Not in a position but doing this chart for a friend.
Was trading in a bullish channel; however, has broken the channel upwards.
The black lines are the longer bullish channel and blue lines are shorter support/resistance lines.
I'd sell my POWER position till it pulls back and finds support at the black line.
If it doesn't hold the black line, then it's likely to be a BEAR flag.
DISCLAIMER:
I'm not a pro so take my advice at your own risk. Happy trading everyone! :)
Was trading in a bullish channel; however, has broken the channel upwards.
The black lines are the longer bullish channel and blue lines are shorter support/resistance lines.
I'd sell my POWER position till it pulls back and finds support at the black line.
If it doesn't hold the black line, then it's likely to be a BEAR flag.
DISCLAIMER:
I'm not a pro so take my advice at your own risk. Happy trading everyone! :)
Note
Sorry folks, I was wondering why the trade didn't work out and just learned the pattern 'ascending channel' so this should have actually been a buy signal on the dip!Note
Hindsight:If I could re-do this chart, I would have drawn the blue upper trend line much longer and argued that after breaking the blue line - it could pull back.
All in all, learned some new patterns today.
Note
This is my new take on POWER. I believe it's trading within the range of those blue lines.
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.
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.