Hello Traders,
EUR/GBP has seem to of formed a 10-month long ascending triangle pattern. After congesting within this pattern for some time it looks as if we have the potential for a breakout swing trade in either direction.
I like to play it safe and trade in the direction of the breakout when it happens instead of trying to predict exactly where the market is headed.
I have charted both targets for a short / long position. Currently remaining neutral with any biases and letting the market tell me which direction it decides to move in.
Do note, the short position target is a measured move of the low - high of the pattern range. It is a bold target and for each position I will be managing stops on pullbacks. So the rules for exit is a hard stop on entry and trailing stops if the position starts trending towards the overall targets.
Cheers. =)
EUR/GBP has seem to of formed a 10-month long ascending triangle pattern. After congesting within this pattern for some time it looks as if we have the potential for a breakout swing trade in either direction.
I like to play it safe and trade in the direction of the breakout when it happens instead of trying to predict exactly where the market is headed.
I have charted both targets for a short / long position. Currently remaining neutral with any biases and letting the market tell me which direction it decides to move in.
Do note, the short position target is a measured move of the low - high of the pattern range. It is a bold target and for each position I will be managing stops on pullbacks. So the rules for exit is a hard stop on entry and trailing stops if the position starts trending towards the overall targets.
Cheers. =)