Contrary to most of the trader's opinion, symmetrical triangles are not always continuation patterns, they can also act as market tops.
EUR ZAR completed a symmetrical triangle top pattern last week, since then it has broken down from it and now it's back to the previous support zone that should now act as resistant.
This setup provides a 3 to 1 R trade to take.
Comment
⋅
Comment
⋅
It has been moving very slowly. but it has reached the previous swing low already. I don't mind taking some profit here just in case it gets supported here again and morphs into another pattern.
Comment
⋅
scaling out of this position
Trade closed: target reached
⋅
Comment
⋅
Comment
⋅
Although the initial target was lower but had to exit this trade due to a few exit signals, which saved a lot of pips.