CAKE/BNB LP on 4H timeframe
After breaking the first trendline, a double bottom was formed and a sign of a strong resistance point with 3 touches. After bouncing back up we saw a retracement when hitting the trendline and created another resistance point. Then I saw a new trend line forming when it got back down to the resistance level. When it bounced I decided to get into the trade at the golden entry point. After that, we saw a big move up that broke the trendline. We got a retracement and a retest of the trendline. Now we are in a wedge waiting for it to break out down or up...
What would you do?
- Take the profits or wait till it brakes out
If it breaks out of the wedge, can we determine what the possible outcome will be?
Let me know in the comments!
After breaking the first trendline, a double bottom was formed and a sign of a strong resistance point with 3 touches. After bouncing back up we saw a retracement when hitting the trendline and created another resistance point. Then I saw a new trend line forming when it got back down to the resistance level. When it bounced I decided to get into the trade at the golden entry point. After that, we saw a big move up that broke the trendline. We got a retracement and a retest of the trendline. Now we are in a wedge waiting for it to break out down or up...
What would you do?
- Take the profits or wait till it brakes out
If it breaks out of the wedge, can we determine what the possible outcome will be?
Let me know in the comments!