EUR/CAD Symmetrical Triangle Pattern on Daily Chart

Since the time of the previous important EUR/CAD pattern (descending channel) the pattern had risen significantly and then formed a kind of symmetrical triangle. It is not a very clean Forex set-up, but, as many symmetrical triangles do, it may offer a good risk-to-reward ratio.
According to the chart below, there is no lack of upper border touches. The lower border is less significant but has two points to form a sort of triangle. This pattern is a continuation one and considering the previous uptrend, only bullish breakout will be used for trading here. The potential entry levels are depicted with cyan line. The green line shows take-profit levels. A note of warning: good symmetrical triangles break out before the final 1/3 of it is completed — this one is formed to the apex. Be very careful with this set-up and consider a lower risk size than usual.

You can download my MetaTrader 4 chart template for this EUR/CAD pattern. It can be traded using my free Chart Pattern Helper EA.
Update 2013-07-30 4:36 GMT: Pending order canceled as the price has gone through the apex without triggering a breakout.

If you have any questions or comments regarding this symmetrical triangle on CHF/JPY chart, please feel free to submit them via the form below.