Standard descending triangle forming, and a clean break downward would mean selloff continuation. Enter breakout trade shorting at $270, distance between upper and lower trendlines is about $60, so take profit would be $210.
Other patterns that can be drawn include bearish flag or bearish pennant. These theories use the length of the flagpole to establish take profit level, which is about $450 - $300 = $150. Thus, entering another breakout at $270 would entail take profit at a very low $120.
Thoughts?
Other patterns that can be drawn include bearish flag or bearish pennant. These theories use the length of the flagpole to establish take profit level, which is about $450 - $300 = $150. Thus, entering another breakout at $270 would entail take profit at a very low $120.
Thoughts?
Trade closed: target reached
Note
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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.
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.