A nice descending triangle with 7 touch points. My backtesting has shown me that often the oscillations get closer as the triangle gets closer to its apex, and we see here that this behaviour is very strong.
The key here will be the open of next weeks trading, where we will see whether it will break above the descending line and ruin the triangle or if the market will start in a downtrend and move towards the support line.
If there is another move towards the support line I expect a break and will go short. (I am currently testing profit-taking at previous structural forms.)
The key here will be the open of next weeks trading, where we will see whether it will break above the descending line and ruin the triangle or if the market will start in a downtrend and move towards the support line.
If there is another move towards the support line I expect a break and will go short. (I am currently testing profit-taking at previous structural forms.)
Trade active
Comment:
I expect a pull back before a downward move towards the target.
Trade closed: stop reached:
Target just about missed and then rallied to the SL.
