Patterns are not valid unless break out/Long entry level is reached. I often enter on pull backs before this level if I feel the stock is "cheap" enough, but the actual pattern is not valid unless it reaches this level. It is nice to know there is a pattern to be traded and what could possibly happen if I enter before break out levels, but there is no way to predict what will happen. Market conditions play a huge factor. I think it is best for me to trust the stocks I buy and even then you never know. A long time ago my mentor told me to pick a group of 10 to 15 stocks, follow them, know them inside out, their earning dates etc... and to learn how they trade.
MCD has a lot going on in it's chart. It does look as if it will pull back a bit more
MCD was in a rising wedge and hopefully completed it's descent from the wedge pattern
The top trend line of the ascending triangle can provide support at 202-203ish.
NV is high and short interest is low.
A lot going on in our world so trade safely
Not a recommendation
MCD has a lot going on in it's chart. It does look as if it will pull back a bit more
MCD was in a rising wedge and hopefully completed it's descent from the wedge pattern
The top trend line of the ascending triangle can provide support at 202-203ish.
NV is high and short interest is low.
A lot going on in our world so trade safely
Not a recommendation
Commentaire:
Clarification...top trendline of the old rising wedge that MCD fell from previously