Today's move was fascinating. Price targeted a previous resistance area (.50% retracment) and as of now was rejected. There is massive divergence on the daily chart. If price moves above previous daily high this trade becomes invalid.
Kommentera:
Double top confirmed.
Kommentera:
Manually closing this trade.
Kommentera:
Took profit on this one. After analysis, I am not sure this is a 3 drive pattern. I am taking profit on this and looking for some pullback.
Kommentera:
From all my research "3 Drive Patterns" are extremely symmetrical and use the 1.27 and 1.618 fib extension targets on the 2nd bottom and 3rd bottom. This one is 1.41 on the 2nd and possibly 1.618 or 2.00 on the "3rd" bottom. Due to the fact I couldn't find ANY (I mean any!) info showing these patterns with some exotic fib extension numbers I was concerned this perhaps wasn't. After today's new low. I am now back on board with this pair seeing more downside. Currently in the sell.