The market structure has been Bullish on a higher time frame. The price has been moving in the ascending triangle for a long time. In addition to this, the cup and handle can also be seen which makes it a high probability setup. The target of Ascending triangle and Cup & Handle are almost overlapping in the 620-630 zone.
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
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P.S:This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk.
As a new investor, I am not getting this point. please can you elaborate. Thank you for your Ideas.
"The target of Ascending triangle and Cup & Handle are almost overlapping in the 620-630 zone"
johntradingwick
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@harshadgodse03, Hi. If you are new, then you should probably read about the target objective/measuring objective of different patterns. Trust me, it'll help you in the long run. For example: In the cup and handle pattern, the target after the breakout is taken equal to the depth of the cup. Likewise, in an ascending triangle, the target is taken as the depth/height of the triangle.
In the case of this chart, the target of both the patterns is coming out to be somewhat equal, in the 620-630 range.
Let me know if you have any more queries.
harshadgodse03
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@imfamousrajat, Thank you so much for your response. You really explained it in a very simple way. I got your point clearly. keep it up. gbu.
johntradingwick
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@harshadgodse03, No worries, mate. Stay tuned if you want to learn about patterns, I will create some useful threads soon. :)
"The target of Ascending triangle and Cup & Handle are almost overlapping in the 620-630 zone"