If you look left, there’s a circle. I’m looking for that same pattern at this resistance level. Potential ABC pattern setting up. Looking for a 1:1 minimum. I set a limit order at the recent high where the A leg started. I’m also looking for price to test that same recent high before a leg further down in price. Price has also been rising on low volume. If we miss it, no need to force it. Heading to bed so if it looks better during the day I may update with a market execution instead. Not advice.
Note
Went ahead and started an initial entry. I updated short position to show the stop loss and 1:1 target. Also, I updated the chart with two possible scenarios.
1. We retest the recent high where B is at and from there we start our true leg down.
2. We are in an ABC flat type of pattern and are already on our leg down.
Note
We still have our original limit sell order also in case scenario 1 still happens. Remember this is still a daily/weekly trade and will take time. If this trade doesn't work out it's all good! Can't win em all but consistency in strategy is key.
Note
Price has retraced 20% of the fib so far. Sellers look like they are getting more aggressive. Let's see how this next daily candle closes.
Note
After price reached target 2, I trailed my stop loss and got kicked out of trade. Will watch price action for now for practice.
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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.