Tuesday, January 22, 2013

AUDNZD Triangle Breakout Trade

myfxvoyage.blogspot.com AUDNZD Triangle Trade
On H4 charts, a triangle trade trade is on cards. 

This triangle is in place since mid of Dec-12. 200EMA comes near to upper trendline and currently price is going down form it.

The width of triangle is just 70-80 pips, so I would prefer breakout from trendline. On breakout of upper trendline, I would go long for a possible target of upper resistance area. While on a breakout of lower trendline, my target will be lower support area. I will keep 50pip stop for with of the breakout.

--------------------------------------------------------------------------------------------------UPDATE ON 24-Jan 4GMT: 
myfxvoyage.blogspot.com AUDNZD Triangle TradeTriangle breakout happened on the lower side. 
I took short trade on very first breakout at 1.2515.
Soon after that price did jumped up but then it went down more to hit the support area. 

I booked this short trade at 1.2480. 

A total profit of 35pips.

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