The price has been respecting the boundaries of the upward channel and is currently consolidating in a range shown in purple. My trade relies on the confluence of the breakout of the range and the channel and so my sell order will only be placed when these 2 conditions are met and thereafter I'll expect bears to take the price down to the 131.000 level.
However, the price may still break out of the range and move upwards. Some traders may take this as an opportunity to go long and take profit at the upward trendline.
Please share your thoughts and click the like button if you like my idea. Happy trading.
However, the price may still break out of the range and move upwards. Some traders may take this as an opportunity to go long and take profit at the upward trendline.
Please share your thoughts and click the like button if you like my idea. Happy trading.
Trade active
The trade is going as planned, 21 pips in profit. I decided to take TP1 at 132.550 (about 90 pips) and TP2 at 131.000 (approximately 220 pips). Also, I'll move the stop-loss to breakeven when TP1 is hit or take partial profits.Note
Confluence has always been an important trigger in my trading and it hasn't disappointed this time around: range break + breakout of the channel. TP2 hit! Cheers.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.