AUDUSD Popcorn, Light Butter

Playing this triangle fakeout to a possible reversal point for bearish continuation. Will use a .12 Lot size for this trade.

This Long was entered at TL break but could come back to test a newly formed discount zone on the 5/15M; if the reversal point is correct then price could just climb straight there, form a small 5M structure to bounce off of, and we could flip our trade at TP2 to a Short and grab another 50 Pips or so safely.

Will be watching this and updating as needed.

Good Luck.

Note

My MA usage is as follows.

1) SMMA - 52 Period - source Close
2) SMA - 17 Period - source Close - smoothing SMA - 5 Period

This is standard across all my charts. I use these and a basic 80/20 RSI.

Note

I determined target 1 by measuring the opening leg of the descending right angle triangle, find the lowest point following the swing high and place it there.

That produces a 1 to 1 measurement which is a normality when trading this continuation patterns. Some people know it as ABC, but I like 1 to 1 since its a description of measurement and not just a statement of concept.

This "triangle" operates just like a flag pattern when they occur within a bullish reversal confirmation, which is shown on my chart by the initial green line seemingly cutting through the middle of the beginning of the triangle. That was a bullish reversal confirmation. That is where the money is made, turn it upside down and use it for shorts as well. Change your life. 2% a day.

Note

Approaching Target 1, no stress Trade. Awesome.

Trade closed: target reached

FREAKING SMASHED.

Good job. See yah tmr or next week. Cheers.

TRADR27

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TRADR27