I already wrote a long explanation about this pattern but it somehow disappeared.
Short version:
I'm monitoring
VET and noticing price suppression, expecting a bounce from the green box in the chart.
Yesterdays price action however reminded me of the Wolfe Pattern. It was forming a falling wedge but the dump yesterday made a move outside of the pattern which reminded me of the Wolfe Pattern.
I drew the Wolfe Pattern in the chart, with the Estimated Price Arrival which shows a quick +35% WHEN this pattern plays out.
You can trade Wolfe Pattern on the bounce or the break out and I would certainly wait for the break out in this case. As said before: strong price suppression in VET so it has a big chance of invalidating this pattern and going down more. Waiting for the break out is more safe in this case.
Wolfe Pattern explained: investopedia.com/articles/trading/05/040405.asp
Short version:
I'm monitoring
VET and noticing price suppression, expecting a bounce from the green box in the chart.Yesterdays price action however reminded me of the Wolfe Pattern. It was forming a falling wedge but the dump yesterday made a move outside of the pattern which reminded me of the Wolfe Pattern.
I drew the Wolfe Pattern in the chart, with the Estimated Price Arrival which shows a quick +35% WHEN this pattern plays out.
You can trade Wolfe Pattern on the bounce or the break out and I would certainly wait for the break out in this case. As said before: strong price suppression in VET so it has a big chance of invalidating this pattern and going down more. Waiting for the break out is more safe in this case.
Wolfe Pattern explained: investopedia.com/articles/trading/05/040405.asp
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.
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.