PCG 1D ASCENDING TRIANGLE BREAKOUTAscending Triangle is a repeatable trading chart pattern.
Ascending chart patterns will have a directional bias depending on the previous incoming trend.
Each chart pattern will have defining trendlines of the support/resistance levels creating the pattern.
Whatever time frame you are trading this chart pattern, wait for a candle close outside of the trendline in the direction of the breakout candle. (Our time frame preference is the Daily chart).
Add volume indicator - Volume is the amount of $ that went into a particular candle or in Forex the # of trades that took place.
Add ATR indicator - Volatility is the amount of price movement that occurred. Use the ATR to measure the price movement.
When you see descending Volume bars and descending ATR line (which indicates volatility) this shows
a dis-interest in traders to invest in this pair creating consolidation which creates the chart pattern.
Trade Management after there is a breakout candle close.
1 - Position size (compare volume bar to volume ma line).
a - Breakout candle must be 100% of average volume for a full position size.
b - If 75% of average volume then ½ position size. (To find 75% of Volume
look at the charts volume settings – divide smaller # into larger # = 75%+)
2 - Enter two trades.
3 - SL for both trades will be 1.5 x ATR.
4 - 1st trade TP will be 1 x ATR.
5 - No TP on 2nd trade – letting profit run and adjusting SL to follow price.
6 - When 1st TP hit – move 2nd trade SL to breakeven.
7 - Adjust the 2nd trade SL to follow price.
*8 – After Breakout candle – if price closes back into chart pattern close trade
*9 - When breakout candle is more than 1 ATR from breakout candle open.
a - Enter 1st trade at candle close with ½ position size.
b - Enter 2nd trade with a pending limit order that is 1 ATR of breakout candle open.
c – Price should pullback to that pending limit order for 2nd trade.
d – If Price returns back into chart pattern close trade before SL is hit.
PCG trade ideas
PCG Shortening + Long Strategy PotentialsRight now, I own some PCG stock so I may be bias, and as always nothing I say should be taking at face value. That being said, the negative correlations have to do with the PCG bankruptcy reports, as well as the time period going on (we are in the coronavirus era as we are seeing negative correlations). If you look at it from a simple "supply and demand" perspective, the demand for many utilities and gas is going down. This is especially true given many mandatory stay at home orders. People already known about PCG's bankruptcy timeline for a while now, and this was still when everyone was calling positives. I believe short term, it does have the potential of a breakout at $12, but there is also a negative long term potential as well. Business-wise and investment-wise, I am not sure it is looking good for PCG, and many other companies out are disrupting the industry.
PCG LONG -- InvH&S and Upward GapFillingPCG is an overlooked stock which suffered serious reputational damage during the Northern California Fires, (for which they were blamed).
However the stock seems to have recovered and has quietly filled the gaping wounds from 6.15 to about 17.35; which is where it is at now. (I have marked the two major gaps with Blue Arrows).
It is also demonstrating a Classic Inverted Head and Shoulder Pattern and I would not be surprised if PCG were to close the gap between 20.20 and approximately 24, (which I have marked with an UpArrow).
It is currently facing Severe Resistance as it tries to move up.
The Stock is also relatively cheap.
There is a matter to keep in consideration in that the State of California is looking to nationalise this company, whereupon the stock would probably become worthless.
My people from South London, metaphorically speaking; all of whom I miss terribly. London Rules.
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PCG for a quick move hopefully!Hi PCG has formed a nice inverse head and shoulders and long term charts look good. I've entered long at 12.68 with a target of 13.95, which I don't think it will reach and I will end up closing manually. Earnings are right around the corner on Feb 6, so I would certainly not advise this if you are totally new to this. I don't hold through earnings anymore lol. A close eye will be kept on this one.
PCG - WEEK CHARTHi, today we are going to talk about Pacific Gas & Electric and its current landscape.
PG&E is poised to receive increasing attention from the market as relevant events are taking place. Early this year the company has filed for bankruptcy after been buried in processes over claims that a series of deadly wildfires on California was started by its equipment in 2017 and 2018, despite the company has reached settlements to extinguish this fire, and was starting to look ready to thrive again as the bankruptcy could bring some relief. However, now the California Governor Gavin Newsom stands on the path of the PG&E bulls, as the Governor rejected the bankruptcy reorganization proposal of the company. With this context in mind is hard to see the light for PG&E now, but if they manage to move with the bankruptcy process forward, the company might have hope to rebound.
Thank you for reading and leave your comments if you like.
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Disclaimer: All content of Golden Dragon has only educational and informational purposes, and never should be used or take it as financial advice.