AUDUSD

Im planning on going long at 10431 with a 40 point stop on a first touch basis trade.
This is at the bottom of the symmetrical triangle.
Theres always risk involved when your entering near the apex of a triangle so bear that in mind.



DYOR
remo

Hi remo

This has now reinterred the symmetrical triangle
Obviously news driven but how do you see this now



How do we analyse this now. Do we await rejection from the triangle or leave alone?

Regards RMc

Hi RMc,

Easy question to answer as far as I'm concerned...leave alone ans wait to see what happens at the downtrend resistance. If it get's that far I personally wouldn't automatically go short as it's not long since it last tested it (I don't like trendline touches too close together). A close above that trendline and I'd be going long - a clear rejection of it and I'd consider a short but I definitely wouldn't do anything until then.

Just my view.

ATB

Hi ross
first thing you need to do is to redraw the trend lines.


Then id be careful with doing anything when the price is near the apex of the triangle as this area is where most real breakouts happen. I would normally short on first attempt of that down trend line but this time due to the apex i wont be doing that.
Im looking to catch the breakout of the triangle this time due to there being an inside bar just above that trend line as well.
My long entry is at 10586 with a 50 point stop due to it being currency.

Im gonna go long on this at the back test of breakout point at 10555 with a 40 point stop.



remember
trend line levels change every day.


dyor

Inside bar on the daily too