C can not be lower than A for this pattern..and as a rule, a stop goes under C.
Just an observation. Entry level can be the most important part of a trade.
Targets are calculated using FIB levels and the length of the AB leg.
Long entry level is when price breaks the BC leg with an uptrend in place.
Targets 1 are often the corresponding 0.38, 0.61 and 0.79 fib levels. In a bullish market 1, 1.27 and 1.61 can be added and are often targets 2. Good idea to take a look at volume and prior resistance levels when calculating targets
Hammer on monthly and weekly time frames. A level of support at 33.5 but there are levels below and there is resistance above. Often good to look at hourly and weekly for support and resistance.
Not overbought on daily as of today. The 5 MA crossed up and through the 20 MA. The 13 is trying to cross up and through the 26 MA.
Large effective volume and a pocket pivot today.
A pocket pivot is a price/volume pattern. Price forms a pocket pivot, when:
The price goes up compared to yesterdays close.
The volume today is higher than the maximum down volume of the past 10 days.
Effective Volume analyses the intraday volume on the minute level to determine what small and large players are doing in terms of accumulation and distribution
Not a recommendation and would think this may pull back soon despite the hammers..sometimes it beeze that way (:
Good to have your target in your plan as well as where you will buy (hopefully close to support), and why you bought it..and whatever else your plan consists of. Important thing is you have a Plan and that you learn from mistakes you make a long the way (o: Only way you can know that is by reflecting on your plan in the past so you can tweak it or perhaps just leave your plan alone. I have noted I am too quick to buy something after a pull back has occurred. IE..I sold half of NEP today. I am aware that I am prone to get in too fast next time I add to my position in NEP. I have also learned I do not trade IPOs very well due to the lack of chart information available and I realize I am a pattern trader. It took me a long time to figure out what type of trader I am..lol..but these are things we need to know in order to improve. When I realized I wanted to be a pattern trader, I read as many books as possible and watched too many youTube videos (o:
I have also learned it is best for me to stick to what I know and not listen to too much media like the talking heads etc.. I do need to be aware of earning dates etc.
All in all, I know I need to trust myself and if I have done the best I can do to be knowledgeable in my style of trading, then I can accept my mistakes. If I have done everything I can do to avoid that mistake, then I must just accept it as a mistake. I have to realize I do not have control over every aspect of the market, no one does.
Teaching yoga helps me stay focused, and at the end of every class I teach, I ask for forgiveness, but one of the hardest things for me to do, is to forgive myself )o: Working on it though! LOL
Just an observation. Entry level can be the most important part of a trade.
Targets are calculated using FIB levels and the length of the AB leg.
Long entry level is when price breaks the BC leg with an uptrend in place.
Targets 1 are often the corresponding 0.38, 0.61 and 0.79 fib levels. In a bullish market 1, 1.27 and 1.61 can be added and are often targets 2. Good idea to take a look at volume and prior resistance levels when calculating targets
Hammer on monthly and weekly time frames. A level of support at 33.5 but there are levels below and there is resistance above. Often good to look at hourly and weekly for support and resistance.
Not overbought on daily as of today. The 5 MA crossed up and through the 20 MA. The 13 is trying to cross up and through the 26 MA.
Large effective volume and a pocket pivot today.
A pocket pivot is a price/volume pattern. Price forms a pocket pivot, when:
The price goes up compared to yesterdays close.
The volume today is higher than the maximum down volume of the past 10 days.
Effective Volume analyses the intraday volume on the minute level to determine what small and large players are doing in terms of accumulation and distribution
Not a recommendation and would think this may pull back soon despite the hammers..sometimes it beeze that way (:
Good to have your target in your plan as well as where you will buy (hopefully close to support), and why you bought it..and whatever else your plan consists of. Important thing is you have a Plan and that you learn from mistakes you make a long the way (o: Only way you can know that is by reflecting on your plan in the past so you can tweak it or perhaps just leave your plan alone. I have noted I am too quick to buy something after a pull back has occurred. IE..I sold half of NEP today. I am aware that I am prone to get in too fast next time I add to my position in NEP. I have also learned I do not trade IPOs very well due to the lack of chart information available and I realize I am a pattern trader. It took me a long time to figure out what type of trader I am..lol..but these are things we need to know in order to improve. When I realized I wanted to be a pattern trader, I read as many books as possible and watched too many youTube videos (o:
I have also learned it is best for me to stick to what I know and not listen to too much media like the talking heads etc.. I do need to be aware of earning dates etc.
All in all, I know I need to trust myself and if I have done the best I can do to be knowledgeable in my style of trading, then I can accept my mistakes. If I have done everything I can do to avoid that mistake, then I must just accept it as a mistake. I have to realize I do not have control over every aspect of the market, no one does.
Teaching yoga helps me stay focused, and at the end of every class I teach, I ask for forgiveness, but one of the hardest things for me to do, is to forgive myself )o: Working on it though! LOL
Note
I meant to put tutprial on trading ABC patterns.
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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.