Possible Upper Triangle Forming
Hi Traders,
FTM had been in a downtrend. If that breakout will be successful, it might form a upper triangle in case a re-test. I've seen many breakout pattern with that kind of structure: First it is in a downtrend. Then, it form a smaller uptrend in that downtrend. Then, the uptrend gain some momentum in order to break that downtrend. We are observing that situation.
Of course, this is not the main reason that I believe FTM is bullish.
You see the massive green volume in the SS. This is the most important signal of the beginning of a uptrend.
So what is my plan?
First, I will buy after the candle close in 4 hour period in the spot. If there is no re-test, I will keep it to the end of the orange arrow.
If it does a re-test, I am gonna take a LONG position again with the leverage of 3 at most ( this is totally dependent of the trader. I can handle this risk. Before taking a position, manage your risk. )
I will stop loss if there is a candle close in or below the pink area. Based on the situation, I will probably sell 50% of the position. If it close below the key level, I will close totally.
FTM had been in a downtrend. If that breakout will be successful, it might form a upper triangle in case a re-test. I've seen many breakout pattern with that kind of structure: First it is in a downtrend. Then, it form a smaller uptrend in that downtrend. Then, the uptrend gain some momentum in order to break that downtrend. We are observing that situation.
Of course, this is not the main reason that I believe FTM is bullish.
You see the massive green volume in the SS. This is the most important signal of the beginning of a uptrend.
So what is my plan?
First, I will buy after the candle close in 4 hour period in the spot. If there is no re-test, I will keep it to the end of the orange arrow.
If it does a re-test, I am gonna take a LONG position again with the leverage of 3 at most ( this is totally dependent of the trader. I can handle this risk. Before taking a position, manage your risk. )
I will stop loss if there is a candle close in or below the pink area. Based on the situation, I will probably sell 50% of the position. If it close below the key level, I will close totally.
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