EURUSD Channel Trade Setup

EURUSD Hourly

On Hourly charts, pair is trending in a slightly descending channel. 

Currently price is retracing back after touching the upper trendline of the channel. 

This channel provides a good scalping trade opportunity.



I plan to go short on touch of upper trendline with 20pip stop. Target will be middle or lower trendline. 

I will keep my trade size small for this trade. 

-------------------------------------------------------------------------------------------------------------

EURUSD Hourly

UPDATE: Trade came out as expected. 

I went short right at 1.3290 on the bounce towards upper trendline with the above said stop loss.

I closed my trade at 1.3210 just above 200EMA. .

Profit of 80pips. Good trade.