glennmercer
Long

EURGBP Long: Buy the Triangle Breakout

FX:EURGBP   Euro Fx/British Pound
Hey traders! We have a great setup here with a potential triangle breakout. I like this long here at the completion of potential wave-E. Long is active immediately with tight Stop behind lows. Target is placed at (Y)=(Z). Updates to come, happy trading!
Trade closed: stop reached: Trade is still valid, but here's why this one hit SL: The triangle was NOT yet complete at entry. In fact this was just a portion of the C leg of the triangle. A great fail-safe on this is to take profit when it is clear that the resulting wave after initial wave E terminus is a three wave structure. I was asleep when it happenned, unfortunately. The good news is, very small loss. Chart below. Cheers!
snapshot
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