Hi Everyone!
Keeping it short due to small time frame.
We can see a bearish pennant and a formation of a bearish rectangle. This consolidation area is generally nice to see after a breakout and these patterns can help us identify whats next.
With chart patterns, its always most beneficial to trade the breakouts and not expectations. This can always go either way. These patterns hwoever, to me, are very bearish.
The breakout of the rectangle will confirm the breakout.
Remember, this is the 15m timeframe, this is just a scalp unless a large drop/rise happens. Then it would be wise to hold til further notice.
Also, i drew out a red bullish channel which is keeping me on edge and waiting for the breakout of the rectangle.
Good luck!
Keeping it short due to small time frame.
We can see a bearish pennant and a formation of a bearish rectangle. This consolidation area is generally nice to see after a breakout and these patterns can help us identify whats next.
With chart patterns, its always most beneficial to trade the breakouts and not expectations. This can always go either way. These patterns hwoever, to me, are very bearish.
The breakout of the rectangle will confirm the breakout.
Remember, this is the 15m timeframe, this is just a scalp unless a large drop/rise happens. Then it would be wise to hold til further notice.
Also, i drew out a red bullish channel which is keeping me on edge and waiting for the breakout of the rectangle.
Good luck!
Comment:
Bearish as expected!