Not to long entry level yet for this pattern..
Long entry is a break of the BC leg in an uptrend. You may see something different than I do..we all see differently and is what makes the world go around..
To look at this chart, it looks like WDAY may pull back some more..dunno and could pop to a new high tomorrow..lol.. Looking at the RSI etc, just looks to be struggling a bit here. Almost like it may go to C ??
ABC patterns are considered a measured move down that is nestled within a larger measured move up as a rule with D being the target. They can also be part of larger harmonic patterns as well..It is a correction move and targets are calculated using the AB leg and a stop goes under C as a rule,,the closer you are to C, the safer you Usually are, yet also, entering below hard R can stop you in your tracks..so there is a balance there for sure..
If it goes under C, then time to have a stop in place so it will catch you.
I have not been using volume profile for long, and only use it when unsure, (but we can never be really sure (o:) but this one is trying to go under the POC (point of control). I look at this chart, and I do see a bit of a struggle, hence, I felt unsure..During my brief experience with this indicator, I have noted the POC as well as other parts of this indicator can serve as S&R, so being under the POC could possibly add a bit more struggle for WDAY. Anyone who knows this indicator, please comment because I am relatively new to using it..
Anyway, Cautiously long
By no means a recommendation..
Long entry is a break of the BC leg in an uptrend. You may see something different than I do..we all see differently and is what makes the world go around..
To look at this chart, it looks like WDAY may pull back some more..dunno and could pop to a new high tomorrow..lol.. Looking at the RSI etc, just looks to be struggling a bit here. Almost like it may go to C ??
ABC patterns are considered a measured move down that is nestled within a larger measured move up as a rule with D being the target. They can also be part of larger harmonic patterns as well..It is a correction move and targets are calculated using the AB leg and a stop goes under C as a rule,,the closer you are to C, the safer you Usually are, yet also, entering below hard R can stop you in your tracks..so there is a balance there for sure..
If it goes under C, then time to have a stop in place so it will catch you.
I have not been using volume profile for long, and only use it when unsure, (but we can never be really sure (o:) but this one is trying to go under the POC (point of control). I look at this chart, and I do see a bit of a struggle, hence, I felt unsure..During my brief experience with this indicator, I have noted the POC as well as other parts of this indicator can serve as S&R, so being under the POC could possibly add a bit more struggle for WDAY. Anyone who knows this indicator, please comment because I am relatively new to using it..
Anyway, Cautiously long
By no means a recommendation..