ETHUSD " test of some low support"

24 дек. 2018 г.

THE BEARISH PENNANT FLAG PATTERN
Pennants are the workhorses of the day trader. They perform an invaluable service by marking the midway point in a move. However, if a pennant is not accompanied by a flagpole, then it's not a pennant. Also, performance depends on a strong price trend leading to the pennant.
Price trend can be any direction leading to the chart pattern. The Shape looks like a short symmetrical triangle.
NOTE:
- Prices move between two converging trendlines..
- The flagpole which leads to the pennant should be unusually steep and last several days.
- Volume trend downward trend 88% of the time.
- Breakout Upward 61% of the time
VERDICT:
SELL/SHORT: $145.9
BUY:$142.78 down to $136.44
STOP LOSS:$148.27
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk