PRICE ACTION/VSA LONG ON ERIC
A symmetrical triangle pattern with increasing demand volume on down wave culminating in today's AV (Accumulation Volume) VSA bar, down bar with mid to up close on high volume. Further strengthened by the support found on triangle trendline. This is an aggressive entry. A more conservative entry would be to wait for further signs of strength and a NS (No supply) or TOS (Test of Supply) bar, AKA low volume pullback.
Entry on break of high of signal bar. Initial stop at low of signal bar. First target is previous resistance level with R:R of 1:3.13. Second target at prior higher high with a R:R of 1:5.6. Third target at a measured move of first leg of triangle with R:R of 1:6.47.
Entry on break of high of signal bar. Initial stop at low of signal bar. First target is previous resistance level with R:R of 1:3.13. Second target at prior higher high with a R:R of 1:5.6. Third target at a measured move of first leg of triangle with R:R of 1:6.47.
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