Significant L-H- L pivots were used to draw a triangle, clones were placed at right bottom corners in effect creating an up channel. A horizontal reference range was also added and cloned. R clone 2 boundary targets were achieved, price found support at bottom of R clone 2 and rose back inside triangle(channel).The week finished with a test of bottom of triangle and a bullish candle,quite likely that price hits top of R clone 2 near term.
Comentarios
Makis11111
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looks nie but how you trade that patterns ?
nmike
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Clones are not patterns like head and shoulder, flags and so on,they are used for support / resistance and price projections. In the last 2 weeks price held above reference range and rose above the channel(triangle) so the weekly frame is saying to go long on any pullback on lower frames with price target to top of clone. Just as an example you might place a long entry at oversold rsi and or bottom of channel on 1 hour frame.
nmike
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.....approaching key confluence resistance area
BoonOng
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It is getting near to that resistance level of yours. =)
FXKOPPA
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current update?
nmike
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.....likely trend line just above resistance 1
nmike
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......amazing how many Clone targets were hit in such a short time....candle stick price action suggests further upside, next near term target is Key resistance 1
tradingview.com/v/VMw9MjFb/