XTZUSDT Symmetrical triangle, prepare for break out
*** Stops need to be re-adjusted and R:R reassessed at point of entry. As a guide, I usually count 6-8 candles back from my entry point on the timeframe I’m trading on and place my stop just below the lowest wick within those 8 candles in the case of a short, or above the highest wick of the last 8 candles in the case of the long. If this rule means your R:R to target one is not good, don’t take the trade. ***
XTZ
Probable
- Long term symmetrical triangle
- EMA’s bearish daily, 12hr & 4 hour
- Looking for a BCR within the yellow box zone
- 2 short targets
Possible
- Squeeze tighter into the point of the triangle
- Watch to see if we create HL within there for possible bullish trend change
- Watch EMA’s to see if they start to turn up and cross bullish
- Wait for BCR of resistance outside of the triangle
- 2 long targets
XTZ
Probable
- Long term symmetrical triangle
- EMA’s bearish daily, 12hr & 4 hour
- Looking for a BCR within the yellow box zone
- 2 short targets
Possible
- Squeeze tighter into the point of the triangle
- Watch to see if we create HL within there for possible bullish trend change
- Watch EMA’s to see if they start to turn up and cross bullish
- Wait for BCR of resistance outside of the triangle
- 2 long targets
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