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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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.