FX:EURUSD   Euro / U.S. Dollar
EURUSD Long
Comment: Stop moved to 1.23434
Trade closed: target reached
Hi, I am very interested in this setup, what is the logic of entering at this price? since it doent seem like any kind of breakout
Reply
@eric__j, i'm buying on the bounce off the lower trend line so we should get back up to the upper trend line at least. I find breakouts from triangles tend to happen around 2/3 of the way into the apex, I also use Elliott Wave analysis to gauge where we are. I have the swing low on the 12th as the completion of wave 4 so i'm looking for prices to move higher.
I used to measure the widest part of the triangle and project that distance from the breakout point to achieve a target but I quite often find the target is just missed so I now measure around 1/4 of the way into the triangle which seems to work better. Hope this helps.
Reply
eric__j Trend_Analyst
@Trend_Analyst, Thanks so much for such a clear explanation. I have tried some simulations with widest part projection and I agree it doesn't work very well. Also, would it be possible to use stop orders for the target? for example shift the stop to the target level after price has passed over
Reply
@eric__j, No problem, I have annotated another chart which you should be able to click on above under RELATED IDEAS. I do prefer to move the stop loss manually to lock in profits and to exit a position rather than use a take profit or limit order. I really only use these if I cannot be in front of my screens to manually close the position. Have a look at the chart hopefully it will help.
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