TORNTPHARM formed a triangle pattern on daily chart with multiple test of support and resistance. Price broke out of resistance and subsequently retesting now support (previous resistance line). Looking at the aggressive bears once brought the price down compared with recent swing low, it appears bears aggressiveness has weekend. Also the recent swing high shows bulls are aggressive. Wait for the price to bounce back from support before entering long. Stop loss can be held just below recent swing low. with Target the larger width of triangle. This would be a low risk trade with potential 1:3 risk reward.
Hope you liked this idea. If so please boost this idea so others can benefit from it or leave a comment below on your thoughts on this setup. I'll be glad to hear from you. Otherwise, happy trading :-)
Hope you liked this idea. If so please boost this idea so others can benefit from it or leave a comment below on your thoughts on this setup. I'll be glad to hear from you. Otherwise, happy trading :-)
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
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"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
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.