The Pair is forming a rising parallel channel. A rising channel breakout on the downside has a good success ratio and the failure rate is less than 15%

A breakout on either side will be an opportunity to enter.

Take the Long position only if the Security closes above the parallel channel on a Daily time frame with RSI above 53, if the RSI is above 80 ignore it. Security should trade above the EMA.

Take the Short position only if the Security closes below the parallel channel on a Daily time frame with RSI below 40, if the RSI is below 20 ignore it. Security should trade below the EMA.

RSI has formed a symmetric pattern breakout of the pattern would lead to entry in the direction.

Rissing Parallel Channel

Jul 15 2023