PENN appears to be trading in a rather large rectangle channel....
A rectangle is usually a continuation pattern and Penn was in an uptrend before getting stuck inside this channel, but there is no way to know which way price will break...often these are periods of consolidation where the bulls and the bears are fighting against one another..
Price forms resistance at the top of the channle and support at the bottom of the channel. Rectangles can last several weeks to several months...other patterns can form inside of the rectangle...2 touches of each trendline, preferably 3 on one trendline and 2 on the other are required to have a valid pattern..
It is preferable for most traders to make a lot of money trading and not just making a lot of trades...Having a plan that you can hand to another trader and they can execute the same trade can help many...we need targets so we know when to get out and the security may go higher (or lower) than we anticipated....but sticking to your plan means you can accept the targets you "planned". Sometimes we have no control over what happens like overbought conditions etc...Leaving the market early with a profit surpasses leaving later with a loss (o:
A rectangle is usually a continuation pattern and Penn was in an uptrend before getting stuck inside this channel, but there is no way to know which way price will break...often these are periods of consolidation where the bulls and the bears are fighting against one another..
Price forms resistance at the top of the channle and support at the bottom of the channel. Rectangles can last several weeks to several months...other patterns can form inside of the rectangle...2 touches of each trendline, preferably 3 on one trendline and 2 on the other are required to have a valid pattern..
It is preferable for most traders to make a lot of money trading and not just making a lot of trades...Having a plan that you can hand to another trader and they can execute the same trade can help many...we need targets so we know when to get out and the security may go higher (or lower) than we anticipated....but sticking to your plan means you can accept the targets you "planned". Sometimes we have no control over what happens like overbought conditions etc...Leaving the market early with a profit surpasses leaving later with a loss (o:
Not
Price must break top trendline in a clear uptrendNot
So now that red line that was R turns green (o:
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.