Today we take a closer look at SPS and pattern analysis which could provide us with some understanding of where price could go in the future.
Firstly, we go over the theory of this bottoming pattern and see how the pattern forms over time. Typically this pattern represents a gradual price shift from bearish to bullish.
A valid pattern starts with higher volumes during the decline, flat volumes during the range, and increasing volumes at the reversal and has strong bullish potential.
We then go over this pattern and how it relates to SPS teaching you how to identify the pattern, and it’s following breakout. Then we talk about how to forecast targets and take profits that we could reach in the future.
In this video you will learn how to:
- Identify the pattern
- Draw the neckline.
- Identify the breakout and trade entry.
- Find targets and take profit levels.
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