olly_price

GBPUSD watch for a close above or below

FX_IDC:GBPUSD   British Pound / U.S. Dollar
Ascending triangle with 5 hit points, so I am waiting for a break out at the 6th , 7th or 8th.

Ascending triangles are bullish , but the very good previous structure on both sides suggests to me that it could break out either way, so I will be open to trading either break (looking for a close outside of the triangle).

Profit targets are obviously at the previous structure as indicated by the horizontal black lines.
Comment: Hit point 6.
Trade active
Trade closed: target reached: Yehhhhh
Good trade. I always get burned trading triangles for some reason.
+1 Reply
olly_price davidb789
Thanks a lot man! Check out my previous ones on my account (there's about 6 or 7), I usually get really good results from the way I trade them, are there any significant differences to the way you trade them? Make sure you always look for good previous structure and at least 5 hit points (I have found this works best for me). Also, regarding this trade, there is a good chance it could reach around 1.418 based on that big structure low on the left. (However I won't make this trade because you shouldn't really trade ascending triangles bearishly as it is haha.)
Reply
davidb789 olly_price
No significant difference. Triangles just dont like me. If I would have shorted that trade Im telling you dude. It would have broke to the down side, immediately reversed for a retest, broke through and shot to the moon. Sooo...your welcome. lol
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olly_price davidb789
Haha, maybe I'm having a lucky streak and will soon get 7 bad losers in a row.
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olly_price davidb789
p.s. reckon you could like the post?
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