Price broke out over the weekend above the previous supply zone at ~0.32700 and gained over 50% at its peak in 24 hours. The last time price broke this zone, price rallied 1400% in 4 weeks. Price has consolidated and created an ascending triangle pattern and I’m currently waiting for the triangle to break and a candle to close above 0.47400. There is a minor resistance at ~0.53500 which will be TP1 and TP2 will be set just short of 0.60000. SL will be set just below the new support at ~0.46000. If the triangle breaks to the downside, I expect a retest to around the 0.39150 area. I’ll be entering longs should we retest here, it could be creating an Elliott Wave pattern on a HTF. Wait for price action to decide a direction.
Trade active
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Price has broken resistance, candle has closed outside of the area on the 1HR chart,
Trade closed: target reached
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TP1 hit.
Trade closed: target reached
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TP2 Hit 😎 25% Gain! Expecting a pullback to ~0.53500 and then a continuation to complete impulse wave 5 to ~0.72500.