terencetrading
Long

Hourly chart view on potential long EURUSD move (continuation)

FX:EURUSD   Euro/U.S. Dollar
77 3 0
Continuing from our long positions that we have executed.
We are now approaching the short-term bullish trend line as seen from this hourly chart here. I have also drawn in the mid-term bearish trend line here, which nicely forms a triangle which the EURUSD             price is converging towards.

Thus, still following the same train of thought from the previous idea posted, short term traders should get ready to take profit if price bounces off the lower bullish trend line and goes near to the top bearish trend line , around 1.1480 will be good. If prices breaks below, start closing the long positions in staggered pieces, as that would mean that the mid-term bearish move is continuing.

Else, if prices breaks above, it will invalidate the mid-term downtrend and starts a mid-term uptrend move proper. Mid-term traders can thus continue to keep those long positions that had already been executed. There is no need to open more long positions as the positions taken earlier is sufficient. For those who have yet to go long on EURUSD             , wait for this potential breakout upwards before buying.

Thus, watch this triangle apex, observe how prices behaves as it gets squeezed within, wait for the breakout either up or down and action accordingly.
Closed the other half at breakeven, market is about to breakout either up or down. Prefer to enter new positions upon breakout.
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Took profits off half of the positions so far, observing for the rest.
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Now touching the support bullish trendline. Next few hours may be decisive, keep your eyes peeled.
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