We are looking at the EURUSD pair on a 15m chart. Price currently is in an ascending channel pattern Several failed attempts have been made to breakout of the channel pattern While preparing this post we had a bullish breakout of the channel top that failed. If price attempts a second retest of the bullish channel top breakout watch for a completed bullish break-hook-go pattern above the fractal high resistance level of 1.1486 to enter long with a TP at the -27.2% fib level We are waiting for a completed bearish break-hook-go pattern to enter short We are currently in the hook portion of that pattern Short trade 1st entry inside below channel top As price falls to the center of the channel it will come to the 50 ema. Take 1/2 profit off 1st short trade Price may bounce long off the 50 ema to return to the top of channel You could enter long trade with tight SL - follow bullish break-hook-go pattern rules If you go long then close 1st short trade If price breaks below 50 ema Enter 2nd short trade on completion of a bearish break-hook-go pattern below the 50 ema As price falls to bottom of channel take 1/2 profit off 2nd short trade Price may bounce off bottom of channel which also has the 50% fib level as support If price fails to break channel bottom and completes a bullish break-hook-go pattern Enter long trade after a candle close above the 38.2% level Close both short trades if you do this If price breaks below channel bottom and 50% fib level then Enter 3rd short trade after completion of bearish break-hook-go pattern Final TP zone will be by the 800 sma and the fractl low that we started of fib line from Find your own SL I will be adjusting my stop loss as price breaks significant levels to 1 or 2 candles behind the current price candle
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1st Short trade Entered 1/2 profit taken from 1st Short trade 2nd Short trade entered
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Closed 1st and 2nd Short Trades Re-entered Short trade at 2nd entry point Took 1/2 profit off both short trades at 78.6% fib Waiting for price to hit finale TP