EOSUSD
tested the multiyear trendline and held, On the 1D we observe an inverted three rising valley pattern (quite visible on the inverted chart) which is an indication of the short term reversal. targets for the completed pattern is $4.79 i indicate take profit zones to manage the trade
The trade is invalidated if price trade below $2.45.
Comment:
i felt i should update this idea as its about a week old. As more data comes through the reversal pattern get more obvious on lower time frames. A potential Ascending triangle is in the making.
Trade closed: stop reached
Comment:
i feel i should update this idea.
this update is just to highlight my mistake while i initially interpreted price action
the trade idea or pattern is very much valid or correct but i failed to recognize the fractal occurring within this pattern
we can observe price action formed a mountain (red) and a hill(red) in two consecutive sequence . hence i should have expected the hill to form before the expecting next mountain
The fractal could also be represented as these triangles
this update is just to highlight my mistake while i initially interpreted price action
the trade idea or pattern is very much valid or correct but i failed to recognize the fractal occurring within this pattern
we can observe price action formed a mountain (red) and a hill(red) in two consecutive sequence . hence i should have expected the hill to form before the expecting next mountain
The fractal could also be represented as these triangles
Trade closed: target reached:
yh..it took a while and some detours but in the end the market played out very well
