══════════════════════════════ Since 2014, my markets approach is to spot trading opportunities based solely on the development of CLASSICAL CHART PATTERNS
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On the left-hand side we can see the weekly scenario which shows a massive Cup & Handle Continuation taking place at the all-time high and along the 200 Days EMA. The Handle is another pattern in itself (right-hand side daily chart). Some other Chartists could consider it as a Rectangle looking at the strong base it shows. In my opinion it is a second Cup & Handle because, despite its solidness, I consider the base as part of the same swing so I have only one point at the bottom to rely on. Since, in this case, the implications are the same (what we want to see is a breakout on the upside) this disquisition is purely didactical/philosophical. The breakout are is the same, two possible targets ahead.
Pattern Class: 🌕🌕🌕🌕🌕
Target area: see chart
Breakout area: see chart
Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.
🔎🔎🔎 ALWAYS REMEMBER "A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist" ═════════════════════════════ ⚠ DISCLAIMER ⚠ The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk. ═════════════════════════════