SUN
This is one of my favorite patterns. This is in an uptrend in the higher timeframes. the Daily, weekly and monthly. It is near an all time high.
On the daily it formed what I call the "W" pattern on the daily chart. The W is a new high (11/20), a failed breakout (11/30), then declines to the last low (to the penny) and then breakouts out to a new high.
The choice if you see this happening is to buy the breakout .05-.10 above last high. Or you can wait until it comes back to its prior breakout which happened on 1/22. Knowing that breakouts don't always come back to the point of the breakout, My strategy is to buy 1/4 position on the breakout and if it comes back the breakout area (the blue demand zone I have drawn), I buy the remaining 3/4 position.
What makes this pattern my favorite is that this another "W" pattern to be found in the 15 min chart which allows an earlier and entry and a more profitable targets.
You can see that in the 15 min chart, it has already cleared the 5/1 target. In the daily it hit the 2/1 target.
Fractal W's are a great setup.
Another point to this setup is to see an explosive move out of the W pattern. The expectation is that on the return the will be unfilled buy orders since it took off so fast and those orders are still open.
I missed the original breakout but got it on the return back in the demand zone
On the daily it formed what I call the "W" pattern on the daily chart. The W is a new high (11/20), a failed breakout (11/30), then declines to the last low (to the penny) and then breakouts out to a new high.
The choice if you see this happening is to buy the breakout .05-.10 above last high. Or you can wait until it comes back to its prior breakout which happened on 1/22. Knowing that breakouts don't always come back to the point of the breakout, My strategy is to buy 1/4 position on the breakout and if it comes back the breakout area (the blue demand zone I have drawn), I buy the remaining 3/4 position.
What makes this pattern my favorite is that this another "W" pattern to be found in the 15 min chart which allows an earlier and entry and a more profitable targets.
You can see that in the 15 min chart, it has already cleared the 5/1 target. In the daily it hit the 2/1 target.
Fractal W's are a great setup.
Another point to this setup is to see an explosive move out of the W pattern. The expectation is that on the return the will be unfilled buy orders since it took off so fast and those orders are still open.
I missed the original breakout but got it on the return back in the demand zone
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.