The idea in my last TA was, that we will stop downtrend above 400 resistance area. So we did. But whats next? We have seen much sidewards movement during the last days. And now we come to a crucial point.
As u can see in graph, a symetrical triangle was formed in the last 2 weeks. Market will make a decision, up or down ...
In my opinion we will see much bullish movement in august. It's not likely that we will break through our resistance area. So we can use this. If we enter the trade now, we can set our SL short below the 400 magic line, and could go all the way up to 741 where our 78% fib retracement line is.
If we want to, we can split our position into 3 parts.
TP1: 618 TP2: 669 TP3: 741
based on fib retracement, giving us fantastic RR.
Happy trading! Keep cool during hot days.
!! Mention: This is my personal opinion, no trading advice. Its your money, your trade, your risk and your responsibility. Feel free to contact me private for further details or just chatting. Regards
********** PS: please give me feedback about coloring ... too much? thank you **********
No, the coloring is fine. It's helpful in this particular chart.
tkennedy7979
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Wrong. A symmetrical triangle is bears in a downtrend...
junoooo
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@tkennedy7979, usually u are right ...
But ... the breakout for a symetrical triangle to be a trend conformation formation hast to be before 3/4 of its length. We have passed this point. The triangle looses it's power.