EUR/USD: Broken wedge signalling up?

FX:EURUSD   Euro / U.S. Dollar
811 8 17
Wedge broke earlier today, I'm long from 1.0980 with a small position and am now looking for a re-test or small correction to add longs.

Setup on chart are based on an 'ideal entry' (re-test) example.

Trade active: I got some decent entries: 1.1020-1.1015-1.1010-1.1005 when it was moving down in a possible ABC correction (I used an AB=CD pattern to try and predict the C leg), I shorted the move down from 1.1020 with a larger position and closed at my last entry, so my risk is now actually zero...

It it works out this will be a nice trade!
Comment: 1st target on 5min entry was reached earlier today (or almost, depends on your broker quotes at that time...).
After that the news missed the SL of the tight entry on the 5min setup by a few pips only...!

Still on for me! On to the next targets, I adjusted a little: 1.1115 and 1.1210, SL below the low of today should be safe now, I am currently at 1.0980...
Trade closed: stop reached: And down she went...
hi. sorry I'm confused. which one is your profit target since there are 2 charts, 1.1043 or 1.1119 ?
KVE ccake28
Hi, main targets of this idea (60 min chart) are 1.1115 and 1.1210.

The other chart was a 5m entry with first target at 1.1043 (we got there earlier today!)
Got it. Thanks for your reply. Keep up the good work!
KVE arif_awan
Thanks 4 sharing! I'll keep that in mind for my SL!
+1 Reply
welcome :)
I took this trade last night on some pretty nice RSI Divergence but my stop loss was a little too tight and i was stopped out earlier following the break below the lower trend line. Good analysis though i agree with you that the EURUSD is in a nice area to be looking for a long entry! GOOD LUCK!
KVE StevenH
Nice, I was waiting for another down leg and entered at a nice level. The position was very small though, I have now added at 1.1020-1.1015-1.1010-1.1005 based on this: We'll see how it goes... Good luck!
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