length of the flagpole that formed on the breakout of 2900.
Buy Signal: aggressive 3250, conservative 3300 (high of consolidation pattern)
Target: aggressive 3700, conservative 3500
Stop: Set stop below the consolidation pattern swing low at 3150
Reward to Risk: aggressive 3:1, conservative 2:1
Note
SCENARIO 2:Breakdown from flag pattern and bounce of 3000. If this pattern does break to the bearish side, then I would expect a good buying opportunity at 3000 support.
Trade active
Broke out to the upside. Looks strong. Target 3500 / 3700.
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Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
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.