Descending channel breakout - LONG IDEA
Updated
I haven't been keeping an eye on this setup, so I got to pay for that by missing the initial breakout. However, the upward/bullish sentiment is still prevalent, so we can still take advantage of that.
As we can see, we had a pretty long descending channel and fortunately for us, it broke above the resistance line and we are now anticipating the market to test the channel 'base' at the 1.07218 level, which is where I've placed my T.P.
We can anticipate minor retracements to that level and we can anticipate it to test the previous resistance before it continues racing to the upside.
This is a fairly setup and I hope you'll trade it with caution, keeping in mind of the possibilities that may play out before the markets test our T.P level.
I would highly appreciate any feedback or comments that you may have regarding this trade idea. Don't be shy to drop a DM.
HAPPY TRADING.
As we can see, we had a pretty long descending channel and fortunately for us, it broke above the resistance line and we are now anticipating the market to test the channel 'base' at the 1.07218 level, which is where I've placed my T.P.
We can anticipate minor retracements to that level and we can anticipate it to test the previous resistance before it continues racing to the upside.
This is a fairly setup and I hope you'll trade it with caution, keeping in mind of the possibilities that may play out before the markets test our T.P level.
I would highly appreciate any feedback or comments that you may have regarding this trade idea. Don't be shy to drop a DM.
HAPPY TRADING.
Trade active
Trade closed: target reached
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.