Long on BNBGBP -
Looking at the way we are getting pinched into a triangle pattern on the daily and 4hr, we can see that a breakout is soon to happen.
There is strong structure below on the daily providing bullish support from below. This coupled with the BAT pattern gives further strength to that structure. Worst case of a breakout below I can expect structure to hold from below and for the bullish trend to continue, if not sooner if we have the orange breakout above first.
Stops - Will be going below structure and decompletion of BAT pattern so as if its wrong we know quickly.
Entries - To assess on 1hr timeframe and check for breakout of triangle first
Targets - Completion of BAT patten A-D retracement 38.2% and secondary 61.8%. Longer Bull trend targets.
Looking at the way we are getting pinched into a triangle pattern on the daily and 4hr, we can see that a breakout is soon to happen.
There is strong structure below on the daily providing bullish support from below. This coupled with the BAT pattern gives further strength to that structure. Worst case of a breakout below I can expect structure to hold from below and for the bullish trend to continue, if not sooner if we have the orange breakout above first.
Stops - Will be going below structure and decompletion of BAT pattern so as if its wrong we know quickly.
Entries - To assess on 1hr timeframe and check for breakout of triangle first
Targets - Completion of BAT patten A-D retracement 38.2% and secondary 61.8%. Longer Bull trend targets.