Hi All ,
As you can see price is inside a downward Triangle . Trading triangle always gives us two scenario , a sell from the top of the triangle and a buy from the bottom of the triangle for consolidation .
1.29131 is where we have to watch for any reversal , if that support line breaks , Then our first Buy limit will be located just at 1.28685/1.28666 with SL 1.28056 where TP1 would be 1.29131 previous support turned resistance . 99% of time when price hit the bottom of the triangle there's always a retest , so we close the buy if TP1 hit / move SL into Profit . Then Patient is needed if price hit resistance i.e break or pullback to support , where we would open a buy 1.27079 . with SL 1.26024
Many Thanks.
As you can see price is inside a downward Triangle . Trading triangle always gives us two scenario , a sell from the top of the triangle and a buy from the bottom of the triangle for consolidation .
1.29131 is where we have to watch for any reversal , if that support line breaks , Then our first Buy limit will be located just at 1.28685/1.28666 with SL 1.28056 where TP1 would be 1.29131 previous support turned resistance . 99% of time when price hit the bottom of the triangle there's always a retest , so we close the buy if TP1 hit / move SL into Profit . Then Patient is needed if price hit resistance i.e break or pullback to support , where we would open a buy 1.27079 . with SL 1.26024
Many Thanks.
Comment:
Buy limit will be located just at 1.28685/1.28666