CONTEXT: It's essential to have a context aligned with our view before developing setups. In this case, our Context is a ascending trendline that converges with a , creating a great area to think about a reversion of the direction
STRUCTURE: Supported on the previous item, we can see a FLAG Patter. From a technical perspective, flag patterns are considered continuation structures, meaning that after the breakout of it, we should see a continuation of the price in the previous direction before the consolidation.
TARGET: To define our Target, we use Fibonacci Extenssions; in this case, you have to identify the previous impulse before the correction and draw the extension from there (if you don't know how to draw fibo extensions check the link to related ideas. There you will have a full explanation of it) / Its imperative to always have Risk Rewards ratio above 1.5 on your trades, in this case, we have 1.9 so we are good.
SETUP: Now that all the previous items are OK, we will define our Entry level above B / Stop loss below C / Break-Even level on the first Fibo Extension / Final Target on the 2nd fibo Extension.
RISK: Your account will always be protected if you risk 1% of your trading capital on any given trade; that way, you can absorb losing trades without compromising your whole account.
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Thanks for sharing your comment, Peter!