ATOM looking to break out of symmetrical triangle

27 Eki 2020

*** Stops need to be re-adjusted and R:R reassessed at point of entry. As a guide, I usually count 6-8 candles back from my entry point on the timeframe I’m trading on and place my stop just below the lowest wick within those 8 candles in the case of a short, or above the highest wick of the last 8 candles in the case of the long. If this rule means your R:R to target one is not good, don’t take the trade. ***

ATOM
Probable
- Long term symmetrical triangle
- EMA’s bearish daily, 12hr & 4hr
- Even though all EMA’s are currently bearish, I have a feeling this is going to break out to the upside. So I’m watching closely on the 4hr for bullish signs and a bullish EMA cross
- Also watch for a break upwards of the triangle & retest of a new support

Possible
- Because of the most recent hammer circled on the chart, I’m not interested in shorted unless we break below that level and retest a new support
- There are multiple channels below the triangle so many short opportunities should this break out to the downside. Shorting this is a game of patience.
- EMA’s are already bearish so now we just need to break a key level
- 3 short targets