Hi guys, here on the Cable the market is in consolidation hence inside a symmetrical triangle. A BO either up or down is an opportunity for us to enter for a trade and for targets we could go and manage it with a fixed max potential TP on a pattern completion by which if it breaks to the upside we could go and LONG and target would be on a bear pattern completion. Same goes if it does break to the downside, our target would be atleast on a bullish butterfly pattern completion (127.20% confluence with the 78.60% fib ret level) down to the Bull Bat pattern at the 88.60% fibonacci level and goes same for a LONG opportunity depending on future price action/market sentiment. Caveat.
Personally my long term call on this market is bullish, so once a bear pattern is completed like here as for a potential bearish Gartley pattern I would like to wait for signals or confirmation if I could short this.
Comment
⋅
BO above, candle close in the HR 4 above our trendline will look for LONG/BUY position on the LTF.