CADCHF forming a simetrical triangle in 4H.
- Symetrical triangle created after a downtrend followed by a consolidation zone.
Re-test done in the upper trendline with a bearish candle.
We are in a downtrend, so look for downtrend breakouts. In this trade we go for the retest in the down trendline, not for the breakout.
SL in the last high
TP2 in a prior resistance zone
TP1 is 50% movement to TP2. Once TP1 is reached, we move SL to 40% movement for a 40% gain.
We will follow the trade and if momentum is strong reaching TP2, we can extend TP2 looking for a triangle breakout.
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Trade hit SL. Have to trade patterns once a breakout is made, not trying to follow the moves inside them. Won't do it again