STATUS = Confirmed
CURRENT CONFIDENCE = 66%
TARGET (EXIT) PRICE = 1.254217 USD
BREAKOUT (ENTRY) PRICE = 1.259720 USD
DISTANCE TO TARGET PRICE = 0.13% (15.8 pips)
EMERGED ON Jul 13, closing price
CONFIRMED ON Jul 13, 09:19 AM (UTC)
WITH CONFIDENCE LEVEL = 70%
Tickeron AI shows that the Triple Tops pattern appears when there are three distinct minor Highs (1, 3, 5) at about the same price level. The pair is testing the upper resistance level (horizontal line formed by (1, 3, 5), but the price ultimately declines as buyers give up.
This type of formation potentially happens when investors can not break the resistance price. There is a distinct possibility that market participants will sell out, and the price can move down with big volumes (leading up to the breakout).
Trade idea
If the price breaks out from the bottom pattern boundary, day traders and swing traders should trade with the DOWN trend. Consider selling the pair short or buying a put option at a downward breakout price level. To identify an exit, calculate the target price by subtracting the pattern height from the breakout level. The pattern’s height is the highest high minus the lowest low, or the bottom resistance within the pattern. When trading, wait for the confirmation move, which is when the price falls below the breakout level.
To limit potential loss when price suddenly goes in the wrong direction, consider placing a stop order to buy back a short position or sell a put option at or above the breakout price.
CURRENT CONFIDENCE = 66%
TARGET (EXIT) PRICE = 1.254217 USD
BREAKOUT (ENTRY) PRICE = 1.259720 USD
DISTANCE TO TARGET PRICE = 0.13% (15.8 pips)
EMERGED ON Jul 13, closing price
CONFIRMED ON Jul 13, 09:19 AM (UTC)
WITH CONFIDENCE LEVEL = 70%
Tickeron AI shows that the Triple Tops pattern appears when there are three distinct minor Highs (1, 3, 5) at about the same price level. The pair is testing the upper resistance level (horizontal line formed by (1, 3, 5), but the price ultimately declines as buyers give up.
This type of formation potentially happens when investors can not break the resistance price. There is a distinct possibility that market participants will sell out, and the price can move down with big volumes (leading up to the breakout).
Trade idea
If the price breaks out from the bottom pattern boundary, day traders and swing traders should trade with the DOWN trend. Consider selling the pair short or buying a put option at a downward breakout price level. To identify an exit, calculate the target price by subtracting the pattern height from the breakout level. The pattern’s height is the highest high minus the lowest low, or the bottom resistance within the pattern. When trading, wait for the confirmation move, which is when the price falls below the breakout level.
To limit potential loss when price suddenly goes in the wrong direction, consider placing a stop order to buy back a short position or sell a put option at or above the breakout price.
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.