Hi guys,
today i want to share with you this simple consolidation pattern called triangle: it basically consists on one trendline and one horizontal structure level converging at the same level. Price is making lower highs and equal lows. As you can see on the chart above though, price has actually broken to the upside this trendline, also breaking the double bottom's neckline (giving us a 2618 entry technique). Plus, the black line represents an important daily structure level, and on the daily chart the RSI is in oversold condition.
All these conditions together make me think it could be a nice spot to go long here.
I'm waiting for the completion of the 2618 in order to enter long.
Stops below the lows, target1 at the retest of the highs, target2 at the top of the triangle.
If you have any questions, feel free to comment below.
Otherwise, see you in the next chart!
today i want to share with you this simple consolidation pattern called triangle: it basically consists on one trendline and one horizontal structure level converging at the same level. Price is making lower highs and equal lows. As you can see on the chart above though, price has actually broken to the upside this trendline, also breaking the double bottom's neckline (giving us a 2618 entry technique). Plus, the black line represents an important daily structure level, and on the daily chart the RSI is in oversold condition.
All these conditions together make me think it could be a nice spot to go long here.
I'm waiting for the completion of the 2618 in order to enter long.
Stops below the lows, target1 at the retest of the highs, target2 at the top of the triangle.
If you have any questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade active
Trade closed: stop reached