🔍 Trade Idea – Entry Plan:
Breakout Below the Triangle Support Line:
Wait for a strong bearish candle to break below the lower trendline of the triangle (support).
Ideally, the candle should close below the trendline with increased volume to confirm the breakout.
Pullback & Rejection:
After the breakout, expect a pullback to retest the broken support line (now acting as resistance).
Look for rejection signals at this level (e.g., bearish engulfing candle, pin bar, etc.) to confirm that the price is respecting the new resistance.
Entry:
Enter a short position after confirmation of the rejection.
Stop Loss: Just above the rejection wick or the retested resistance zone.
Take Profit: Based on previous support levels or measured move (height of the triangle projected downward).
Breakout Below the Triangle Support Line:
Wait for a strong bearish candle to break below the lower trendline of the triangle (support).
Ideally, the candle should close below the trendline with increased volume to confirm the breakout.
Pullback & Rejection:
After the breakout, expect a pullback to retest the broken support line (now acting as resistance).
Look for rejection signals at this level (e.g., bearish engulfing candle, pin bar, etc.) to confirm that the price is respecting the new resistance.
Entry:
Enter a short position after confirmation of the rejection.
Stop Loss: Just above the rejection wick or the retested resistance zone.
Take Profit: Based on previous support levels or measured move (height of the triangle projected downward).
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.
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.