Looking at this 1h chart on Silver we get the idea that n triple top pattern might be forming, but we do know that a pattern is not a pattern until confirmed.
Price is currently at the support are of the patter, and it can be traded in 3 ways, we can place pending order to sell below support area, or wait forbreak of support and then a pullback to the support using it as resistance before we enter a sell, or we can do a buy trade with in the formation/pattern. If the price bounce from the now support area, and we have confirming candlestick story tellers we can ride the price up to resistance (at the 1-2-3's) and if the resistance don't hold up and price continue higher we are in the trade and will manage the position as it plays out. Always consider where the price is at, what can the price possibly do, what action will you take, calculate your trade and if all good, execute with confidence.
This is for educational purposes only.
Happy trading
Price is currently at the support are of the patter, and it can be traded in 3 ways, we can place pending order to sell below support area, or wait forbreak of support and then a pullback to the support using it as resistance before we enter a sell, or we can do a buy trade with in the formation/pattern. If the price bounce from the now support area, and we have confirming candlestick story tellers we can ride the price up to resistance (at the 1-2-3's) and if the resistance don't hold up and price continue higher we are in the trade and will manage the position as it plays out. Always consider where the price is at, what can the price possibly do, what action will you take, calculate your trade and if all good, execute with confidence.
This is for educational purposes only.
Happy trading
Comment:
False breakouts are a reality in chart analysis as we can see from the price action on this chart. With our approach to consider all possible moves the price can do, we don't miss out on move and we now to get out of a bad trade as quick as possible.