Consolidation after a 2 days uptrend. Descending Triangle is forming
I think the price is most likely going to resume its uptrend. But to be safe I'll also place a sell stop if the trend reverse.
Long
Entry :
- buy stop just above the last swing high at 102.755
Exits :
- S/L below previous swing low at 102.624
- T/P at previous major swing high at 103.050
R/R ratio = 2.25
Short
Entry :
- sell stop below last swing Low at 102.614
Exits :
- S/L above previous High at 102.715
- T/P near next Resistance area at 102.360
R/R ratio = 2.51
I think the price is most likely going to resume its uptrend. But to be safe I'll also place a sell stop if the trend reverse.
Long
Entry :
- buy stop just above the last swing high at 102.755
Exits :
- S/L below previous swing low at 102.624
- T/P at previous major swing high at 103.050
R/R ratio = 2.25
Short
Entry :
- sell stop below last swing Low at 102.614
Exits :
- S/L above previous High at 102.715
- T/P near next Resistance area at 102.360
R/R ratio = 2.51
Note
Could have made some profit on this move down but I wasn't comfortable having the price hitting my Sell Stop from below.I still believe it's going to resume its uptrend within a few hours, My buy stop is still pending.
Order cancelled
Nope doesn't want to resume its uptrend, yet ...
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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.