Daniel.B

Breakout coming soon!

FX:EURGBP   Euro / British Pound
87 0 4
Hello Traders,

EUR/GBP             has seem to of formed a 10-month long ascending triangle pattern. After congesting within this pattern for some time it looks as if we have the potential for a breakout swing trade in either direction.

I like to play it safe and trade in the direction of the breakout when it happens instead of trying to predict exactly where the market is headed.

I have charted both targets for a short / long position. Currently remaining neutral with any biases and letting the market tell me which direction it decides to move in.

Do note, the short position target is a measured move of the low - high of the pattern range. It is a bold target and for each position I will be managing stops on pullbacks. So the rules for exit is a hard stop on entry and trailing stops if the position starts trending towards the overall targets.

Cheers. =)
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