EURUSD - Breakout from symetrical triangle above 1.2940 Long

Euro Fx/U.S. DollarFXCM

Description

⋅ Sep 12, 2014 4:22 PM

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...

USD (US Dollar)

Comments

motleifaul

⋅ Sep 25, 2014 1:29 PM

With this false breakout I'd been caught as well. Never mind. With a good risk management such failures don't hurt to much.

nmike

⋅ Sep 12, 2014 4:53 PM

RSI resistance broken, if clears top of range box , mid point of clone is next likely near term target

fxswing

⋅ Sep 12, 2014 4:55 PM

Yep, I agree.
If top of range box breaks above 1.2988...
/crossing fingers

nmike

⋅ Sep 12, 2014 4:57 PM

also notice the significant RSI positive divergence

fxswing

⋅ Sep 12, 2014 5:03 PM

Yep, as I see it it's a counter trend trade, not expecting more than 1.3070, pushing into 100sma 4H.

nmike

⋅ Sep 12, 2014 5:18 PM

yes, a counter trend trade, probably no more then about 1.30ish

fxswing

⋅ Sep 12, 2014 5:25 PM

Still plenty of time for more downside for EURUSD after the FOMC, and the triple witching next week.

CoinedByCrypto

⋅ Sep 12, 2014 6:03 PM

Yes Agree... more downside in store

fxswing

⋅ Sep 12, 2014 4:24 PM

Inside day breakout