Long opportunity
This is by no means a picture perfect pattern but im going to jump in.
1) Falling triangle right on a good support/resistance level
2) break out of triangle near support line (momentum candle)
3) Retest and rejection of support
4) MACD showing a lot of bullish intent on histogram and the MACD line is about to cross the zero line which requires significant momentum. Also, a recent MACD crossover gives some confirmation of bullish intent
= change of bearish structure and conversion to bullish structure
1 ATR stop and 1.5 ATR take profit...
1) Falling triangle right on a good support/resistance level
2) break out of triangle near support line (momentum candle)
3) Retest and rejection of support
4) MACD showing a lot of bullish intent on histogram and the MACD line is about to cross the zero line which requires significant momentum. Also, a recent MACD crossover gives some confirmation of bullish intent
= change of bearish structure and conversion to bullish structure
1 ATR stop and 1.5 ATR take profit...
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