descending triangle in up trend
Updated
hey traders,
let me share with you my thoughts on the pound dollar pair this Friday.
this pair has just approached 1.32 level.
This level is considered to be important because it is inside a decision zone.
On a daily timeframe, the trend is still bearish, the trend will be violated after bulls overcome this decision zone.
So as the market reached 1.32, the market leaves us multiple reversal signals:
bearish violation of a rising wedge + formation of a double top + RSI divergence
now bulls' last resort is this 1.306 support level.
I am looking for a bearish violation of this level to sell the market.
(couple of words about a descending triangle pattern:
though it is generally considered to be a trend continuation pattern,
my experience tells me that very often in an uptrend such patterns are broken from the downside,
so I will not buy bullish violation)
The initial target will be based on the triangle's range.
Stop either above 1.316 or 1.322
Good luck!
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Note
Still inside the triangleNote
one more test of supportNote
Finally brokenTrade closed: target reached
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