USDCAD - Breaking the triangle towards 200MA
Hi Traders!
As you can see the market is in an uptrend.
The market broke out of the daily trendline before.
Then it stopped at daily resistance and is now consolidating.
Now there are two opportunities:
1. The market needs support of the 200 MA. That's why it breaks out downwards of the triangle. The SL is above the triangle and the TP is at daily support & SMA 200.
2. The market is actually forming the bullish triangle pattern. It'll break out once of the trendline and than out of the daily resistance. Even though this is a well-known pattern, we decided to take the first one, because there the market only need to break one structure. To fulfill this pattern, the market needs to break two structure.
We recommend to wait for a confirmation.
Thanks and good luck :)!
As you can see the market is in an uptrend.
The market broke out of the daily trendline before.
Then it stopped at daily resistance and is now consolidating.
Now there are two opportunities:
1. The market needs support of the 200 MA. That's why it breaks out downwards of the triangle. The SL is above the triangle and the TP is at daily support & SMA 200.
2. The market is actually forming the bullish triangle pattern. It'll break out once of the trendline and than out of the daily resistance. Even though this is a well-known pattern, we decided to take the first one, because there the market only need to break one structure. To fulfill this pattern, the market needs to break two structure.
We recommend to wait for a confirmation.
Thanks and good luck :)!
Comment:
The red box another time in BIG:
Trade active:
Hey Followers!
The market broke the area, retested it (two green candles) and is moving further now.
Let's see how many pips we can get!
Have a nice day :)
The market broke the area, retested it (two green candles) and is moving further now.
Let's see how many pips we can get!
Have a nice day :)
