Earlier today the Asian session gave a great opportunity for traders to capitalize on the Aussie weakness trade. This was something that we have mentioned in the Double Trend Trap video click here. Please let us know down below if you took the trade and how many pips you made, thanks!
Yesteday turned out to be a retracement day but price is still hovering above the broken resistance red dotted. This seems to be a classical setup for upside continuation.
However, be careful of the Euro news during the day which could cause some spikes. Other than that, the structure of the market is looking bullish and price is breaking the horizontal resistance trend line light green as I am writing this post.
In any case, dips and pullbacks during the day will most likely remain interesting opportunities for more upside. The target is the Also the Cable seems to be setup for a bullish breakout scenario. In any case the structure certainly is clearly bullish and upside trend continuation could happen today or tomorrow.
There are lots of arguments to favor upside trend continuation. Does this mean the trade should be entered right here right now. Possibily, depending on the trading plan. But there is never ever a guarentee that price will indeed continue in a trend. A break above the consolidation would increase those chances and provide a good guidance when the break could occur.
This helps with avoiding a lengthy wait for the trade to develop. Of course the entry does not necessarily have to be immediately upon the break.
The trend line red could be the trigger and then the trader can decide whether they want to take an immediate break entry or wait for a hook back, for instance on a smaller time frame. Make sure to check out this article on entry methods.
What is your trading plan for the EU and GU? Or will you focus on other currency pairs? Let us know down below! What about the rest of today? For the moment the main target is the Thanks for sharing this article!! And wish you a very Good Trading The following two tabs change content below. Winners Edge Trading was founded in and is working to create the most current and useful Forex information and training available on the internet.
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