Price is making lowers highs and higher lows. In order to calculate target profit I subtracted 1.12161 (low of pattern) from 1.12516 (high of pattern) resulting in 0.00355. The triangle has broken out in a bearish move so we need to subtract our difference from the breakout price 1.12417 - 0.00355 = 1.12062. Our target exit in this instance lines up perfectly with the lowest point in the movement.
I think it would have been good here to lock in some profits earlier and possibly reduce our target range very slightly. Our stop loss would be set at 1 pip above the trend line above the breakout. Making our stop loss 1.12472 - Our top trend line is not sloping too much so I don't think I would change the stop loss as price continued to fall.
Profit goal is 35 pips.
I think it would have been good here to lock in some profits earlier and possibly reduce our target range very slightly. Our stop loss would be set at 1 pip above the trend line above the breakout. Making our stop loss 1.12472 - Our top trend line is not sloping too much so I don't think I would change the stop loss as price continued to fall.
Profit goal is 35 pips.