Triangle formation on short time frame, look for short entry
Key Levels :
81.2 - 81.8 - we might see significant support in this zone
Observations :
1 - Trendline support is drawn based on more short term basis and I think is more validated than most I've seen posted here as there has been numerous bounce from it as indicated in the chart
2 - Current formation for a catalyst pattern on breakout is support by trendline parallel to said trendline in point 1
3 - There might be a formation for a ascending triangle / rising wedge / parallel action in the pattern as indicated in the red box
Trade plan :
1 - I prefer to look for shorts entry here, but there is a small possibility for prices to return to trend based on a break up on a symmetrical triangle that has formed. But the current formation favors shorts
2 - I will not enter short here because it can form either a ascending triangle which is preferable or a rising wedge and parallel channel which is less desirable as there's more room for prices to increase
3 - Once entered, will target 81.2 - 81.8 for take profit
Will update accordingly
Key Levels :
81.2 - 81.8 - we might see significant support in this zone
Observations :
1 - Trendline support is drawn based on more short term basis and I think is more validated than most I've seen posted here as there has been numerous bounce from it as indicated in the chart
2 - Current formation for a catalyst pattern on breakout is support by trendline parallel to said trendline in point 1
3 - There might be a formation for a ascending triangle / rising wedge / parallel action in the pattern as indicated in the red box
Trade plan :
1 - I prefer to look for shorts entry here, but there is a small possibility for prices to return to trend based on a break up on a symmetrical triangle that has formed. But the current formation favors shorts
2 - I will not enter short here because it can form either a ascending triangle which is preferable or a rising wedge and parallel channel which is less desirable as there's more room for prices to increase
3 - Once entered, will target 81.2 - 81.8 for take profit
Will update accordingly
Trade chiuso: obiettivo raggiunto
close enough lol
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.