Up-channel broken and now forming a symmetrical triangle. I will go long or short on the breakout to either side with TP's on the measured move targets. To the downside the target will have good confluence with the .618 fib and volume profile node.
Breakout trades are very risky - risk management and leverage need to be carefully reviewed.
Breakout trades are very risky - risk management and leverage need to be carefully reviewed.
Note
Taking 50% off the table here since low TF look like they could bounce of the fib extension Note
bigger picture , we are hitting a trend line of a bigger rising wedge Note
price bouncing off the 4h 200EMA for now, how high the bounce goes remains to be seen - Ive taken off another 25% of my short and ride the rest. Trade closed: target reached
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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.