GBPJPY CONTINUOUS DIAMOND PATTERN
GBPJPY is trading a diamond continuous bullish pattern on its daily chart.
The price is trading above Mid: 160.498 and approaching the Breakout: 172.129.
Stop below the low previous to the Breakout: 172.129.
Targets:
62%: 186.658
79%: 190.717
100%:195.674
The price is trading above Mid: 160.498 and approaching the Breakout: 172.129.
Stop below the low previous to the Breakout: 172.129.
Targets:
62%: 186.658
79%: 190.717
100%:195.674
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Chart patterns classification of 'Continuous' or 'Reversal' patterns helps traders to identify specific patterns and expect their outcome from current price action.
Reversal patterns exhibit a total shift of trends from bullish to bearish or bearish to bullish in a single pattern structure.
Examples of the reversal patterns are 'Head and Shoulders, Double Tops and Bottoms...
A knowledge of reversal patterns or continuous patterns helps traders to estimate the end of trends or continuous trends to execute trades in a timely fashion for maximum gains. This knowledge also helps traders to time the trades in the opposite direction and to place smaller stop levels.
Here I discuss one of the key reversal Chart Pattern and present examples of them:
Diamond patterns are both continuation and reversal patterns.
It is also similar to adding two "triangle" patterns, Inverted and Symmetrical, together.
If the pattern occurs in the midst of a trend, it will present a continuation of the trend in the same direction prior to the formation.
Continuation Diamond Pattern Bullish:
Continuation Diamond Pattern Bearish:
If the pattern occurs at the tops or bottoms, it will be a reversal pattern.
Diamond Top:
Diamond Bottom:
Trade Entries:
Diamond Tops /Bottoms and continuous Patterns:
Primarly Entry Point:
Trade the Breakup/Breakdown at the mid 50% Range of the Diamond Pattern Height
Example Diamond Bottom Primarly Entry Point:
Example Diamond Top Primarly Entry Point:
Example Diamond continuous Bullish:
Example Diamond continuous Bearish:
Secondary Entry Point:
Trade the breakup/breakdown of the high/low of the Diamond Pattern
Example Diamond Bottom Secondary Entry Point:
Example Diamond Top Secondary Entry Point:
Example Diamond continuous Bullish:
Example Diamond continuous Bearish:
Stops:
Diamonds Bullish Patterns: Set a stop below the low previous to the breakout
Diamonds Bearish Patterns: Set a stop above the high previous to the brekout
Targets:
Diamond Tops and Diamonds Bottoms Patterns Targets are set to 62-79%. 127-162% of the Diamond Patterns Height
Diamonds continuous Bullish/ Bearish Patterns targets are set tfrom the range of AB from C or the 62-79% of the Diamond height
Example Diamond continuous bearish Target:
Example Diamond continuous bullish Target:
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.