Trendline break after price hits the top of the triangle
There are two trendlines here. One is that big trendline that forms the big triangle.
Another is the channel that formed when price moved to attack the top of the triangle trendline.
Initiated a short when price broke below 20EMA and formed the momentum bearish bar.
Hoping for a 30 pip TP with a 20 pip SL for a 1.5:1 RRR
Another is the channel that formed when price moved to attack the top of the triangle trendline.
Initiated a short when price broke below 20EMA and formed the momentum bearish bar.
Hoping for a 30 pip TP with a 20 pip SL for a 1.5:1 RRR
Trade closed: stop reached:
I totally misread this.
What I did wrong
On the higher timeframe (4H) the candles are all green. In fact there were 11 green candles before that big red one. Its such a bullish trend if I look at it at that pov. One red candle does not invalidate all 11 previous green candles.
What I did wrong
On the higher timeframe (4H) the candles are all green. In fact there were 11 green candles before that big red one. Its such a bullish trend if I look at it at that pov. One red candle does not invalidate all 11 previous green candles.