Hello traders, and welcome to our "Trade Chart Patterns Like the Pros" analysis.
Today, we're zooming in on CADJPY, which is showcasing an ascending triangle pattern.
The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. It is characterized by a flat resistance line and a rising support line. As the price moves between these lines, it narrows, and a breakout is imminent. The pattern is complete when the price breaks out of the triangle, typically to the upside.
Breakout Level: 108.148
Once we observe a confirmed uptrend above 108.148, stops will be strategically placed below the low prior to the breakout. This approach ensures our trade setups are protected.
Target 1:
- 62%: 109.550
- 79%: 109.917
Target 2:
- 127%: 111.051
- 162%: 111.862
Stay tuned for more trading insights and always trade responsibly!
If you found this analysis helpful, please boost the idea and follow for more insightful updates. Your support is greatly appreciated!
TCPLTP
Today, we're zooming in on CADJPY, which is showcasing an ascending triangle pattern.
The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. It is characterized by a flat resistance line and a rising support line. As the price moves between these lines, it narrows, and a breakout is imminent. The pattern is complete when the price breaks out of the triangle, typically to the upside.
Breakout Level: 108.148
Once we observe a confirmed uptrend above 108.148, stops will be strategically placed below the low prior to the breakout. This approach ensures our trade setups are protected.
Target 1:
- 62%: 109.550
- 79%: 109.917
Target 2:
- 127%: 111.051
- 162%: 111.862
Stay tuned for more trading insights and always trade responsibly!
If you found this analysis helpful, please boost the idea and follow for more insightful updates. Your support is greatly appreciated!
TCPLTP
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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.
Related publications
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.