Main signals: double bottom triangle gap Buy 49.50-50.00 Stop-loss 47.34 (-1 tick under triangle) Target #1 57.50 Target #2 60.00
Hi traders, We are currently looking at the daily chart of Ferrari. What do we see on the chart? AB=CD pattern completion at $ 46 The big reversal in May 2016 was started at $ 46 If we draw the Fibonacci retracement from the moment of the Initial Public Offering in late 2015 to the low swing of February 2016, the 50% retracement end up just above $ 46 ...
Updated Chart - Confirming H&S top. Look for trend to hold, then mid 30s
Lets be patient and see it which direction will move.
IF LONG, STOPS ARE BELOW LOW OF THE MOVE. NEW ENTRY FOR HIGHER TIMEFRAME IS ABOVE WEEKLY HIGH TARGETS AND "MANAGEMENT MODE" PRICES ARE ON CHART
15 minute Entrance..........Panic moves create opportunity....it all depends if you know where to look for it.
If you wait for "Confluence" your trading results will improve.You must be flexible as the markets are only a tool.
Forming into a triangle..... in which direction is Ferrari going?
STOP IS BELOW THE LOW ...DAY TRADE TARGET IS THERE... IF YOU ARE AGGRESSIVE .....
Liquidation day...these short term panic flushes typically get retraced...