Noticing a new pattern being formed in the shape of an ascending triangle. I have went long on the 0.5 fib bounce.
We also notice a compression on the MACD.
My stop loss is now 3800.
A re-test of 4.3k is at a probability of 56%
We also notice a compression on the MACD.
My stop loss is now 3800.
A re-test of 4.3k is at a probability of 56%
Note
Bounce on the lower support of the ascending triangle...compression is nearing...
Note
Compression looks like it wants to resolve to the downside.
We need to see a major step up of the bulls or else this next order block will be in danger of being penetrated.
Trade active
Note
Took half off here from my position.
Looks like the price NEVER left the triangle so the bearish scenario was thrown out the window. This is why my SL was at the bottom end of the order block in case there was going to be a fake out wick before the pump.
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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.