EURAUD- Symetric Triangle

FX:EURAUD   Euro / Australian Dollar
FX:EURAUD Symetric Triangle
  • Symetric triangle after a high is reached. Change to downtrend.
  • Triangle has 4 touches
  • Clear break downwards
  • Not great RRR but EMA's confirm breakout and downtrend.
  • SL in the last high
  • TP2 little bit less than the tipical triangle measure (highest - lowest point). Minus that measure to breakout point
  • TP1 is 50% movement
  • Once TP1 is reached, we move SL to 40% movement in profit.
  • Lot of pips to SL but we use very low lot.
  • Relatively falling volume make another clue for symmetric triangle pattern
    Release of high impact EUR Fundamental News tomorrow. Bad predicted numbers should bring down the pair

Trade closed: target reached: TP1 HIT. Moved SL and then hit also