Hi traders,
Analyzing the chart of Wendys Company we can identify the formation of a symmetrical
triangle pattern, indicating a potential breakout in the near future. The symmetrical triangle
pattern is characterized by converging trendlines, where the highs and lows of the price
create a series of lower highs and higher lows, forming a triangle shape.
As symmetrical triangles typically suggest a period of consolidation before a significant price
movement, entering a long position appears favorable at this stage. The entry point could be
considered once the breakout from the upper trendline of the triangle pattern is confirmed.
This pattern trading strategy suggests setting a stop loss just below the upper trendline of
the triangle to mitigate potential losses if the breakout fails.
Stop Loss: 18.80
Take Profit: 20.48
Final Target: 22.10
Analyzing the chart of Wendys Company we can identify the formation of a symmetrical
triangle pattern, indicating a potential breakout in the near future. The symmetrical triangle
pattern is characterized by converging trendlines, where the highs and lows of the price
create a series of lower highs and higher lows, forming a triangle shape.
As symmetrical triangles typically suggest a period of consolidation before a significant price
movement, entering a long position appears favorable at this stage. The entry point could be
considered once the breakout from the upper trendline of the triangle pattern is confirmed.
This pattern trading strategy suggests setting a stop loss just below the upper trendline of
the triangle to mitigate potential losses if the breakout fails.
Stop Loss: 18.80
Take Profit: 20.48
Final Target: 22.10
تعليق:
Playing out exactly as expected. After reaching the take profit, we got a pullback and now the previous downsloping resistance is acting as support.
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