Hi All ,
As you can see price is inside a downward Triangle . Trading triangle always gives us two scenario , a sell from the top of the triangle and a buy from the bottom of the triangle for consolidation .
1.29131 is where we have to watch for any reversal , if that support line breaks , Then our first Buy limit will be located just at 1.28685/1.28666 with SL 1.28056 where TP1 would be 1.29131 previous support turned resistance . 99% of time when price hit the bottom of the triangle there's always a retest , so we close the buy if TP1 hit / move SL into Profit . Then Patient is needed if price hit resistance i.e break or pullback to support , where we would open a buy 1.27079 . with SL 1.26024
Many Thanks.
As you can see price is inside a downward Triangle . Trading triangle always gives us two scenario , a sell from the top of the triangle and a buy from the bottom of the triangle for consolidation .
1.29131 is where we have to watch for any reversal , if that support line breaks , Then our first Buy limit will be located just at 1.28685/1.28666 with SL 1.28056 where TP1 would be 1.29131 previous support turned resistance . 99% of time when price hit the bottom of the triangle there's always a retest , so we close the buy if TP1 hit / move SL into Profit . Then Patient is needed if price hit resistance i.e break or pullback to support , where we would open a buy 1.27079 . with SL 1.26024
Many Thanks.
Note
Buy limit will be located just at 1.28685/1.28666
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.