$ICE A Setup I Would Pass On

8 apr 2021

Sharing this as an example of a setup that I would pass on. While the symmetrical triangle pattern looks appealing for a breakout trade setup, the constant higher than average volume on down days (Red arrows on volume bars) is indicative of distribution within the pattern vs accumulation. Its better to avoid setups with such characteristics. It might still work, but remember, its not about this one trade but rather about your ability to execute on the highest probably trades, and a patterns with such volume profile are prone to fail more often than not.