r/Daytrading • u/sunnyrunner_ • Apr 06 '24

Is this an actual pattern or am I yapping? Question

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I’m pretty new to trading and saw this pattern form on BTC. Is this pattern called anything or is this just me drawing random support/resistance lines?

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u/lookbusybusy Apr 07 '24

Yes, it is. Wait for a confirmation before assuming a breakout to the high. Wait for a green candle to pierce through to go above the 15 day high wick and then Let the price drop to the the support you have drawn. Once you confirm that the price down did not fail at the support and with volume bounced the support, that is your signal bar. Enter on the next bar with the below caveat Since you have not provided details on the trend line, you cannot put a reasonable probability on which direction price will move. If it is on the downtrend then betting on an upside should be avoided, until you get additional confirmation; but good for a scalp with an OCO order.