The 5%ers' Blog
As we can see on the 1D chart, the GBPUSD is assembling and creates a triangle pattern, soon, the price will have to break out this pattern, the question is if the price gonna break this Triangle up or down, The divergence (red dot lines on the chart) between the price and the MACD indicator indicates of high probability that the price will breakout toward down the Triangle pattern, but, it can be also up, the best way to act now is to wait and see, if the price will breakout toward up it indicates the price on his way to reach the supply above, in that Case, I’ll look for price action setup of long term buy position, in case the price will breakout toward down, I’ll look for price action setup of long term sell position, the target for the Buy position will be the supply above, and for the sell position it will be the demand below, both positions have a potential of 600-700 pips of profit.
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