AIXA - 5 month ASCENDING TRIANGLE CONTINUATION

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Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS

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Hello Traders ✌

Almost perfect Ascending Triangle is taking place just above the 200 Days EMA and close to the All-Time High (violet dotted line). Nonetheless, there are two reasons due to which I will not consider this opportunity at the moment:
- first, this breakout is occurring two days before earnings release (October 27th) and I don't want to be in the market during that time;
- second, breakout candle is the 7th bull candle in a row without any break. In these cases, the correction which must happen could be quite strong and even go deep inside the boundary line. So, I prefer wait and see a correction that keeps the prices above it and before considering this opportunity again.

• Pattern Class: 🌕🌕🌕🌕🌕
  
• Target area: 33.60
  
• Breakout area above: 28.90
  

Entry Point and Initial Stop Loss depends on your Trading Plan Tactics and Money Management rules.

🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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