Triangle Setup - Falling Wedge or Bear Pennant ?
We cant call it a Falling wedge because it's not exactly making lower lows, it has more equal lows.
And we cant call it a bearish pennant also because we need lower highs to make it a bearish pennant.
Both it satisfies the higher lows necessary to qualify it for both a Falling wedge & Bearish pennant.
I guess we're just somewhere in the middle.
We still have our trade opportunity regardless.
I was given access new premium indicator, it gives buy & sell signals as you can see here.
Additional confluence I used to enter the trade was
1.Price had fallen below VAL of the volume profile
2. Bullish order block and 1HR support area - Been tested atleast twice, i usually prefer 1st retest of a block but RR is very good and we're seeing small bounce already.
3. Higher time frame is in an uptrend so we are in line with overall trend
TP is at POC of the volume profile of the triangle. Will take TP1 and watch to see if we brake the triangle (like a falling wedged is supposed to).
If a break above the triangle holds, It will greatly increases the chance we will Gap up through the huge hole in the volume profile to the next rotation above.
Price moves fast and volatile through gaps and in many cases might do it in a single candle, so it will be a juicy trade if you get in before the move.
And we cant call it a bearish pennant also because we need lower highs to make it a bearish pennant.
Both it satisfies the higher lows necessary to qualify it for both a Falling wedge & Bearish pennant.
I guess we're just somewhere in the middle.
We still have our trade opportunity regardless.
I was given access new premium indicator, it gives buy & sell signals as you can see here.
Additional confluence I used to enter the trade was
1.Price had fallen below VAL of the volume profile
2. Bullish order block and 1HR support area - Been tested atleast twice, i usually prefer 1st retest of a block but RR is very good and we're seeing small bounce already.
3. Higher time frame is in an uptrend so we are in line with overall trend
TP is at POC of the volume profile of the triangle. Will take TP1 and watch to see if we brake the triangle (like a falling wedged is supposed to).
If a break above the triangle holds, It will greatly increases the chance we will Gap up through the huge hole in the volume profile to the next rotation above.
Price moves fast and volatile through gaps and in many cases might do it in a single candle, so it will be a juicy trade if you get in before the move.
You are always 1 trade away from life changing profit.
You are always 1 trade away from life changing profit.
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