I see the trend continuing as shown, higher lows to be pushed to support at 1.25000, been caught on small day trades and misdirection from this pair today so decided to take a step back and look longer term what potential the stock has to offer! good luck
Comment:
could see a double top pattern forming if it breaks the resistance, no change in pattern continue to hold through and wait for drop.
Comment:
as we can see the stock broke trend line, could be exaggeration of pattern still returning to within the trend pattern, trade idea stays the same and continue to wait for return to resistance and keeping focused on the behaviour on the stock
Comment:
this could also be the bounce happening earlier within the pattern to look for entry but careful with stop loss set, the analysis might've been a bit longer than the actual pattern of the stock the bounce off the resistance could've occurred already
Comment:
pattern could now be using trend line as resistance and getting rejected showing downtrend
Trade closed: stop reached:
stop loss had to be used on this trade, the trade formed a strong buy squeeze as I have updated chart, will put picture in next comment, complete misread of chart and didn't stick to strict buy in rules, where we wait for break of pattern in our favour, all is still well as other two positions are forming almost perfectly!
Trade closed: target reached:
had a small sell still open from Friday I had placed a stop sell that I hadn't remembered to get rid of, the trade played out perfectly and profit was taken a little early but profit is profit, sell stops placed in a good position should always pay off just remember a stop loss!