I recently went long on this pair with an entry @ 1.03118 with 2 positions. Sold one at TP2. Looking to re-enter and go long at the pullback around 1.04360. I expect some degree of consolidation before resuming its rally again.
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Good hedge for intraday
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Trade the breakout of flag pattern
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Horizontal levels drawn as guide
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Buy limit on chart
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Buy limit @ 1.05090 filled
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SL for 2nd position moved to b/e (1.05090)
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This pair has rallied again - creating a new swing high
it formed bearish head and shoulders, your buy limit is based on fundamental analysis >?
-Andrew-
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My strategy is 80% technical (patterns and horizontal levels) and 20% Fundamental - Yes I can see a H&S - it will only be confirmed if it breaks the neckline @ 1.04840 - Daily candle opened well.
-Andrew-
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If you look at Gold for instance, Fundamentalist say that it will break 1400 a month ago, I still have my long positions active but the pattern and bearish candles tells a different story, hence hedging my long investments.
GoldHunter
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thanks !
GoldHunter
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will you update us when to add a position ?
GoldHunter
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thank u !
-Andrew-
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Sorry realised the level I gave to buy was a bit conservative - AN rally is quite steep, buy on dips on good support line.