Expecting a break of resistance level for a push up
Updated
Patterns
Trend
Risk managment
Here is the rising pennent showing price wants to break to the upside
- It looks like we formed a pennent on the 15min timeframe and that price is looking to break to the upside.
Trend
- The V shaped reversale was very clear, so the trend is still to the upside for now.
- It is also above the 200 daily EMA
Risk managment
- If price does not want to break resistance, then the trade would not trigger.
- Placing my TP just below the start of the previous downtrend.
- 2.7 Risk/reward example trade shown
Here is the rising pennent showing price wants to break to the upside
Note
Price broke up but not with force, indicating that it was a liquidity grab to go down because the price was already overextended and at the top of it's range.
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