Contrary to most of the trader's opinion, symmetrical triangles are not always continuation patterns, they can also act as market tops.
EUR ZAR completed a symmetrical triangle top pattern last week, since then it has broken down from it and now it's back to the previous support zone that should now act as resistant.
This setup provides a 3 to 1 R trade to take.
EUR ZAR completed a symmetrical triangle top pattern last week, since then it has broken down from it and now it's back to the previous support zone that should now act as resistant.
This setup provides a 3 to 1 R trade to take.
Note
Note
It has been moving very slowly. but it has reached the previous swing low already.I don't mind taking some profit here just in case it gets supported here again and morphs into another pattern.
Note
scaling out of this positionTrade closed: target reached
Note
Note
Although the initial target was lower but had to exit this trade due to a few exit signals, which saved a lot of pips.Note
+2.5R
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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.