I mentioned a daily trendline plus daily 200 simple moving average 5 days ago and price nicely behaved to those support levels and is going to the north now.
We have got a possible daily triangle setup and which show price would reach around 1.3320:

In the four hour chart we can see that upper bond of the triangle and 200sma shows 1.3320 together and this will add more power to this resistant zone:

So if you went long for the daily trendline play then you should close your positions at around 1.3310 and at that level I will look for a possible bounce and after a four hour bearish candle we should go short.
Any breaks of that triangle setup would be an indication of an explosion so breakout traders watch it carefully for a possible setup.


Read the original post here

Views: 35


You need to be a member of My Forex Space - Online Forex Trading Community to add comments!

Join My Forex Space - Online Forex Trading Community

Featured Brokers

© 2019   Created by Sam Wexler.   Powered by

Badges  |  Report an Issue  |  Terms of Service