Maker seems to be getting ready to break up this triangle📐 and if successful I think there is chance for run to 5760 and even higher. MKR been money maker lately (see related idea), so I hope this ATM🏧 is still working! There are 2 different SLs, one tight, one wide. I will split the position into two (equal size) and will go with both SLs.
- ENTRY: local high @ 4151
- SL1: local low @ 3934
- SL2: local low @ 3568
- TARGET: height of the triangle projected from midpoint of the local range (BUY STOP-LMIT - SL1) @ 5760
- RRR with SL1: 7.4
- RRR with SL2: 2.75
- INVALIDATION: when SL level hit
Comment:
SL1 has been breached thus I did revision of the setup. New SL and TP. Entry remains unchanged. The new SL is wide enough, so I will not split the position as originally planed, but I will go just with one full size trade with SL @ 3873.
- ENTRY: local high @ 4151
- SL: local low @ 3873
- TARGET: height of the triangle projected from midpoint of the local range (BUY
- STOP-LMIT - SL) @ 5730
- RRR: 5.7
- INVALIDATION: when SL level hit
Comment:
*the "TARGET" row and the line below should be one row actually (made typo), like this:
- TARGET: height of the triangle projected from midpoint of the local range (BUY STOP-LMIT - SL) @ 5730
Comment:
SL breached again without triggering the trade. New SL 3843, new TP 5720, Entry same as before. Actual RRR is 5.1. It will prolly break out overnight, so I will not be able to update this idea. Basically any new lower low would require to update the SL to this new low, until the price breaches the low "X" (orange dotted line).
Comment:
...breaching the low X would mean invalidation of the whole pattern.
Trade active:
Order filled
Comment:
Backtested the range high (BUY STOP-LIMIT) twice while consolidating in another triangle (orange). Looks good!
Trade closed: target reached:
WOW, what a powerful⚡ bounce from the trendline! Then just straight to the Target.🎯 Awesome!
Comment:
Next Target 6630
