Buy the breakout of the ascending triangle, ride it up 3%

IF we break out of this ascending triangle there's a nice quick trade opportunity to buy (if there's volume to back it up) and ride the break out up to the long term down trend resistance line which is also the .618 fib level of the last swing. At that level i'm not going to automatically sell this time as we would be getting near a short squeeze zone and it could really take off some more at those levels.

Once the target is hit, if price action stalls ill exit my position and look for a possible re-entry on the pullback if there is one. If it hits the target with continued momentum i'll be selling off bit by bit on the way up.

Order dibatalkan:

Thankfully we didn't see a real breakout of the triangle with volume, no trade taken.

Not only did the breakout fail but there was an immediate breakdown and it fell all the way back down to previous levels.