EURUSD Parallel Channel Bullish Breakout Strategy (Long)

I think we will see another leg up before shorting and there may be an opportunity here to take a long from the 0.786 Fibonacci level. Stops will be just below the 1.13000 psychological support level, targetting the highs of the last swing. We could also tighten our stops to the last swing low on the 4-hour chart but I've decided to give this setup a bit more room to breath.

It's important to analyse price action as we near our entry zone and not take a position blindly.

Trade active:

Entry @ 1.13222 and keeping a close eye on this one. I may close this position early based on the price action we've seen so far.

Comment:

I have trailed my stop loss on this long position to minimise potential losses. This position now offers a 4:1 P/L ratio.

Comment:

Trailed stop loss a little more and my stop is now in profit. I’m not keen on this position and with the current inside bar on the 4-hr timeframe I don’t want to get caught out on a sell continuation.

Trade closed: stop reached:

Stopped out from my long position at +1.8pips.