I have successfully traded this pattern in the past so am a bit of a fan. Normal to a long position but all works the same to the short side. I like this pattern as a trend continuation pattern. I only ever trade it on the daily also.
I will post the weekly chart as well so you can see that it's formed after a long down trend has been in place. This current set up meets a number of things I look for in the pattern.
-I like to see a strong pull back and large choppy moves in the base of the cup. normally I will see a double bottom/top or head and shoulder but in this case a triple top.
- The top of the handle to be noticeably below the high or low of the start of the cup depending on traded direction.
-The handle to form and stay in this case below the 200ma (long set up would obviously be above 200ma)
-The most important is for price action to tighten up and slop away.
Ill update if it breaks out of the handle.
I will post the weekly chart as well so you can see that it's formed after a long down trend has been in place. This current set up meets a number of things I look for in the pattern.
-I like to see a strong pull back and large choppy moves in the base of the cup. normally I will see a double bottom/top or head and shoulder but in this case a triple top.
- The top of the handle to be noticeably below the high or low of the start of the cup depending on traded direction.
-The handle to form and stay in this case below the 200ma (long set up would obviously be above 200ma)
-The most important is for price action to tighten up and slop away.
Ill update if it breaks out of the handle.
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