We have a nice triangle pattern in development and good opportunity to trade it. My favour view is will have a contnutaion of trend and breakout to up side. Point E of last wave can reach lower trendline of triangle and than break or reverse for impulsive up move. However last wave might be short and can reach levelof green dot marked on chart and reverse from there. Watch price action closely on lower timeframeas for clues. Keep in mind this is first draw and pattern might need to be redraw as structure unfolds piece by piece.
Good luck
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Very nice up move.
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Be aware of this possibility.
I have moved SL to break even.
You can take profit now or move SL to break even and wait.
Hourly trendline has been broken.
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Clear breakout.
Looks like we have barrier triangle therefore target should be near 2,9500
Trade geschlossen: Ziel wurde erreicht
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I have closed my postion as initiall target has been reached.
Be aware there is possibility for reversal as below.
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Oh_If_Only
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+1 Nice work Pablo
JMNIK
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Hi Pablo, how did you arrive at the TP of 2.822? Should it not be 2.886 for the triangle breakout? Thanks.
The structure of pattern is really high quality so far and compliant with all rules.
Hope it will play out well.
Regards
Oh_If_Only
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Hi Pablo,
Nice thought process. +1
There is also a mid are support at 1.4865
The pattern has had nice consolidation after its atmospheric rise, So I agree with your Long side favour.
I also agree your dot area reversal so I would have MIT on unfolding at 48.5 and 46.5 with Stop at 44.0 and buy on long under pin or in neck reversal 55
Just my 2c worth ...
Regards