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EUR/USD in Short-Term Symmetrical Triangle on Daily

December 9, 2018 (Last updated on December 18, 2018) by

The previous EUR/USD symmetrical triangle formation was a long-term one — it lasted through the entire summer of 2018. The current one is a short-term one, having started just a month ago. Although the previous pattern failed as a trade, the currency pair indeed continued its downward trend. The current triangle offers an interesting opportunity to trade a bearish breakout on EUR/USD daily chart.

The triangle’s borders are the yellow lines. The cyan line is the potential entry level; it is located at 10% of the triangle’s base width below the lower border. The green line, which is located at 100% of the same distance, is going to be my take-profit level. I will set my stop-loss to the high of the breakout candlestick. If that candlestick will have the bigger part of its body outside the triangle, I will set my stop-loss to the high of the preceding candlestick. Symmetrical triangle is a trend continuation pattern, so I will ignore bullish breakouts in this setup. You can click on the chart to see a larger version:

EUR/USD - Symmetrical Triangle Pattern on Daily Chart as of 2018-12-09

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this EUR/USD pattern. You can trade it using my free Chart Pattern Helper EA.

Update 2018-12-14 17:01 GMT: The sell trade has been executed 8 hours ago. The open price was 1.12906 with stop-loss at 1.13926 and take-profit of 1.10197:

EUR/USD - Symmetrical Triangle Pattern on Daily Chart as of 2018-12-14 - Post-Entry Screenshot

Update 2018-12-18 12:16 GMT: The trade has hit its stop-loss an hour ago:

EUR/USD - Symmetrical Triangle Pattern on Daily Chart as of 2018-12-18 - Post-Exit Screenshot

If you have any questions or comments regarding this symmetrical triangle on the EUR/USD chart, please feel free to submit them via the form below.

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