We hit our initial triangle breakout target; also hit resistance

4 lug 2018

As I anticipated in my last idea, we would likely meet resistance once we reached the top trendline of the symmetrical Pink Triangle. This has now happened and we are currently consolidating into a bit of a potential bull flag or bart pattern. I exited as close tot he top as possible and have a stop buy back set up a few pips above the top trendline of the pink triangle. We also have the 4 hour 200ma (in blue) teaming up with the pink triangles top trendline to add more resistance into the mix. There's a decent likelihood here we could bart simpson back down to the bottom trendline of the pink triangle (creating a higher low) before bouncing up again. Also a good chance we could once again break upward from our current consolidation bull flag style. By exiting with a stop buy back a few pips above the triangle, it enables me to avoid any kind of dip back down, and the best opportunity will be if I can buy back in right at the bottom trendline of the triangle. If it decides to continue breaking upward however I have only lost a very insignificant amount by the time my stop buy is triggered and then I have far more confidence at that level we will continue to go up from there as we will have jumped most of the immediate sell wall hurdles. Just my own strategy and not meant to be financial advice of course. Good luck with whatever strategy you choose to employ and thanks for reading!