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Inside technicals and chart patterns by Raghee Horner, trader/author at Ragheehorner.com, Chief Currency Analyst at InterbankFX, and Autochartist Chief Market Analyst.

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How to examine a set up from different angles: GBP/USD Triangle
Posted on September 15, 2009 at 3:37 in Chart patterns, Price actions by Raghee Horner

So here are three of my favorite tools I use for trading…ofcourse first and foremost:  The price chart!

Here I can see the market cycle is heading sideways as my Wave movesat three o’clock.  I know that I’ll likely be looking for breakouts/breakdowns from support or resistance lines.  So next is the Autochartist chart pattern I am watching:

This pattern is a perfect way a capitalize on the breakout from a sideways market.  The downtrend line resisatnce has been broken…so now I can begin to estimate the follow-through:

The set up is on a 60 minute chart but I can use the 15 and 30 minute bars to estimate the short to longer term pip movement as the triangle break could lead to more upside momentum.

Support over 1.6600 will be the key.

2 Responses to “How to examine a set up from different angles: GBP/USD Triangle”

  1. on 15 Sep 2009 at 10:04 am1Jeeson Augustine

    Oops.. wrong direction it is now 1.6497

  2. on 15 Sep 2009 at 10:10 am2Jeeson Augustine

    Missed the question is the next support near 1.6155 or will it reverse before that..

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