STATUS = Confirmed
CURRENT CONFIDENCE = 5%
TARGET (EXIT) PRICE = 96.239253 RUB
BREAKOUT (ENTRY) PRICE = 95.780055 RUB
DISTANCE TO TARGET PRICE = 0.02% (2.2 pips)
EMERGED ON Aug 12, 06:00 AM (UTC)
CONFIRMED ON Aug 12, 01:14 PM (UTC)
WITH CONFIDENCE LEVEL = 73%
I found this pattern at tickeron website with the following data:
The Rectangle Bottom pattern forms when the price of a pair is stuck in a range bound motion. Two horizontal lines (1, 3, 5) and (2, 4) form the pattern as the pair bounces up and down between support and resistance levels. Depending on who gives up first buyers or sellers the price can breakout in either direction.
This pattern is commonly associated with directionless markets. Usually the pattern performs better when there is a strong downtrend leading into the formation.
Trade idea
If the price breaks out from the top pattern boundary, day traders and swing traders should trade with an UP trend. Consider buying a pair or a call option at the breakout price level. To identify an exit, compute the target price level by adding the pattern height (which is the distance between the horizontal lines) to the breakout price.
To limit potential loss when price suddenly goes in the wrong direction, consider placing a stop order to sell at or below the breakout price.
CURRENT CONFIDENCE = 5%
TARGET (EXIT) PRICE = 96.239253 RUB
BREAKOUT (ENTRY) PRICE = 95.780055 RUB
DISTANCE TO TARGET PRICE = 0.02% (2.2 pips)
EMERGED ON Aug 12, 06:00 AM (UTC)
CONFIRMED ON Aug 12, 01:14 PM (UTC)
WITH CONFIDENCE LEVEL = 73%
I found this pattern at tickeron website with the following data:
The Rectangle Bottom pattern forms when the price of a pair is stuck in a range bound motion. Two horizontal lines (1, 3, 5) and (2, 4) form the pattern as the pair bounces up and down between support and resistance levels. Depending on who gives up first buyers or sellers the price can breakout in either direction.
This pattern is commonly associated with directionless markets. Usually the pattern performs better when there is a strong downtrend leading into the formation.
Trade idea
If the price breaks out from the top pattern boundary, day traders and swing traders should trade with an UP trend. Consider buying a pair or a call option at the breakout price level. To identify an exit, compute the target price level by adding the pattern height (which is the distance between the horizontal lines) to the breakout price.
To limit potential loss when price suddenly goes in the wrong direction, consider placing a stop order to sell at or below the breakout price.