Trading plan on BYND | A key name in the Plant-based industry
Today we will talk about Beyond meat!
There is a curious thing about this chart, and that's the dynamic support it has been working on since Jun 2020. We have been observing several contacts since that date, and it tends to respect it pretty well.
Alright, nice line, but what then? Okay, the idea here is either the price has already made contact with it or is close to making it. AND it may be a relevant situation to start thinking about bullish setups.
As you may know, the way we trade is about looking for similar situations to the current one and creating a model on WHAT we want to see before risking one single dollar. Here are our conclusions:
-The price is making contact with a relevant dynamic support level
-The price is inside a descending structure
-IF we have a clear breakout of this structure, we want to observe a corrective pattern with similar proportions as the ABC draft we made on the chart. This is a similar sequence that has been happening since 2020
Do you want to know whats the best thing about trading this way? If the price does not make the filter we are expecting; I don't give a..... because I don't trade it, and I will be paying attention to other charts that have moved accordingly to the expected filters.
Under this method, the only guarantee you have is that when the price makes what you are expecting, you know you are in front of a high-quality situation. The bad thing about this method is that a lot of ideas will not happen as expected; that's why patience is extremely important. But if you learn how to become patient is an excellent way of trading, and a massive edge against investors that lack patience.
Thanks for reading! Feel free to share your view and ideas about the post of the chart in the comments box.
There is a curious thing about this chart, and that's the dynamic support it has been working on since Jun 2020. We have been observing several contacts since that date, and it tends to respect it pretty well.
Alright, nice line, but what then? Okay, the idea here is either the price has already made contact with it or is close to making it. AND it may be a relevant situation to start thinking about bullish setups.
As you may know, the way we trade is about looking for similar situations to the current one and creating a model on WHAT we want to see before risking one single dollar. Here are our conclusions:
-The price is making contact with a relevant dynamic support level
-The price is inside a descending structure
-IF we have a clear breakout of this structure, we want to observe a corrective pattern with similar proportions as the ABC draft we made on the chart. This is a similar sequence that has been happening since 2020
Do you want to know whats the best thing about trading this way? If the price does not make the filter we are expecting; I don't give a..... because I don't trade it, and I will be paying attention to other charts that have moved accordingly to the expected filters.
Under this method, the only guarantee you have is that when the price makes what you are expecting, you know you are in front of a high-quality situation. The bad thing about this method is that a lot of ideas will not happen as expected; that's why patience is extremely important. But if you learn how to become patient is an excellent way of trading, and a massive edge against investors that lack patience.
Thanks for reading! Feel free to share your view and ideas about the post of the chart in the comments box.