Ascending Triangle

SwingPRO Trade Example

EURUSD | 2012/04/03 | 95 pips

Description: Ascending Triangles are characterized by a horizontal resistance and a rising support and are considered bullish continuation patterns. In this example we also traded the rising support as it was a solid long-term support in it's own right and the trade paid off. (ref# 247)

Tuesday, April 3rd 2012 @ 5:40 UTC - Trade Setup: We are looking to get short on a support break with targets at 20/20/25/25 for 90 pips profit. Aggressive traders could also look to get long on a support bounce (proximity alert for PRO members) targeting 20/40 pips per bounce.Finally there is an opportunity to get long on a break above 1.3400 with targets at 20/25/25/25 for 95 pips profit. Watch the false break!

Wednesday, April 4th 2012 @ 5:49 UTC - Result: 95 pips Our short was activated at 1.33 on the support break yesterday (pro email signals sent out at 14:21 UTC) and came within 5 pips of hitting our 50 pip SL! Luckily it was just enough and we were able to quickly hit all targets for 95 pips profit. Remember - let your profits run and keep your losses small!

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