Pound Swissy Breaking out?

Price has been in a triangle for months and may be about to break out long. If we see a deeper correction and get a nice long set up we could catch the next impulse up. Don't jump into it wait for the right set up. I might even wait for it to completely break clear of my structure line before considering it a breakout. Remember it is better to miss a trade than to jump in and get it wrong.

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Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve

Kommentar:

OK we've had a nice correction as expected - now we need to see a long entry set up - if we get a break of the alarm line and small correction it should give us what we're looking for. Remember if price keeps going down or does not do as we expect we stay out of the trade

Kommentar:

By the way this long trade is probably only worth 150 pips before a big short trade presents itself. This looks like a C wave which will tag or go slightly beyond the start of wave A

Kommentar:

I've adjusted the structure line slightly to take into account the pullback but we may approach the new structure again - I'm long on this hoping for the breakout