I'm seeing 2 potential Cup & Handles here.
The first is in yellow and on slight angle with a smaller handle - this one has already broken the neckline.
The second is the orange one, which would complete the cup at the ATH, and retrace to form a handle (or fail and become a double top)
My feeling is that the yellow one is a little too weak, and that it will reach the ATH and pull back to form the orange handle. Feels like we need a little more volume buildup, and there's likely to be a lot of resistance/profit-taking at the ATH.
I have a long open already, but my strategy here is to close it at the ATH, and wait to see if another handle forms.
But if the ATH is broken significantly with crazy volume, I'll look for an entry point because the upside should be pretty nice.
Be safe!
The first is in yellow and on slight angle with a smaller handle - this one has already broken the neckline.
The second is the orange one, which would complete the cup at the ATH, and retrace to form a handle (or fail and become a double top)
My feeling is that the yellow one is a little too weak, and that it will reach the ATH and pull back to form the orange handle. Feels like we need a little more volume buildup, and there's likely to be a lot of resistance/profit-taking at the ATH.
I have a long open already, but my strategy here is to close it at the ATH, and wait to see if another handle forms.
But if the ATH is broken significantly with crazy volume, I'll look for an entry point because the upside should be pretty nice.
Be safe!
Comment:
Comment:
Similar possibility, same target - Ascending Triangle:
Comment:
Wow...I'm very surprised it broke out already...very hesitantly went long but I'm watching this like a hawk, RSI & stochastic is all pretty high, but volume is actually picking up and breaking trendlines...
I haven't to say I'd be much more comfortable right now if it had recharged with another handle...
I haven't to say I'd be much more comfortable right now if it had recharged with another handle...
Comment:
Damn Ripple, u crazy
Trade closed: target reached:
Aww yeah
