Rising wedge/ascending triangle breaking bullish trendline
AUDCHF
- Rising wedge from late 2015 till date (start 2018).
Price behaviors noted:
1) constantly made higher highs, and higher lows
2) price has respected the support with minimally 3 decent touches
3) similar findings for the resistance, which was initially an increasing resistance, turned into a flat resistance - respecting a longer term S/R
Reasons to look to/take a short:
1) the break occured towards the last 1/3 of the triangle, meaning price has been in the formation for a considerable amount of time (compared to a break at the middle of the triangle)
2) risk-reward opportunities surpasses > 1.20, if stop-loss is placed just below 0.78 and a 0.65 target
3) general price direction, from mid 2012 till date, is bearish. A short constitutes a position with the longer term trend.
*This is my first attempt to contribute to the tradingview community. All suggestions/feedback welcome!
x
iskfx
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