Drawing lines with Boeing Airlines.

After analysing the possible setups with Bombardier, a friend asked me to check out other aircraft manufacturers.

Enter Boeing Airlines.  The first few lines and arrows  on the monthly candle chart (10 years) show us two targets from a long (3 year) and longer base (7 year) formation. The 3 year classical chart ascending triangle formation has reached it’s target. The 7 year base is currently in progress towards it’s target.

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The weekly candle chart (5 years) shows us a consolidation pattern with two possible targets.

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Zoom in on the daily candle chart (1 year) and we can see the diagonal upper resistance line is close to being tested.

I’m waiting for a breakout above the next important horizontal resistance line before taking a position (that is why the bullish target arrow is above the horizontal line, not the diagonal one). I believe horizontal support or resistance breakouts have a higher probability of reaching it’s target than a diagonal breakout’s implied target.

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So there you go. Lots of lines and arrows, to show there are always two sides to a trade. You have to accept both directions as possibilities. Either which way, when my alerts are triggered, I’ll come back to this chart and see if the ri:re gives my risk management protocols an A+ setup.

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