USD/BRL - 22 months SYMMETRICAL TRIANGLE
═════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
This is a very good pattern and this pair, as we can see, has proven to be quite reliable in terms of classic charts (weekly chart shown).
Prices appear to be firmly below the 200 days EMA and, after spending a month testing the lower boundary (which we always like to see), are now attempting a breakout. A valid breakout would also breach the ten-and-a-half-year trendline which is a great sign when we are looking at a reversal pattern like this seems to be.
Be aware that target area is just below the very solid previous level at 4.2000.
As we said many times, such a large pattern normally makes it very difficult to say at what price level we can label a breakout as "valid", this could easily be only a deep test of the multi-year trendline.
Moreover, Symmetrical Triangles are the one of the Classical Patterns with the most "morphing options" due to its both sloping boundaries.
So, no doubt to at least to wait for the weekly close to evaluate this opportunity also because prices are now dealing with the second main pivot point which formed the pattern (and so a previous level) at 4.8200. I would expect a pull-back to re-test the lower boundary and/or the multi-year trendline most of the times.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
This is a very good pattern and this pair, as we can see, has proven to be quite reliable in terms of classic charts (weekly chart shown).
Prices appear to be firmly below the 200 days EMA and, after spending a month testing the lower boundary (which we always like to see), are now attempting a breakout. A valid breakout would also breach the ten-and-a-half-year trendline which is a great sign when we are looking at a reversal pattern like this seems to be.
Be aware that target area is just below the very solid previous level at 4.2000.
As we said many times, such a large pattern normally makes it very difficult to say at what price level we can label a breakout as "valid", this could easily be only a deep test of the multi-year trendline.
Moreover, Symmetrical Triangles are the one of the Classical Patterns with the most "morphing options" due to its both sloping boundaries.
So, no doubt to at least to wait for the weekly close to evaluate this opportunity also because prices are now dealing with the second main pivot point which formed the pattern (and so a previous level) at 4.8200. I would expect a pull-back to re-test the lower boundary and/or the multi-year trendline most of the times.
- Pattern Class: 🌕🌕🌕🌕🌕
- Target area: 4.1100
- Breakout area below: let’s see, my sweet spot would be somewhere below 4.7800 after a pull-back
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════