For breakouts I am looking for demand/support to take give smaller swings during time and when equilibrium is getting close to be reached there is usually a breakout, and that is when I play the breakout.
With this in mind, my outlook is: Daily; I am watching down trend initiated may 4, and I belive it will bounce of that resistance line a couple of times until christmas and to hit the support line of the uptrend on daily initiaded july 24, and nov 13. It will break out of that wedge and when it does I will trade in that direction, meanwhile I will be trading the bounces.
Hourly;I have a similar scenario where 00.00 nov 27 and 02.00 nov 29 is the downtrend resistance line and 04.00 nov 21-15.00 28 nov is the uptrend support line. If it breaks through the resistance I think it will test the 1.30 and bounce back, if not I will enter short.
Well it broke through at 09.00 so I am now long trying to get 20 pips entered @ 1962 SL @ 2948.