EURUSD pair is currently within an ascending wedge pattern.
Although we are not ready to trade yet, we can start getting our basic trading plan together.
When it fully breaks and is confirmed (looking for downside break), we can expect a move of about 0.01198 or 1%.
Take our 0.01198 and multiply by 0.63 (actual chances of reaching target) and we get an expected TP -0.00754 away from the break point.
White line is just a mockup of how I expect we should move from here if this pattern plays out.
I will update this as it plays out with actual TP and SL.
Chart pattern accuracy rating info for TP: thepatternsite.com/risewedge.html
Although we are not ready to trade yet, we can start getting our basic trading plan together.
When it fully breaks and is confirmed (looking for downside break), we can expect a move of about 0.01198 or 1%.
Take our 0.01198 and multiply by 0.63 (actual chances of reaching target) and we get an expected TP -0.00754 away from the break point.
White line is just a mockup of how I expect we should move from here if this pattern plays out.
I will update this as it plays out with actual TP and SL.
Chart pattern accuracy rating info for TP: thepatternsite.com/risewedge.html
Comment:
Top of the pattern held well, and now waiting for a clean break.
Trade active:
Currently breaking the bottom, low volume though.
Wait for a confirmation bar before entry
TP approx: 1.17125
SL: previous swing high 1.1835
Wait for a confirmation bar before entry
TP approx: 1.17125
SL: previous swing high 1.1835
Trade closed: target reached