GBPCAD Long Triangle Pattern Breakout
Greetings! Although the most ideal entry was just missed (right around 2.0008) because of the magnitude of this trade, it is still not too late to enter.
This trade has been forming since August of 2015. Just this week we had our first daily candle break the top side of the triangle and close well outside of it. As someone who pays close attention to Support/Resistance and Price Action/Candle Closes this was a huge red flag, the trade is about to be underway.
I suggest placing stop losses under the current 4-Hour supported leg and psychological number 2.0000. Targets to the upside are located around the previous 2 highs in the triangle at 2.0500 and 2.0800 areas.
Please do your own analysis before entering any trades, feel free to comment :)
This trade has been forming since August of 2015. Just this week we had our first daily candle break the top side of the triangle and close well outside of it. As someone who pays close attention to Support/Resistance and Price Action/Candle Closes this was a huge red flag, the trade is about to be underway.
I suggest placing stop losses under the current 4-Hour supported leg and psychological number 2.0000. Targets to the upside are located around the previous 2 highs in the triangle at 2.0500 and 2.0800 areas.
Please do your own analysis before entering any trades, feel free to comment :)
Komen:
A break of 2.03 highs will offer further momentum to this trade
