Opportunity to Straddle

Aug. 7 (2:40am EST)- EUR/USD has been on a range bound mode since the market open this week, with the high at 1.3838 and low of 1.3778. Since there would be a Fed interest rate announcement later, I'm expecting a breakout from the 2 levels that I've mentioned.

An opportunity arise for a breakout straddle. Here's what I'll do:
- Set buy stop at 1.3843, 1.3858 TP with SL of 1.3775
- Set sell stop at 1.3842, 1.3758 TP with SL of 1.3842

If a few minutes before the US interest rate announcement and the price is still at the middle of the buy and sell levels, I'll cancel the orders. It should be near or passed neither orders. .... and probably will put a trailing stop (depends on indicators).

Since I have bagged $145 yesterday for Volker account, even if the straddle didn't work out, it won't hurt much.

Please be remind that this site is not a signal service provider. I'm just posting what I'm doing on my managed portfolios. Trade it at your own risk.

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GBP/JPY 4h chart seems to be forming a inverted head & shoulder. Price must pass above 243.11 neckline to confirm an uptrend. Since EUR/CHF is a follower of GBP/JPY, the confirmation of the H&S formation will be also uptrend for the EUR/CHF.

EUR/CHF on the daily chart seems also forming a double bottom, but the formation is not that clear as the GBP/JPY. Price need to cross above 1.6534 neckline to confirm the formation. 1.6687 is the target if neckline broke. Bearish bias is still intact unless 1.6534 is breached.

Dow Jones healthy gains yesterday also support the above views.