IchiTrader63

EUR vs AUD Symmetrical Triangle Breakout Trade

Long
FX:EURAUD   Euro / Australian Dollar
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1
This trade is based off of the symmetrical triangle breakout. We are seeing lower highs and higher lows which is compressing the market and eventually the market will break out of the triangle. I am entering as of the previous days break of the triangle. Usually the market will break out of a range or support level and then retrace back to that level before taking off again. That would be the more ideal time to enter the market to avoid a fakeout. You can see my entry @ 1.24938 with the stop loss at 1.23697 and profit target at 1.28021. The market is above the 100 and 200 SMA's and therefore it is a bullish market.

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