Posting the triangle breakout of EUR/USD 15-minute chart at my Facebook fan page yesterday hopefully helped some traders to gain almost 100 pips in overnight forex trading. The currency pair climbed to 1.44 during the night (European time) and is now trading around the R2 pivot point, after bouncing off the middle pivot point of the day at 1.43. EUR/USD is trending upwards the last months and the triangle breakout has been an excellent entry point for anyone willing to dig into forex trading even for the first time. The only issue would be holding an open position in forex and going to bed!
If you are interested in forex trading intraday, you probably would have missed that trade since you would have traded out before going to sleep, winning just a few pips. Setting up a stop loss below the latest low in the 15-min forex chart should have been a worthwhile strategy, risking 20 pips for apparently 100 pips. The trading signals for entering the forex market had obviously been the triangle breakout formation shown below along with the fact that the currency pair had pulled back from the S1 pivot point, which was another verification of the long term trend line.
In case you followed my advice regarding EUR/USD, you should be exiting some if not all of your position today right at the R2 pivot point. Taking the profit the market offers us is always a winning forex strategy, while leaving a couple of minilots (or lots depending on your money management and capital) would likely make you more money if Euro continues trending in the same way. Besides there is no sign of stopping it!