USDCNH: Buy Setup Based on Ending Diagonal

USD/CNH OANDA:USDCNH

aibek

Last month I posted my favorite pattern Ending Diagonal
which played out perfectly on USDCNH
Why I like it? Because it shows the reversal and hence the risk is minimum
against the peak or valley

This time I share with you the buy setup based on this pattern
Background: we see the first passing move to the upside
and the following correction, so this is the perfect time to consider the entry

Buy trigger: on the breakup of peak of first passing move above 6.8195

Stop after trigger: once entry triggered, consider setting the stop below the valley, it can be lower than we see now, now it's at 6.7806

Target: minimum target is at the beginning of Ending Diagonal at 6.9437

Risk/reward ratio is above 3, which is healthy

source https://www.tradingview.com/chart/USDCNH/CmuKWd9J-USDCNH-Buy-Setup-Based-on-Ending-Diagonal/