Zoomed in Daily chart above. We're in a triangle consolidation with mid-range Stochastics. Candlestick patterns in this environment aren't very helpful. What is helpful is that today's candle closed about 75% above today's low. But, we have 4 small body candles in the last 5 trading days. Looks like a lot of indecision right here. We're below all the moving averages. Chart looks pretty weak.
We did close below the 8ema but it would be more reasonable to wait and see how we break out of this triangle. Especially since we have fixed maximum loss due to using options, and we're near max loss now.
The Gartley pattern we're trading has 65-75% success rate, where success is reaching .618AD or higher.
The chart looks discouraging but the decision is to hold.
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