EURUSD D1, H1 – Moving in ascending triangle

2015-10-10 10_18_56-EURUSD,Daily

In previous EURUSD analysis I noticed how the price is moving in an ascending triangle. The same pattern you can see in the above chart. Now Analytical Trader has detected bullish setup: Background is strong, dynamic trend turned to green. Only one component is missing – strong signal behind.

I want to note how accurately it showed SL (stop-loss), TP (take profit) and BE (break-even) levels.

SL level is below up-trendline – it is a safe place, because it will require effort to cross this trendline and it will not be easy to trigger SL in this level.

BE is right on a long term resistance – you will not get losses in case of false break-out.

TP is on the level of previous support and very high volume. There is a big chance that in this area the price may change its direction.

2015-10-10 11_04_09-EURUSD,H1

In H1 timeframe we see how the price crossed long term resistance (area of previous Major Supply) with wide spread up-bar on high volume. It tells us that this break-out is genuine. Before the break-out the price was moving in an ascending triangle – look how lows grow up.


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