$GNFT Twin Tower Pattern - Video and Transcript
On December 20, 2021, Turbo Trading's Head Trader Robert Knight, MBA, takes a look at the pattern formed on stock $GNFT. He goes on to explain the importance of recognizing this pattern. A transcript is below the video.
This is a video analysis of what we call the twin tower pattern; this $GNFT had a nice strong rising channel all day long. And we see on the, on the daily, it gapped up, on Friday and then tried to get back up through it today and failed at the top there. But if we look at the two-minute chart here, so it ramps its way up, and then it really starts to accelerate into the trades sharply up through the $5.75 resistance on big volume.
But then it makes his two long wicks, double top, and we called this - Tyler calls us the twin towers. And so we can see that you get these two big, long wicks up.
The second tower is red and trades below the first tower. You would look for that to sell-off. Sure enough, it pops a bit, and then boom gets, it gets, sold off even sharper. So whenever you see this type of pattern, and it breaks through this breakout, you need to get out of that trade.
Now that sold off very sharply. So you might not have had some time initially, but if you're in this trade and it popped like that, scale some out, but you see this pattern that you need to get out of the balance of the trade because you know, it's going lower.
