- Price broke down triangle
- Daily candle close under it
After 100 like I will do all updates and will write S/L and T/P points it there will be an entry
There will be new sell entry if daily candle will close under $1276
I wait on confirmation
I wait when the price will come close to $1288 there could be a good entry point
Our basic scenario. Price come to key level $1288 make fake broke and 1hour candle close under it - that will be that best sell signal
There will be a Buy signal if the price will break up $1288 and 1-hour candle will close above it.
That will be the best buy signal
A busted triangle is a breakout in which prices moves <5% and then returns to the pattern and breaks out other side. NB If you see a busted pattern and the new breakout confirms. (Close outside triangle).... trade the new direction and enjoy the ride. Encyclopedia of chart pattern page 756.