Hi guys
I am currently going through the pip school and have been looking at other sites for advice. I am pretty new to this and have a demo account.
I am just looking at the GBP/USD 1 hour chart and I am wondering from the image below, is this an ascending triangle (looking at my red solid trend line and my horizontal trend line).
Would appreciate thoughts/comments,
Thanks
S
Well, kind of but I think you should look to a bigger time frame. This GU H1, I just took a larger period.
So yes there is a triangle, with a 23,6 weekly fib in resistance, but I rahter see H1 SMA200 in support (big white line). I would be uncomfortable to trade with the support line you draw. It may break down, but the SMA is around 60 pips under. Well, I suppose that from H1 it would be enough to protect the trade and put the stops to be.
It is all in the eye of the beholder. I would disagree with your call, but that does not mean that you should change. Remember that trading is more art than science. In my opinion the support line you drew is too steep which makes it vulnerable for a breakdown.
