EURUSD 15M CHANNEL TRADESWe are looking at the EURUSD pair on a 15m chart.
Price currently is in an ascending channel pattern
Several failed attempts have been made to breakout of the channel pattern
While preparing this post we had a bullish breakout of the channel top that failed.
If price attempts a second retest of the bullish channel top breakout watch for a completed bullish break-hook-go pattern above the fractal high resistance level of 1.1486 to enter long with a TP at the -27.2% fib level
We are waiting for a completed bearish break-hook-go pattern to enter short
We are currently in the hook portion of that pattern
Short trade 1st entry inside below channel top
As price falls to the center of the channel it will come to the 50 ema.
Take 1/2 profit off 1st short trade
Price may bounce long off the 50 ema to return to the top of channel
You could enter long trade with tight SL - follow bullish break-hook-go pattern rules
If you go long then close 1st short trade
If price breaks below 50 ema
Enter 2nd short trade on completion of a bearish break-hook-go pattern below the 50 ema
As price falls to bottom of channel take 1/2 profit off 2nd short trade
Price may bounce off bottom of channel which also has the 50% fib level as support
If price fails to break channel bottom and completes a bullish break-hook-go pattern
Enter long trade after a candle close above the 38.2% level
Close both short trades if you do this
If price breaks below channel bottom and 50% fib level then
Enter 3rd short trade after completion of bearish break-hook-go pattern
Final TP zone will be by the 800 sma and the fractl low that we started of fib line from
Find your own SL
I will be adjusting my stop loss as price breaks significant levels to 1 or 2 candles behind the current price candle
