time to take profits
Updated
Dotted orange: Standard scale May resistance line
Resisted, then broke through on next attempt
Blue solid line: Gann fan 2/1 (using May 20th peak and May 29th reversal point as 1/1 line)
Resisted and according to Gann should cause a reversal - lets see.
Dashed orange: Log scale May resistance line
Not yet reached
Triangle
Actually a rising wedge, which is a bearish pattern.
Bonus Info
Couple of RSI and CCI triangles - good for conformation of patterns and especially for breakouts.
Summary
Rising wedge suggests a reversal is imminent. Dashed Orange line will probably be the turning point.
Action
Take some profits now, take more at higher point in the triangle.
Set up a trade to re-enter above dashed orange or 0.832 Fib line, should the TA prove unsuccessful.
Note
These are notes to myself, open to anyone to read. Its not advice. Feel free to add your own thoughts and comments below.
Resisted, then broke through on next attempt
Blue solid line: Gann fan 2/1 (using May 20th peak and May 29th reversal point as 1/1 line)
Resisted and according to Gann should cause a reversal - lets see.
Dashed orange: Log scale May resistance line
Not yet reached
Triangle
Actually a rising wedge, which is a bearish pattern.
Bonus Info
Couple of RSI and CCI triangles - good for conformation of patterns and especially for breakouts.
Summary
Rising wedge suggests a reversal is imminent. Dashed Orange line will probably be the turning point.
Action
Take some profits now, take more at higher point in the triangle.
Set up a trade to re-enter above dashed orange or 0.832 Fib line, should the TA prove unsuccessful.
Note
These are notes to myself, open to anyone to read. Its not advice. Feel free to add your own thoughts and comments below.
Note
Typonot the .832 fib line: should be 0.382 line ($7639)
Note
Gann 2/1 resistance heldLets see if it turns into a full blown reversal
Trade closed manually
Gann reversal more like standard resistance. Third attempt flew straight through it.Log trend line had little effect, but resistance frmo the top of the last triangle.
Now have a nice channel to work with, watch for the next drop down to its bottom.
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