Could not resist, just had to analyse this thing a 3rd way.
The blue fork is a gap fork, pinned to the top of the gap. The black fork is the standard variety.
Note the 2 tests of dynamic resistance on the blue fork, and the support provided by the Median Line on the black fork.
If I was looking to enter a position on this one, I would be looking at the convergence of the blue support tine, and the black ML. I would be using the BLUE support tine as my stop barrier, and I would be expecting some fireworx if & when price reached the convergence of the blue ML and the black resistance tine around the .45 mark.
If price breaks the black resistance tine, I would play it as a breakout (and obviously move the stop up under that line). The extension of the blue resistance tine (the upper blue line) would be an obvious point to take money off the table.
The point of all this of course is try to provide the mythical "newbies" with a diagrammatic method of working out a trading discipline, with a realistic trailing stop loss approach, and coincidentally tell you if & when the analysis has gone wrong, as well as points to think about taking profits.
I will keep this one for an update in next weekend's charting thread.
