Some financial news articles are saying that the Pound is breaking up from a symmetrical triangle.
I say it's reaching the top of an ascending triangle.
I don't know if it's a slow news day or if they're looking for suckers to buy a false rally, but this looks like a much more likely place to short than long to me.
+ Overbought on 1D and 12H
+ About to run into strong horizontal resistance
+ Running into 12H 200 EMA/SMA ribbon
+ About to run into 1D 200 EMA/SMA ribbon
I'm not suggesting you trade this, but I will.
To minimise the risk of an actual bullish breakout for some reason I'll wait for a rejection from this confluence of resistance. So that I can still get a reasonable entry, my trigger will be a break of the 1H ATR with a multiple of 3. Tight stop on a local high or ATR. I'll probably take profit, if I don't get stopped out, at the bottom of the triangle and reload at the top again or on a break downward.
Indicators used: Built-in 200EMA, 200SMA, ATR + Trailing Stops, Price Action Trend Overlay | Simple
Disclaimer: This is not advice. Trade safe!
I say it's reaching the top of an ascending triangle.
I don't know if it's a slow news day or if they're looking for suckers to buy a false rally, but this looks like a much more likely place to short than long to me.
+ Overbought on 1D and 12H
+ About to run into strong horizontal resistance
+ Running into 12H 200 EMA/SMA ribbon
+ About to run into 1D 200 EMA/SMA ribbon
I'm not suggesting you trade this, but I will.
To minimise the risk of an actual bullish breakout for some reason I'll wait for a rejection from this confluence of resistance. So that I can still get a reasonable entry, my trigger will be a break of the 1H ATR with a multiple of 3. Tight stop on a local high or ATR. I'll probably take profit, if I don't get stopped out, at the bottom of the triangle and reload at the top again or on a break downward.
Indicators used: Built-in 200EMA, 200SMA, ATR + Trailing Stops, Price Action Trend Overlay | Simple
Disclaimer: This is not advice. Trade safe!
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