EURCHF Triangular Contraction, April 13, 2017, Thursday
Updated
Observation:
Price respect dynamic resistance of Triangular Contraction and shows a bearish move.
Consolidation phase nearly done as price moves closer to the corner of the triangle.
Analysis:
Higher probability for a Short than a long as Triangular Contraction slope is leaning downward.
Conclusion:
Place short order with tight stop loss at the last higher high for better risk management of risk reward ratio.
Price respect dynamic resistance of Triangular Contraction and shows a bearish move.
Consolidation phase nearly done as price moves closer to the corner of the triangle.
Analysis:
Higher probability for a Short than a long as Triangular Contraction slope is leaning downward.
Conclusion:
Place short order with tight stop loss at the last higher high for better risk management of risk reward ratio.
Note
Lesson learned:If short, place SL at the dynamic resistance of the Triangular contraction.
If long, place SL at the dynamic support.
More lessons to be learned at Pivot points.
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