The GBPUSD Triangle
Lately i didn't know what's happening on GBPUSD, so I closed it in a triangle.
Triangle is a bilateral pattern so it may end up breaking the top side for a long or a bottom side for a short.
I personally think it's going to be a short but lets give price action a chance to show us.
How to enter the trade after a trendline break?
(I will be showing you an example of an entry if it broke the bottom trendline)
1. Wait for a break. Since it's a 4h triangle I will be looking for a 4h candle to end underneath the trendline.
2. Wait for a 1h flag(pullback) and then enter the trade after a strong bearish 1h candle.
If it breaks the bottom side im expecting the price to end up around 1.36, if it breaks the top side i think it should reach somewhere around 1.431.
Triangle is a bilateral pattern so it may end up breaking the top side for a long or a bottom side for a short.
I personally think it's going to be a short but lets give price action a chance to show us.
How to enter the trade after a trendline break?
(I will be showing you an example of an entry if it broke the bottom trendline)
1. Wait for a break. Since it's a 4h triangle I will be looking for a 4h candle to end underneath the trendline.
2. Wait for a 1h flag(pullback) and then enter the trade after a strong bearish 1h candle.
If it breaks the bottom side im expecting the price to end up around 1.36, if it breaks the top side i think it should reach somewhere around 1.431.
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