$CHX Europe Stock Market trade of the week$FRE.D-CHX 6 timeframe Buy. On April 12 we received a 6 Time frame Ichimoku Buy Email alert for $FRE.D-CHX, Fresenius for the $CHX European stock market. Here is the email alert received.
The entire week, we did not get many multiple time frame email alerts. Patience is the key to this business. Sometimes it better to be at zero than to be negative. This was the case for the Europe stock market this week. Below is the only 6 time frame buy email alert we got and the thought process behind not taking it.
Below is the 60m chart provided by eSignal.
The setup occurred within an “ugly” consolidation pattern. We say “ugly” because there was no constant support for this pattern i.e bottom. In fact, the pattern resembles an inverted “head and should” pattern. The resistance at 75.50 is the neckline.
A pull back would be too risk. A breakout would be done because the entry would be above the “neckline” resistance but the reward/risk would be bad.
Therefore, this is a trade we did nothing but just observe.
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