Fourth Times the Charm for Cello? CGLDUSD Finally Breaks Out?
Thesis: Since it's first dramatic price spike of 2021 Cello has slowly been building an ascending triangle pattern with $3.50 - $3.60 forming the top. Cello has rejected all 3 previous attempts to hold $3.50 returning to back to its trend line.
Catalyst: The triangle pattern has run out of room and stronger volume has returned to push Cello over $3.50 for the forth time.
Trade: Enter on a back test of the $3.50 - $3.60 area if there is decreasing selling volume as price approaches those levels.
Stops: Stops can be at either $3.40 or $3.20 depending on your risk.
Exit: Take 50% of trade off at all time highs and let the rest run with trailing stop.
Catalyst: The triangle pattern has run out of room and stronger volume has returned to push Cello over $3.50 for the forth time.
Trade: Enter on a back test of the $3.50 - $3.60 area if there is decreasing selling volume as price approaches those levels.
Stops: Stops can be at either $3.40 or $3.20 depending on your risk.
Exit: Take 50% of trade off at all time highs and let the rest run with trailing stop.
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