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Short

TRADE: EURUSD: SELL@1.13370 possible triangle + gartley

FX:EURUSD   Euro / U.S. Dollar
What you are seeing here is an indication that a triangle pattern may be forming. Recent price action is typical of a triangle. And right now, prices are at the very top of this potential triangle and is also retesting the upper TL of the larger contracting triangle. So this is a good place to take a SHORT position which I am doing. But I am well aware of the lower TL of this possible triangle and will pay very close attention to signs that prices will respect this triangle and reverse back up. If it breaks the lower TL, then I'll be looking at the POSSIBLE POTENTIAL perfect Gartley to come into play.

MY TRADE PLAN
With the FOMC coming up later, it isn't an ideal time to think this triangle pattern or any pattern is solid. But for now until then, I'll be looking for a possible decline into or near that lower TL. I'll watch the PA very closely and possibly will either close or partially close positions before the FOMC. Stops go above the upper TL of the larger contracting triangle (blue line).

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Wow Sell , before FOMC ......
+1 Reply
agree :)
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Also, just be aware that the upper TL of this possible triangle IS NOT SET! It can still change depending on further price action.
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