Ascending Triangle FormationPrice has been trading in this range since early December.
Waiting for confirmation of a price breakout above the triangle before entering (lower risk).
Potential target: ~306.3
Always remember to set stop loss in case price reverses.
In the meantime, some trades can be done within the triangle channel as well. Personally I would enter a small amount once price is close to the slope of the triangle and sell when price hits top of the triangle.
Stop loss here would be beneath the triangle, slightly below the last swing low. I would set it at ~292 as at time of writing.
HUFUSD trade ideas
USDHUF - Buy Setup Forming!Hello everyone, if you like the idea, do not forget to support with a like and follow.
on DAILY: USDHUF is sitting around strong support in green so we will be looking for buy setups on lower timeframes.
on H4: USDHUF is forming an ascending triangle in red (but it is not valid yet) so we will be waiting for a third swing to form around it to consider it our trigger swing. (projection in purple)
Trigger: Waiting for a momentum candle close above the gray area to buy. (after the swing high is formed as shown in purple)
Until the buy is activated, this one would be overall bearish and can still dive inside the green support before going up.
And as price approaches our upper blue resistance, we will be looking for sell setups.
Good luck!
Correction wave structure.Correction wave structure. On the USDHUF pair, I would like to show how the structure of the correction wave develops. If we look at the figure, it can be seen that the size of the descending wave structure indicated by the red line is the same. At the end of each descending wave structure, there is a correction wave marked "A". We also see that the correction wave "A" doubles at the end of each descending wave structure. A very good example of how a descending wave structure is transformed into an ascending wave structure. But let’s move on to the USDHUF movement. You can see that a turn is visible at the current level. The resulting ascending wave structure may double (8A) at the preceding (4A) ascending wave structure. It could also mean that the USDHUF could embark on a lasting uptrend. Target price: 340 HUF