Here on 
EURGBP, Price has been ranging relatively closely for the past couple months which seems to have begun to form an Ascending Triangle underneath a potentially strong Resistance Zone that formed Fall of 2023!
Now Ascending Triangles, over time, continue to rise Price into an area of Resistance until which that zone can no longer hold the Buying Pressure building up underneath and leads to a Bullish Breakout of the Horizontal Resistance zone.
Once Validated, this Price Action can lead to Long Opportunities as a Breakout and Retest of that Resistance Zone to which traders will want to see if it turns Support!
Statistics also show that Triangle Patterns tend to fail 1/3 of the time, so we must also consider the possibility that the Selling Pressure that could be at the Horizontal Resistance Zone helping form the Ascending Triangle, could overcome Bulls, creating a False Breakout and push Price down using the Rising Support of the Ascending Triangle as a potential Shorting Opportunity.
Now both Scenarios have Price Targets at the next levels of Resistance or Support depending upon which way we get a Breakout!
**Waiting for a Valid Breakout of a pattern can raise the success rate immensely! Patience Pays.
EURGBP, Price has been ranging relatively closely for the past couple months which seems to have begun to form an Ascending Triangle underneath a potentially strong Resistance Zone that formed Fall of 2023!Now Ascending Triangles, over time, continue to rise Price into an area of Resistance until which that zone can no longer hold the Buying Pressure building up underneath and leads to a Bullish Breakout of the Horizontal Resistance zone.
Once Validated, this Price Action can lead to Long Opportunities as a Breakout and Retest of that Resistance Zone to which traders will want to see if it turns Support!
Statistics also show that Triangle Patterns tend to fail 1/3 of the time, so we must also consider the possibility that the Selling Pressure that could be at the Horizontal Resistance Zone helping form the Ascending Triangle, could overcome Bulls, creating a False Breakout and push Price down using the Rising Support of the Ascending Triangle as a potential Shorting Opportunity.
Now both Scenarios have Price Targets at the next levels of Resistance or Support depending upon which way we get a Breakout!
**Waiting for a Valid Breakout of a pattern can raise the success rate immensely! Patience Pays.
Ghi chú
Now because the last week ended with a Large Wick after breaking through the level, I wanted to wait to see Bullish momentum to confirm a solid Breakout.
Here we can see on the Daily we will get a Strong Bullish Close so will be looking to go Long!!
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
~~~~
Join me in Patterns To Profits on Discord
- Live pattern breakdowns
- No signal selling / - No Guru Hype
- Just structure and probability
- discord.gg/zKWvwJgFq
Keep It Current,
With Novi Fibonacci!
~~~~
Join me in Patterns To Profits on Discord
- Live pattern breakdowns
- No signal selling / - No Guru Hype
- Just structure and probability
- discord.gg/zKWvwJgFq
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
For All Things Currency,
Keep It Current,
With Novi Fibonacci!
~~~~
Join me in Patterns To Profits on Discord
- Live pattern breakdowns
- No signal selling / - No Guru Hype
- Just structure and probability
- discord.gg/zKWvwJgFq
Keep It Current,
With Novi Fibonacci!
~~~~
Join me in Patterns To Profits on Discord
- Live pattern breakdowns
- No signal selling / - No Guru Hype
- Just structure and probability
- discord.gg/zKWvwJgFq
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.