28 December 2012

EUR/USD : Daily Triangle

  • Slowly emerging pattern of a triangle consolidation evident on the daily chart.
  • Set long at 1.3171 for a small initial position earlier today.
  • Want to go with an upside break in the coming days. Around 1.3275. Buy stop-in order my preferred mode of entry.

1 comment:

Taichiseal said...

Stopped out at 1.3177.

New practice here. Once a position goes a reasonable distance in the money, I do not want to lose ANY money on the trade.

In this case, after trade was put on, EUR/USD high was 1.3233. Thus stop was moved up to ensure a tiny profit.

Looks like better to wait to buy upside break of daily triangle.