We are still moving inside of that big triangle, with several attempts to break out of it but so for no follow through.
I am going to do a swing trade here and a scalp. With the scalp i am going to try and finance the stop for my swing trade. There is a decent chance we are at a support level now, making a higher low which could be the start for the upwards breakout. With both i am going to do a small 50% size. For the swing trade i will increase it during the triangle breakout and for the scalp i will increase it when we see it move up and so i can easily move the stop higher as well towards BE, but still have decent room left in case it drops a bit again. For now i want to see it drop a little bit more and see some support. When i see it turn up on the low time frame, i will get in. As you can see in the 5m chart, that moment is possibly here now.
Previous analysis:
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It worked out perfectly as described earlier today, catching the low :). But so far no follow through though. I am going to use today's low as a stop now which is almost BE just in case. If it gets hit, i will just wait and see what happens. Probably see some movement when Europe wakes up in 5 hours or so, the same time i should wake up as well even though i am still awake :)
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Taking off 25% profit here is also not a bad idea btw
Hey!
Last 4H candle gave us several breakouts and looks like the down pressure is high but do not forget today's USD news, secure your trades!
All the best!