Continuation pattern forming
Text in pic. Daily orderblock acting as resistance for uptrends.
Pattern is already formed with 3 touches on the upper triangle and 2 touches of the triangle and is sufficient to break out. However, note that breakouts may fail at the first attempt and reverse in the other way.
Look for HTF closes above or below the triangle. Preferable H4.
Short setup at the block available if Price action presents itself that way. If price had explosive move up, it is likely that shorting the block MIGHT fail because market's intention to go higher (in terms of vol of orders) > orders residing in the block.
Expect lows to be taken out if triangle breaks down instead. A HTF down close confirmation may mean the move is almost over. Therefore, set alerts below the triangle, and look for LTF bearish retest and rejection to confirm trade idea.
Pattern is already formed with 3 touches on the upper triangle and 2 touches of the triangle and is sufficient to break out. However, note that breakouts may fail at the first attempt and reverse in the other way.
Look for HTF closes above or below the triangle. Preferable H4.
Short setup at the block available if Price action presents itself that way. If price had explosive move up, it is likely that shorting the block MIGHT fail because market's intention to go higher (in terms of vol of orders) > orders residing in the block.
Expect lows to be taken out if triangle breaks down instead. A HTF down close confirmation may mean the move is almost over. Therefore, set alerts below the triangle, and look for LTF bearish retest and rejection to confirm trade idea.
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