Somebody did trade this triangle?

It is well known that the Euro/dolar is in a downtrend since early August. This triangles tend to be continuation patterns, thus breaking in direction of the long term trend is what we should expect.

Luckily this one wasn’t the exception :)

¿Where should is the best place to set our take profit orders?

What I would do here is watch closely what happens around 1.2337 (previous low), I need to make sure it doesn’t create a double bottom, if I see the market retracing back at that level, the best thing to do is close that trade. But if we see a break out, then it could go further down, probably around 1.2000, its next psychological support level.

Cheers!

RL

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Raul Lopez

I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .