What kind of pattern can be used a trigger for going long at this area? Im having some difficulty in spotting decent trigger patterns.
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Candlestick
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Some traders look for a favourite effective pattern that points towards price movement in a given direction. This is using the chart to predict what price will probably do and following that prediction.
At other times its better to identify what you want to do and then find a pattern that is a suitable trade management guide. If you’re already biased towards going long, then it might not be crucial what pattern you use - wedge, triangle, rectangle, range. The pattern should suggest a potential area for your stop-loss and perhaps a potential price for order by pre-set entry order, also possibly a take profits level.
For fine detail on chart patterns and candlestick patterns see Thomas Bulkowski’s work at thepatternsite.com.
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I rather see a signal for selling (descending triangle). But in order to validate this signal we need to know prior trend. I assume it’s bearish.
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