I. Analysis
1. Text book ascending triangle being formed
2. 6 day tight build up leaning against resistance
Price tested resistance for the 4th time. It should be bouncing down right? Well, buyers disagree and have been willing to support it at increasingly higher levels and now the price seems to be glued to the resistance area - buyers are willing to buy higher and higher despite the resistance tests. A breakout might be coming.
II. Trade
1. New swing high forming at the 2h timeframe. If it holds, enter the trade. Alternative wait for daily candle breaking out resistance and holding to enter the next candle
2. Tp next swing high on the daily time frame
3. Sl 1 ATR below the low of the build up. Alternatively below the highlighted trendline.
Plsd to hear yr comments
Cheers
Ruben
1. Text book ascending triangle being formed
2. 6 day tight build up leaning against resistance
Price tested resistance for the 4th time. It should be bouncing down right? Well, buyers disagree and have been willing to support it at increasingly higher levels and now the price seems to be glued to the resistance area - buyers are willing to buy higher and higher despite the resistance tests. A breakout might be coming.
II. Trade
1. New swing high forming at the 2h timeframe. If it holds, enter the trade. Alternative wait for daily candle breaking out resistance and holding to enter the next candle
2. Tp next swing high on the daily time frame
3. Sl 1 ATR below the low of the build up. Alternatively below the highlighted trendline.
Plsd to hear yr comments
Cheers
Ruben