On the EURCAD chart we can see an ascending triangle.
As shown I'm going in with a very early entry. At the moment we have a slightly oversold RSI (29) and a support that looks like it's doing its job for the fourth time.
I will keep a stoploss slightly under the support but with still enough room for false breakouts.
Hope this will workout like my last ascending triangle on NZDJPY on 12 february, this is the second time spotting this pattern so I do see this as extra educational.
Thanks for reading and as always you're likes and feedback are welcome!
Wesley
As shown I'm going in with a very early entry. At the moment we have a slightly oversold RSI (29) and a support that looks like it's doing its job for the fourth time.
I will keep a stoploss slightly under the support but with still enough room for false breakouts.
Hope this will workout like my last ascending triangle on NZDJPY on 12 february, this is the second time spotting this pattern so I do see this as extra educational.
Thanks for reading and as always you're likes and feedback are welcome!
Wesley
Trade closed: stop reached:
I do see a falling wedge as seen on the left. This will hopefully going to bring us back in the triangle and at the same time shows this support breakout of the ascending triangle is fake.
The stoplos as set in the first case is wide enough to handle this wedge.
I will keep updating this later on.