Here we have a small ascending channel marked by the red trend lines inside a much larger ascending change channel marked in the the blue lines.
We have had two touches on the upper trend line on the large ascending channel marked out by the blue circles and we have two touches on the upper trend line on the smaller ascending channel marked by the red circles.
The orange circle represents where price is probable to touch for a third time for the large and small ascending channel and that would complete my 3 touch pattern (after price has touched the upper trend line there times can represent a sell opportunity).
The blue zone represent an area of price sensitivity and where price may stall and pullback to gather momentum to take us the upside, this could be in the form of a bullish flag (continuation pattern).
I will be waiting for price to reach the orange area and i will determine if there is a sell opportunity based on price action.
Let me know your thoughts
Thanks
Nath
We have had two touches on the upper trend line on the large ascending channel marked out by the blue circles and we have two touches on the upper trend line on the smaller ascending channel marked by the red circles.
The orange circle represents where price is probable to touch for a third time for the large and small ascending channel and that would complete my 3 touch pattern (after price has touched the upper trend line there times can represent a sell opportunity).
The blue zone represent an area of price sensitivity and where price may stall and pullback to gather momentum to take us the upside, this could be in the form of a bullish flag (continuation pattern).
I will be waiting for price to reach the orange area and i will determine if there is a sell opportunity based on price action.
Let me know your thoughts
Thanks
Nath
Comment:
Price appears to be making a bullish flag