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Chart Pattern Review | Diamond Top / Bottom ReversalDIAMOND TOP / BOTTOM: > A trend reversal pattern indicating the end of up or downward trend - slightly off head & shoulders pattern > Price increased and declined sharply with significant volume forming a diamond shape > A mix of expanding and contracting triangle or wedge, often confused with a more popular head & shoulders > Timing could range from days to months Key characteristics: > The price should trending downward then forming a broadening pattern. > The price pattern increased and decreased sharply before squeezed for rebound > Timing ranging from days-weeks-or months - a strong long-term reversal pattern > Most trends will begin with a breakout gap and be followed by several runaway gaps. Trading Tips: > Price range determines the target reversal > TP1 @ the size of the diamond extending the breakout or breakdown distance. > TP2 can be targeted between 1.0 / 1.618 fibonanci retracement. > TP3 @ key moving average support / resistance within extended range. > Putting the chart together with a price oscillator like VWAP / CVD for a better early breakout or breakdown catch. > Price oscillator can monitor the overall likelihood of a high probability trade and confirming strength/momentum as well as spotting false breakout/breakdown trades. Always trade with affordable risk and respect your stoploss, nothing 100% Good Luck!
SET:ADVANCEducation
by dukeposh
KBANK | Wave Analysis | Bearish Projection Diagonal 4-wavePrice action and chart pattern trading > A 2 conflicting pattern with a bearish move from the larger Head & Shoulders pattern and a bullish one with current bull pennant. > The larger HS pattern could be overshadowing the smaller pennant pushing the price lower - SMA20 dead crossed SMA50. > A strong symmetrical resistance; upper volume profile, price resistance, and SMA200. > This 4-wave diagonal projection is based on the unsuccessful breakout scenario with an upcoming C leg downtrend extension 0.786 - 1.0 approximately - 10 - 15% downside. > A bullish scenario is based on the successful breakout of bull pennant and SMA200 targeting the previous 3-wave high with a +20% upside. > Indicator: bearish MACD signal crossing below the signal and baseline Always trade with affordable risk and respect your stoploss!
SET:KBANK
by dukeposh
PTT | Wave Projection | Bullish Flag - Bullish Divergence Price action and chart pattern trading: > A possible upcoming short term rebound B-wave of mega bullish flag 2-wave ABCDE triangle correction > The price made LL last week from 34 baht support, assuming minor 5-wave of A leg to 32.75 baht then a strong buy back signal with bullish engulfing candlestick. > Entry signal @ breakout recent resistance 33.75 baht > Stop @ the current low 32.75 baht -3% > Target 0.618 - 0.786 retracement 36-37 baht +8-10% > RRR: 2.5:1
SET:PTTLong
by dukeposh
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