Some time ago we witnessed breakout from long term triangle on EURUSD. According to theory, break above should indicate future sentiment and now it is happening. For some time we can observe bulls getting stronger and price is raising gains dynamics. Actually there is correction which started yesterday and now it is ending.
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In this situation we are waiting for another top which is high from September 18th, so the level 1.1452 is waiting for us. We can earn about 50 pips and we should think how to do it.
We should take a look at smaller time frames according to theory of double time frame known from Robert Miner’s papers. We are looking for some opportunity to open position consistent with longer term. In our case we should wait for correction and try to enter the trend.
On M30 we can see that last move is in upper channel so we can use its lower band. Another idea is to wait for correction to support 1.1380-90, which is area of last highs. If there will be clear candle signal on one of these places we will have signal to open long positions on higher time frame.