AUDUSD

Hi remo

This has now reinterred the symmetrical triangle
Obviously news driven but how do you see this now



How do we analyse this now. Do we await rejection from the triangle or leave alone?

Regards RMc

Im planning on going long at 10431 with a 40 point stop on a first touch basis trade.
This is at the bottom of the symmetrical triangle.
Theres always risk involved when your entering near the apex of a triangle so bear that in mind.



DYOR
remo

The long entry is wrong for the inside bar entry.
it should read 10573 as the high was 10568.
i could have sworn this level has changed since last night.
Im going mad i think.

This has got an inside bar right at the breakout point so this gives the added signal to go long on the inside bar breakout at 10566 .Thats about 5 pips above the inside bar.Im using 50 point stops on this.
This will be a symmetrical triangle breakout and the trendline as well.This level has some resistance here but if it does punch through then this could really fly. Target could be as high as 500 points.So basically the highs again.So good risk to reward on this.
This is getting close to the apex so hopefully should breakout before geting there.
closeup

dl.dropbox.com/u/4899609/audusd17thdec1.png

far away

dl.dropbox.com/u/4899609/audusd17thdecfar.png

so long above 10566 with 50 point stop
DYOR

Normally i would short the trend line on first attempt but due to the assending triangle breakout i did not.
catching break outs is a dangerous game as most are false breakouts. So if this does finish above that trend line then i would look to enter on a pull back to test the trend line.
The apex is always a good indication of a breakout looming , and this is in the apex zone hense why going short can be a tad risky. This is just my own way of doing things and everyone has a different way.
dyor

Remo

Typically speaking would you wait for a back test of a trend line when taking a trade like this ?