I have posted a bearish trade on this same pair from a descending triangle (see link), the profit target of which is outlined here as the lower green line.
If this wedge breaks out at 7 then the other trade will be closed out and I will have to hope for a win on this trade to make up for that loss.
If the market hits the support line before the profit is met then I will manually close the trade at a profit and wait for the falling wedge to break and enter this trade.
This trade
The profit target is set at lovely previous structure.
Due to the large number of hit points and converging wedge edges a break out is imminent.
If this wedge breaks out at 7 then the other trade will be closed out and I will have to hope for a win on this trade to make up for that loss.
If the market hits the support line before the profit is met then I will manually close the trade at a profit and wait for the falling wedge to break and enter this trade.
This trade
The profit target is set at lovely previous structure.
Due to the large number of hit points and converging wedge edges a break out is imminent.
Trade active
Comment:
Break out at the first possible breakout point. First profit target has been met so stop loss has been moved to the entrance point to prevent any chance of losing money.
Trade closed: target reached
