We have a perfect descending triangle that has been playing out for a while now. I think 2 things could happen:
So for each scenario if you wait for the right confirmations you can get a pretty awesome reward. I'd suggest to spot rather than futures.
I'll update as I see points of interest following this concept.
Regads,
Kina ✅
- It breaks out from the triangle and then we wait for the retest to confirm pattern to go long.
Target supply zone: 1 - 1.10
- It breaks downward till the next demand zone which is quite lower!
Target demand zone in between: 0.40 to 0.43
So for each scenario if you wait for the right confirmations you can get a pretty awesome reward. I'd suggest to spot rather than futures.
I'll update as I see points of interest following this concept.
Regads,
Kina ✅
Trade active:
Re-tested support once more right after the breakout of the trendline. We can expect now the continuation to the upside but closest target could be 0.72 as it's a point of interest per highest volume profile traded on it. I'll update as this plays out.
Comment:
Stuck in a range for a while with no clear direction but support hasn't been broken instead it bounce twice from it what we could define as a probable bottom for the next upside move.
Comment:
OOh it's moving!!! if price breaks through the 0.72 level, this goes BOOM!! ♥
Trade closed: target reached:
Scenario 2 played out istead and target demand zone HIT
Between 0.40 to 0.43 to go long.
Between 0.40 to 0.43 to go long.