fxswing
Long

EURUSD - Breakout from symetrical triangle above 1.2940

FX:EURUSD   Euro / U.S. Dollar
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EURUSD - Breakout from symmetrical triangle

Reasons supporting the trade:

Symmetrical triangle
A daily trendline that seem to have buyer support at 1.2925 (see chart below)
Monthly S2 at 1.2921
Yesterday's inside day breakout above 1.2940 (stop for the trade at yesterday's inside day low)

Target is "normal" triangle projection.

Now, let's have the market make his move...
With this false breakout I'd been caught as well. Never mind. With a good risk management such failures don't hurt to much.
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RSI resistance broken, if clears top of range box , mid point of clone is next likely near term target

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fxswing nmike
Yep, I agree.
If top of range box breaks above 1.2988...
/crossing fingers
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also notice the significant RSI positive divergence
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fxswing nmike
Yep, as I see it it's a counter trend trade, not expecting more than 1.3070, pushing into 100sma 4H.
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nmike fxswing
yes, a counter trend trade, probably no more then about 1.30ish

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fxswing nmike
Still plenty of time for more downside for EURUSD after the FOMC, and the triple witching next week.
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Yes Agree... more downside in store
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Inside day breakout
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