Symmetrical Triangle Traded On EURCHF Currency Pair (2021APR29)
Trading the Symmetrical Triangle on EURCHF Currency Pair using the H4 Chart. Wait for a close below diagonal support level. After the candlestick closed below the level, diagonal support turned resistance. Next, wait for price pull back to the resistance line for the retest. Watch for a pin bar or rejection candle to form. The ideal condition is to have a pin bar form on the retest of the diagonal resistance line. The pin bar will form on the EMA 10, EMA 20, and diagonal resistance line for perfect ideal condition.
Here are the three ways to enter.
Enter at closing price of the pin bar, break of the pin bar nose with a sell stop order, or 50% Fibonacci Retracement of the pin bar with a sell limit order.
Stop Loss is place 5-10 pips above the pin bar tail. Or stop loss is placed above the break out candle.
Take Profit is the first point of the trend line. In this case, the take profit level is 1.09756
Pin Bar is date 29 April 2021 time 16:00.
Here are the three ways to enter.
Enter at closing price of the pin bar, break of the pin bar nose with a sell stop order, or 50% Fibonacci Retracement of the pin bar with a sell limit order.
Stop Loss is place 5-10 pips above the pin bar tail. Or stop loss is placed above the break out candle.
Take Profit is the first point of the trend line. In this case, the take profit level is 1.09756
Pin Bar is date 29 April 2021 time 16:00.