Here's a quick look at CHR 2 hr chart. As we can see, the price has printed a bigger symmetrical triangle and we could see a break to the upside soon. The price will probably revisit previous ATH when it breaks out. Definitely one to keep an eye on. The best entry would be, when the price breaks above the symmetrical triangle with good amount of volume . ------------------------------------------- The idea is: Buy the breakout from the symmetrical triangle and take profits at the levels shown in the chart.
Targets:
- Profits can be taken in the resistance zone . 1. 1.38$ 2. 1.42$ 3. 1.7$ ------------------------------------------- What are triangles when it comes to trading?
Key points: "1. In technical analysis , a triangle is a continuation pattern on a chart that forms a triangle-like shape.
2. Triangles are similar to wedges and pennants and can be either a continuation pattern, if validated, or a powerful reversal pattern, in the event of failure.
3. There are three potential triangle variations that can develop as price action carves out a holding pattern, namely ascending, descending, and symmetrical triangles."
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