Hi everyone !
As you can see BTC bounces in the yellow channel and right at this moment it moves in a pennant.
so in my opinion we should wait to see whether it will breakout trend line (A) or (B).
If the closed price of the last bar breaks up the (A) line, so as a trend following strategy we can imagine that the price will go up to point (C). and if the closed price breaks down the trend line (B) the analysis fails.
If condition (A) happend, we can set a take profit of (C) which is the mid line of the channel and also the previous pivot point.
The stop loss can be placed under trend line(B).
Caution: this is not a buy or sell signal and all of the risks of trading this idea is on your own.
As you can see BTC bounces in the yellow channel and right at this moment it moves in a pennant.
so in my opinion we should wait to see whether it will breakout trend line (A) or (B).
If the closed price of the last bar breaks up the (A) line, so as a trend following strategy we can imagine that the price will go up to point (C). and if the closed price breaks down the trend line (B) the analysis fails.
If condition (A) happend, we can set a take profit of (C) which is the mid line of the channel and also the previous pivot point.
The stop loss can be placed under trend line(B).
Caution: this is not a buy or sell signal and all of the risks of trading this idea is on your own.
Trade active:
as you can see the price passed the trend line (A), and now we are going to touch zone (C).
Trade closed: target reached:
Target Reached !
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You can contact me to order your personal indicator in PM or on Telegram: @trade_magicians
t.me/trade_magicians
You can contact me to order your personal indicator in PM or on Telegram: @trade_magicians