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HONG KONG DOLLAR / EURO

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HKDEUR trade ideas

EUR/HKD 1H Chart: Descending TriangleEUR/HKD 1H Chart: Descending Triangle The common European currency is trading against the Hong Kong Dollar in a descending triangle pattern . An existence of the figure became evident shortly after the currency pair failed to slip below the 9.1466 level multiple times. In the early Monday morning the currency rate made a second rebound from the triangle’s resistance line and started to pave the way through a combination of the 55-, 100- and 200-hour SMAs as well as the updated weekly PP at 9.1962. From the trade pattern theory, the pair should successfully reach the bottom trend-line and continue to fluctuate within the formation until the end of the week. From a technical perspective this scenario seems rational, provided that fundamental events will not cause an unexpected jump of the rate.
by UnknownUnicorn890690
HKDEUR descending triangleA nice descending triangle with 7 touch points. My backtesting has shown me that often the oscillations get closer as the triangle gets closer to its apex, and we see here that this behaviour is very strong. The key here will be the open of next weeks trading, where we will see whether it will break above the descending line and ruin the triangle or if the market will start in a downtrend and move towards the support line. If there is another move towards the support line I expect a break and will go short. (I am currently testing profit-taking at previous structural forms.)
Short
by olly_price
7
EURHKD: Opportune Longs, But For Intraday Trading Only! #FXTraders Possible longs off what seems to be a good level, but there are some issues with the trend here. It proves too risky to get any positions and keep them for the long hold because 1:The target isn't expansive. The target is nearby, and we're already near strong resistance levels. 2:We're in a minor zone overall. The levels aren't as integral as I would like for long term holds. Saying this, theres no reason why you can't use this pair for intraday trading and make good money, but the trend is gone in my opinion and the targets are too limited for longer term holds, hence my opinion this is only good for intraday trading. I'm not saying it couldn't break these levels and prove to go far, but I don't see it as a likely scenario, and even if it does.. It was too risky to put money on the line to find out. Thanks, Tom
Long
by TomProTrader
7