channeltrader
Long

EURUSD - Breakout to the upside

FX:EURUSD   Euro / U.S. Dollar
237 4 2
First main channel is in uptrend. The minor downtrend channel was broken, so we go long on the retracement to the breakout. Stops and targets remain the same as per the previous analysis. See linked chart.
Price still unable to close higher than1.364. Would be looking for a candle to pierce the lower channel line to add to the position. Remember, trade is at BE.
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stops to 1.35748
snapshot
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Comparing other losing set ups to this (assuming this results in a profit), then i've noticed that the trade set up is likely to go in the intended direction when a minor (counter trend) price channel inside the main channel is broken. Which is what we notice in the down sloping channel. It was broken, retested from outside (retracement to 1.358) and then went within the bounds of the larger channel. Will test this scenario in past losing trades to see if this point is valid or not.
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For me, this is not a time to be trading this pair.

The level of indecision on the daily time frame over the past 4 days is enough to say wait for a decisive break.

In the short term you may be ok, good luck my friend.
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