Expecting a break of resistance level for a push up

Patterns

• It looks like we formed a pennent on the 15min timeframe and that price is looking to break to the upside.
  

Trend

• The V shaped reversale was very clear, so the trend is still to the upside for now.
  
• It is also above the 200 daily EMA
  

Risk managment

• If price does not want to break resistance, then the trade would not trigger.
  
• Placing my TP just below the start of the previous downtrend.
  
• 2.7 Risk/reward example trade shown
  

Here is the rising pennent showing price wants to break to the upside

Yorum:

Price broke up but not with force, indicating that it was a liquidity grab to go down because the price was already overextended and at the top of it's range.