Using Simple Patterns with Trending Markets
Hi guys,
i've already predicted this rally on this pair a while ago. Now i'm assuming price will continue in the upward direction till it will reach a major structure level. However, with such a trending market it's difficult to get a decent retracement in order to hop on the trend. That's why i'm using this kind of simple pattern formation (flags, triangles, wedges) to have my entry here.
As you can see price is now having a brief period of consolidation, but since the previous move was so bullish i'm expecting a similar move again.
With a break and close above trendline you can use two type of entries.
1- Wait for a candle close above TL and then enter at market
2- Wait for a candle close above TL and a little pullback in order to get a better risk to reward ratio
Sometimes you can also use a buy stop order.
It all depens on your style of trading.
I'll keep you updated.
If you want to ask questions or make remarks, feel free to comment below.
Otherwise, see you in the next chart!
i've already predicted this rally on this pair a while ago. Now i'm assuming price will continue in the upward direction till it will reach a major structure level. However, with such a trending market it's difficult to get a decent retracement in order to hop on the trend. That's why i'm using this kind of simple pattern formation (flags, triangles, wedges) to have my entry here.
As you can see price is now having a brief period of consolidation, but since the previous move was so bullish i'm expecting a similar move again.
With a break and close above trendline you can use two type of entries.
1- Wait for a candle close above TL and then enter at market
2- Wait for a candle close above TL and a little pullback in order to get a better risk to reward ratio
Sometimes you can also use a buy stop order.
It all depens on your style of trading.
I'll keep you updated.
If you want to ask questions or make remarks, feel free to comment below.
Otherwise, see you in the next chart!
Komen:
False breakout occurred. Still waiting for a long setup. That's why i always wait for next-candle confirmation.
Komen:
Nice rally, we can wait for a pullback and then look for buying setups down here:
