There is a triangle forming but I am more inclined to be bearish due to higher timeframe.
Of course I am also ready to go long if it breaks on the upside (The RSI should break the trendline if its gonna be a long position)
Initiated a long position when I noticed the box forming.
I initiated it inside the box because there was already a false break to the downside so I figured another break down is unlikely
TP is the top of the structure - 1.22600
SL is below the rectangle - 1.21807
For a 3:1 RRR
There was a very sharp false breakout to the downside that happened and I thought for sure EURUSD will go down further.
However, this was followed by a move up to the previous range.
As far as theory goes, a false break will make the trend in the main direction stronger.
I soo wanted to go long here but problem is its already Fri and near closing time. I don't...
As can be seen price is attempting to break out of a price range that started in the middle of April
This is an area of interest. If price succeeds in getting lower, I will immediately look for shorting opportunities.
Price an also form some sort of reversal pattern here in which can I can go long if something like an inverted H&S forms.
I've been looking at this chart basically the entire day. I traded it long but got stopped out because I was too early.
I wanted to post here so I can study it some more and figure out where exactly can I enter?
But first the analysis
1. Price is trending down with a clearly defined channel
2. But this is after a previous impulsive move up so I thought this...
There are two trendlines here. One is that big trendline that forms the big triangle.
Another is the channel that formed when price moved to attack the top of the triangle trendline.
Initiated a short when price broke below 20EMA and formed the momentum bearish bar.
Hoping for a 30 pip TP with a 20 pip SL for a 1.5:1 RRR
Stalking this. There is a clear resistance and price is putting pressure.
When I say putting pressure, I mean price is consistently below 20EMA and pushing down.
Waiting for a big red candle as trigger entry
Only, RSI is showing a bullish divergence so there is that bullish element going on simultaneously.
Found a short opportunity. There was a defined trendline and it was broken. I
Plus there was a head and shoulder pattern there. I figure it was enough for a short.
So I waited for the breakout and THEN set a sell limit on the pullback - only it didn't managed to get triggered *sad*
Maybe I should have shorted on the breakout itself. Been trying to pull a...
I bought this when the large bullish bar appeared. It was as triangle breakout.
The price was also being carried by the 20EMA so I figured this has a good chance of working out.
It would have a good 1.5x RRR too. 20 pips stop and a 30 pip TP
But - I set the size too large. Result, I got scared and cancelled the trade only to watch it zoom up.
Quite a lesson I...
1. 4HR - TF STOCH bullish
2. 1HR - Price is above and staying 20EMA
3. 15m - Stochastics just crossed over up
3. Long-term trend is bearish so this is a counter-trend trade
4. Buy on breakout?
The 4H TF is bullish so I patiently waited until a pullback. Then I plotted support and bought when price touched it. Of course I didn't forget buying when the stochastic crossed on the lower TF (1HR) which was my trigger entry. Stop loss was set at -15 pips
All that and I still got stopped out before price magically went my way.
Nothing more frustrating...