Price is in an ascending triangle chart pattern which is a bullish continuation move What makes up an ascending triangle? Great resistance level @ 117.00 tested by 8 candles There are higher lows Winding up of price created massive pressure on the resistance level to the upside Reduction of traders interest in chart pattern Traders interest is indicated by volume and volatility Volume represents how much dollars traders have placed on a particular instrument at a certain price range Volatility is represents ed by ATR by how much price has moved around during a certain time period Volume spikes are falling off Volume average line is dropping off Volatility is dropping off y falling ATR line which represents smaller candle bar sizes Ascending Triangle is a continual bullish chart pattern - trade only long
Trading Plan Watch for a daily candle close above resistance level of 117.00 Make sure breakout candle has an average or + volume bar If volume bar is to or above the average line then trade 100% your risk reward ratio (2% of Trade Account) If volume bar is 75% to average line then trade 50%% of your risk reward ratio (1% of Trade Account) Take two trades Both trades SL is 1.5 x ATR of breakout candle 1st trade TP is 1 x ATR of breakout candle When 1st trade TP is hit, move 2nd trade SL to break even and let profit run Follow 2nd trade profit with SL