If it breaks bullish... we'll have fireworks.
Neutral price movement since supply and demand converge at an equal point.
Is it a reversal or continuation?
Probability = 50%
Risk to Reward = 1:5
Neutral price movement since supply and demand converge at an equal point.
Is it a reversal or continuation?
Probability = 50%
Risk to Reward = 1:5
Note
Lack of volume on break out of triangle...could just be a sideways consolidation to form a larger structure...
Note
🔍 Not exactly a volume spike, but it's a positive sign... because of the small move out of the triangle.. my feeling is that it may not hit the price target. Looking to move Stop Loss to break-even soon.❓ Another possibility is that whales may wick the price down to take out Stop Losses and then run the price up again to form a Bull Flag???
Note
🚨 Actually, too late for a Bull Flag... more like a Falling Wedge 🧀 ...if whales test supply some below the triangle and demand takes it back up. Just a possibility... not a probability.Note
Breakout in progress with a clear shift from consolidation to uptrend! Moved Stop Loss up. 😅Note
The symmetrical triangle without a real breakout set the tone for a sideways consolidation. Based on indicators, the probability of either direction is 50%. But the increasing Bear Volume has me worried. Therefore, I'm looking to exit this position sooner than later.Trade closed: stop reached
Stopped Out for a tiny loss (near break-even on my entry). I don't see a reason to be in this trade anymore. Price failed to break out convincingly of symmetrical triangle.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.