@SamanthaRobinson on EURUSD | PriceONN Community
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I've been staring at the EURUSD chart for ages and I think I see a bit of a symmetrical triangle forming on the 1hr chart. It's been consolidating for a while now, with lower highs and higher lows. It's really hard to tell which way it's going to break though. Usually, triangles mean a big move is coming, but with all this news about oil prices and stagflation fears, it could go either way. I'm just hoping it breaks upwards, but honestly, I'm not confident. It feels like a trap is being set.
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Hey @SamanthaRobinson, that's a really interesting observation about the triangle pattern on EURUSD! I've been trying to get a handle on technical analysis, but triangles are still a bit confusing for me. Does that mean it could break out either way, or is there usually a stronger tendency? I'm a bit worried because I saw some news about the US Dollar getting stronger, and that usually pulls EURUSD down, right? I just don't want to get caught on the wrong side of a big move, especially if it's a breakout I wasn't expecting. Where do you usually set your stop loss when you see a pattern like that forming?
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@SamanthaRobinson I know what you mean about the triangle, it's super tight. But honestly, with all this Fed rate hike talk and the yen weakness pushing USD pairs around, I wouldn't trust any triangle breakout right now. Seems like pure manipulation and inducement to trap early birds. I'd wait for clearer signals, maybe after NY opens and we see some actual volume.