Maker seems to be getting ready to break up this triangle📐 and if successful I think there is chance for run to 5760 and even higher. MKR been money maker lately (see related idea), so I hope this ATM🏧 is still working! There are 2 different SLs, one tight, one wide. I will split the position into two (equal size) and will go with both SLs.
ENTRY: local high @ 4151
SL1: local low @ 3934
SL2: local low @ 3568
TARGET: height of the triangle projected from midpoint of the local range (BUY STOP-LMIT - SL1) @ 5760
RRR with SL1: 7.4
RRR with SL2: 2.75
INVALIDATION: when SL level hit
Like👍 & Enjoy🍿!
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SL1 has been breached thus I did revision of the setup. New SL and TP. Entry remains unchanged. The new SL is wide enough, so I will not split the position as originally planed, but I will go just with one full size trade with SL @ 3873.
ENTRY: local high @ 4151
SL: local low @ 3873
TARGET: height of the triangle projected from midpoint of the local range (BUY
STOP-LMIT - SL) @ 5730
RRR: 5.7
INVALIDATION: when SL level hit
Commentaire
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*the "TARGET" row and the line below should be one row actually (made typo), like this:
TARGET: height of the triangle projected from midpoint of the local range (BUY STOP-LMIT - SL) @ 5730
Commentaire
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SL breached again without triggering the trade. New SL 3843, new TP 5720, Entry same as before. Actual RRR is 5.1. It will prolly break out overnight, so I will not be able to update this idea. Basically any new lower low would require to update the SL to this new low, until the price breaches the low "X" (orange dotted line).
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...breaching the low X would mean invalidation of the whole pattern.
Transaction en cours
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Order filled
Commentaire
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Backtested the range high (BUY STOP-LIMIT) twice while consolidating in another triangle (orange). Looks good!
Trade fermée: cible de profit atteinte
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WOW, what a powerful⚡ bounce from the trendline! Then just straight to the Target.🎯 Awesome!