Symmetrical triangle after the downtrend (since May 18) has formed. Appears on the 1hr, 2hr, and 4hr charts. Wait for an engulfing confirmation candle to close on or below the trendline before placing the trade. Stops above the previous lower high, target point 1 is at a 100% fib completion (also the low at the beginning of the triangle), target point 2 is the 1.272 fib line; confirming a true breakout.
A breakout could happen in either direction on a symmetrical triangle setup; however after the US news today, i am bearish on GU.
A breakout could happen in either direction on a symmetrical triangle setup; however after the US news today, i am bearish on GU.