To The Moon

AAPL continues to trade in the ascending triangle after Friday's rejection at the resistance zone. This is the 4th try within 6 weeks. Can we get to see that push above 157.5 after the FOMC meeting this week? Let's break down the technical analysis! What Is The Ascending Triangle Pattern? The ascending triangle pattern is similar to the symmetrical triangle except that the upper trendline is flat and the lower trendline is rising. This pattern indicates that buyers are more aggressive than sellers as price continues to make higher lows. Price approaches the flat upper trendline and with more instances of this, the more likely it is to eventually break through to the upside. Ascending Triangle Trading Strategy An ascending triangle can be seen in the chart above. Leading on from the existing uptrend, there is a period of consolidation that forms the ascending triangle. Traders can once again measure the vertical distance at the beginning of the triangle formation and use it at the breakout to forecast the take profit level. In this example, a rather tight stop can be placed at the recent swing low to mitigate downside risk. Closing in for the breakout soon? Inverse Head and Shoulders Trading Strategy As posted on Inverse H&S last week (please refer to 16 March: How to Trade Inverse Head & Shoulders - TSLA). The most common entry point is a breakout of the neckline, with a stop below (market bottom) or above (market top) the right shoulder. The profit target is the difference between the high and low with the pattern added (market bottom) or subtracted (market top) from the breakout price. The system is not perfect, but it does provide a method of trading the markets based on logical price movements. One hour timeframe How To Trade FOMC? As FOMC is drawing near, the fact is that the announcement was out of our control so we just need to focus on trading the news when J. Powell speaks. We can anticipate the rate hikes, have some levels marked out & execute trades based on the market reactions during and after the announcement. Overthinking about what the Fed would do prior to the news release creates a hidden bias and traders should come into the announcement calm & without bias like a blank canvas getting ready for the painter to create his masterpiece. The most effective way as a trader is to avoid bias,stay neutral and be in a good mental state to receive the news. The money isn’t made before the announcement, it’s made by keeping a calm mental state in order to execute the trade thereafter. 🚨 If you find the information useful, I'd appreciate if you could click Like 👍, Comment 💬 & Repost 🔄 this article found at the bottom of your screen. Follow me for the latest news, trading ideas & strategies to ride the market daily with profits! 🤑 @TigerStars @CaptainTiger @MillionaireTiger @Daily_Discussion @Tiger_SG @TigerPM