There is an ascending triangle pattern nearing the top on BinanceCoin/Bitcoin 4HR pairing.
Although we are near the top there is still some room left for another down move before actually breaking,
meaning we are NOT ready to trade quite yet.
Triangles are generally a "bilateral pattern" allowing for a breakout in either direction,
however the ascending ones are generally looked at as bullish. Either way wait for a bar to fully close beyond the pattern.
Our basic trading plan is as follows:
Entry: After a solid break and close above the pattern ( or after 1 full bar closes above for full confirmation).
TP: Expects a 0.0006157 move * 0.70 (chance of success 70%) = ~0.0004309 from breakpoint.
SL: Previous swing low, currently ~0.002466 but will change if im correct about the coming down move.
If we break here it will be approx 1.62 R/R, better if we get that final down move from here.
Pattern info: thepatternsite.com/at.html
Although we are near the top there is still some room left for another down move before actually breaking,
meaning we are NOT ready to trade quite yet.
Triangles are generally a "bilateral pattern" allowing for a breakout in either direction,
however the ascending ones are generally looked at as bullish. Either way wait for a bar to fully close beyond the pattern.
Our basic trading plan is as follows:
Entry: After a solid break and close above the pattern ( or after 1 full bar closes above for full confirmation).
TP: Expects a 0.0006157 move * 0.70 (chance of success 70%) = ~0.0004309 from breakpoint.
SL: Previous swing low, currently ~0.002466 but will change if im correct about the coming down move.
If we break here it will be approx 1.62 R/R, better if we get that final down move from here.
Pattern info: thepatternsite.com/at.html
Order cancelled:
Trade cancelled as pattern failed, and broke out of the bottom.