Formation of a symmetric triangle after a long rally resulting from a falling wedge breakout to the upside ( see 4H or daily charts ). Long-term Guppy GMMA well spread an pointing upwards both on the 15min and 1H charts. Two possible situations then:
All trades are managed with count back line stoploss after triggered.
Happy trading and good luck!
- Scenario 1:
Long @ 1139.09 - 1139.80, if 15 min candle closes above this levels after breakout of the symmetrical triangle to the upside,
Stoplos @ 1137.40
Target 1 @ 1141.87, 38.2% base of the triangle
Target 2 @ 1142.73, 50% base of the triangle
Target 3 @ 1144.65, 76.4% base of the triangle
Target 4 @ 1146.36, 100% base of the triangle, coinciding also to the 38.2% distance of the downwards breakout of the falling wedge
- Scenario 2:
Short @ 1137-117.68, if 15 min candle closes below this levels after breakout of the symmetrical triangle to the downside,
Stoplos @ 1139.40
Target 1 @ 1134.93, 38.2% base of the triangle
Target 2 @ 134.08, 50% base of the triangle
Target 3 @ 1132.18, 76.4% base of the triangle
Target 4 @ 1130.39, 100% base of the triangle, coinciding also to the 61.8% distance of the upwards breakout of the falling wedge and a the downtrend line since January 2015
All trades are managed with count back line stoploss after triggered.
Happy trading and good luck!
