Bayer is a descending Triangle Chart Pattern Strong support level has been re-tested several times Continually lower highs puts pressure on this support level Best patterns have dropping volume and volatility/ATR Fewer traders are interested in this consolidatation At some point expect an explosive breakout
Trade Plan Wait for a close below the support level Full trade size if volume is at average atr line 1/2 trade size as long as bar has 75% of average volume Enter two trade Both trades SL is 1.5xATR 1st trade TP is 1xATR 2nd trade no TP let profit run When price hits 1st TP move 2nd trade AL to breakeven Let profit run If breakout candle is more than 1 ATR wait for price to retrace back towards 1 ATR level to enter
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We are doing a live triangle trading class on our TTT Strategy June 21st @ 2PM ET! If you are interested in learning more about it, please visit the link you see below in our signature. Thanks!