Short Opportunity
This is an interesting development.
There are 2 patterns forming; 1) Ascending triangle with downside break out 2) A minor channel in the same zone with a break out (same break out as the ascending triangle
Im going to wait for a retracement to the lower purple line which represents the support of both the previously mentioned patterns. If there is a retest and rejection of this line im going to be willing to take a short position. 1 ATR stop loss with a 2:1 ATR take profit.
Extra confirmation is also present: looking back on where the price has come from has been a solid downtrend. These periods after the brutal downtrend are nice consolidations. Good chance that this downtrend will continue, but it will be vital to wait for the retest of the zone to ensure value is gained on the entry.
There are 2 patterns forming; 1) Ascending triangle with downside break out 2) A minor channel in the same zone with a break out (same break out as the ascending triangle
Im going to wait for a retracement to the lower purple line which represents the support of both the previously mentioned patterns. If there is a retest and rejection of this line im going to be willing to take a short position. 1 ATR stop loss with a 2:1 ATR take profit.
Extra confirmation is also present: looking back on where the price has come from has been a solid downtrend. These periods after the brutal downtrend are nice consolidations. Good chance that this downtrend will continue, but it will be vital to wait for the retest of the zone to ensure value is gained on the entry.
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