AUD/NZD: Quasimodo holding? Or just trade the breakout...
I previously entered at 1.0500 and caught a nice move up (trade idea linked below, closed most when we hit 1.0000 (500 pips up), a very small part is still open with SL at BE).
I am now thinking of re-entering a small trade, 2 entry points, 1 at market and one around 1.0500 again... Total risk will be 0.5 for entry 1 + 0.5 for entry 2 = 1%.
Quasimodo can give a very powerful thrust, target is the 61.8 fib of the last big move down, there are however more possibilities to draw the fib retracement from but I've taken the most conservative one. SL is conservative also, could be tighter in case we make a double bottom at the 1.0500 round level!
For people who like to wait for confirmation: possibly trade the breakout of the trendline, should give a less risky, higher probability trade!
I am now thinking of re-entering a small trade, 2 entry points, 1 at market and one around 1.0500 again... Total risk will be 0.5 for entry 1 + 0.5 for entry 2 = 1%.
Quasimodo can give a very powerful thrust, target is the 61.8 fib of the last big move down, there are however more possibilities to draw the fib retracement from but I've taken the most conservative one. SL is conservative also, could be tighter in case we make a double bottom at the 1.0500 round level!
For people who like to wait for confirmation: possibly trade the breakout of the trendline, should give a less risky, higher probability trade!
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Target 1 reached, SL at BE
