The price reached the bottom line of the pattern, and we should focus on the price action in this zone. If the price bounces, we will have a buy opportunity. and support the reversal and further upward movement. Also, we have a trend reversal signal based on a . We just need to get a good candle at this zone.
Pending orders for buy can be placed above the local swing high. Stop orders must be placed below the local swing low. Profit targets should be at the upper line of the triangle.
If the price breaks the triangle, it will give us a signal from the daily and the 4H timeframes. I would like to place pending orders for sell below the local swing low, just in order to get an additional confirmation that the market is going to move downward.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.