Long

Avoiding the same mistake

Updated

For starter, i feel like i've been wrong with my read of this entire down move -my reversal points were off
So this isn't much of analysis, more a warning, we might be setting up for a squeeze, be ready in case it happens

Note

Here is a more detailed version,
if the red (and black line) above break, target above in black
if this attempt fails again and the blue line break, target under in black also.

This has been a reversal pattern, successful on the far left, successful on top, but failed on the left right next to where we are (and that's the spot i totally misread during the move down).

Note

haven't seen that squeeze yet, not sure it's gonna happen, right now it looks more like a corrective pattern than the type of bullish advance we've seen recently.

that can mean two things :
1) as stated above this is still part of a corrective move
2) market psychology is switching, previous sequence were 1; i or (i)'s, and as we are starting larger wave price might finally get rid of those &% "bart patterns"

not based on much, just pointing out similitude here, we moved up in a diagonal, the black line which should hold.

Trade closed: target reached

If you want to follow up :

lady_luck

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.