Expecting a break of resistance level for a push up

24 août 2021

Patterns

• It looks like we formed a pennent on the 15min timeframe and that price is looking to break to the upside.
  

Trend

• The V shaped reversale was very clear, so the trend is still to the upside for now.
  
• It is also above the 200 daily EMA
  

Risk managment

• If price does not want to break resistance, then the trade would not trigger.
  
• Placing my TP just below the start of the previous downtrend.
  
• 2.7 Risk/reward example trade shown
  

Here is the rising pennent showing price wants to break to the upside

26 août 2021

Note

Price broke up but not with force, indicating that it was a liquidity grab to go down because the price was already overextended and at the top of it's range.