Descending Trangle
Updated
Hi there,
I'm looking at a nice descending Triangle, the base being a resistance level testes 4 times since last week. The Support level have also been tested 4 times since last week and will therefore be my take/profit in case my buy stop is triggered. Just in case the trend doesn't do what I expected (big announcement coming in for CAD), I also set a Sell Stop below the Pivot Point. Will see how it goes
I'm looking at a nice descending Triangle, the base being a resistance level testes 4 times since last week. The Support level have also been tested 4 times since last week and will therefore be my take/profit in case my buy stop is triggered. Just in case the trend doesn't do what I expected (big announcement coming in for CAD), I also set a Sell Stop below the Pivot Point. Will see how it goes
Trade closed: target reached
As expected, my buy stop was triggered an hour after I submitted this idea. the market has then been trending steadily for the next couple hours. the resistance level did hold and my take/profit was triggered. Good time :D
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