On the 30 minute chart we observe a symmetrical triangle that broke out on the downside on high volume. The price objective for a triangle is the distance of the widest 2 points of the triangle, projected in the direction from the breakout point.
On the chart we can see that the price objective is about 34 pips. A trade is placed near the breakout point, projected around 34 pips downward. I placed this trade before the breakout occurred, with my reasoning being this symmetrical triangle will breakout in continuation of the current trend which is downward. I did not expect the breakout to occur on the upside.
The price objective hasn't be met yet, which gives me reason to stay in the current trade until it has, or until new technical patterns arise.
Trade closed: target reached
Trade reached take profit successfully
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.