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I had to revisit this analysis and conclude on something more valid and convincing.
Here is my submission on the fact that it will likely sell hard as shown:
- This is more of a symmetrical triangle - a typical trend continuation pattern;
- The trend that ushered in the triangle is a sell that was rejection at a key resistance level;
- The very next likely move is a sell back to the rising bottom of this symmetrical triangle;
- The best way to trade this triangle is to wait for a breakout and a retest and then aim for the best TP;
Sell @120.40
SL @121.20
TP1 @119.20
TP2 @117.20
TP3 @115.20
Note that nothing is fixed in this market. Hence you have no control over it. But you can control
yourself by controlling and moderating your risk and protecting you capital and your psychology. STAY SAFE!
DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is for
educational purposes only and they are my personal views on this assets. If anything goes south, I am not liable.
Also, know that forex is a high risk and reward business. So, do not trade with borrowed money or the one you
can not afford to lose.
I had to revisit this analysis and conclude on something more valid and convincing.
Here is my submission on the fact that it will likely sell hard as shown:
- This is more of a symmetrical triangle - a typical trend continuation pattern;
- The trend that ushered in the triangle is a sell that was rejection at a key resistance level;
- The very next likely move is a sell back to the rising bottom of this symmetrical triangle;
- The best way to trade this triangle is to wait for a breakout and a retest and then aim for the best TP;
Sell @120.40
SL @121.20
TP1 @119.20
TP2 @117.20
TP3 @115.20
Note that nothing is fixed in this market. Hence you have no control over it. But you can control
yourself by controlling and moderating your risk and protecting you capital and your psychology. STAY SAFE!
DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is for
educational purposes only and they are my personal views on this assets. If anything goes south, I am not liable.
Also, know that forex is a high risk and reward business. So, do not trade with borrowed money or the one you
can not afford to lose.