As I posted about yesterday, an Inside Bar / Pin Bar Fakeout pattern was forming by mid day. By the time the daily candle closed this pattern had indeed formed.
In addition to being a powerful pattern it had also #1 formed with the prevailing trend and #2 formed directly on top of trendline support. All of these things formed a confluence of factors that significantly increased the likelyhood of a bullish breakout. Now that price has broken out it looks like 0.025 will be the next area for a potential pullback. Although keep in mind that the velocity of this movement is so strong it may very well break through this resistance and in short order flip it into support.
Regardless of how great a pattern is, none are guaranteed to be successful. It is a game of probabilities. Always trade defensively and protect your capital.
In addition to being a powerful pattern it had also #1 formed with the prevailing trend and #2 formed directly on top of trendline support. All of these things formed a confluence of factors that significantly increased the likelyhood of a bullish breakout. Now that price has broken out it looks like 0.025 will be the next area for a potential pullback. Although keep in mind that the velocity of this movement is so strong it may very well break through this resistance and in short order flip it into support.
Regardless of how great a pattern is, none are guaranteed to be successful. It is a game of probabilities. Always trade defensively and protect your capital.
Nota
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Dad of 5 • Dev • Candlestick Whisperer • Crypto class of 2019
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.