Hi, curious as to what people are thinking right now on this pair. Clearly the Blue line is ideal, and it would have been great to have gotten in there...you would still be in this trade comfortably with profit locked in.
However if you came in late and were looking to enter, you would get knocked around 3 times, and it's still not a solid signal.
The price is forming a nice triangle pattern, it's pretty much dead on an 50% retracement zone, and a some kind of a breakout is usually pretty much a done deal in this situation...(usually!!!!)
1.Who would enter the 3 trades and switch on each reverse till the real signal comes out?
2.Who would take the first long position and hold it until the proper S/L is hit, or it turns into profit?
3.Who would wait until they are confident in a direction maybe wait for some distance to be put between the price and either of the trendlines?
Personally I entered long on the first break of the red trendline I drew, and i have held the position...I find the price projection of the short is to small to break the long, and I also feel the pair is bullish for some other reasons...i realize my decision is subjective and was curious as to what some other traders would be doing!!
Ignore the Aquablue lines, and forgive the picture if it doesn't turn out it is my first uploaded file, I usually don't get this into threads....
However if you came in late and were looking to enter, you would get knocked around 3 times, and it's still not a solid signal.
The price is forming a nice triangle pattern, it's pretty much dead on an 50% retracement zone, and a some kind of a breakout is usually pretty much a done deal in this situation...(usually!!!!)
1.Who would enter the 3 trades and switch on each reverse till the real signal comes out?
2.Who would take the first long position and hold it until the proper S/L is hit, or it turns into profit?
3.Who would wait until they are confident in a direction maybe wait for some distance to be put between the price and either of the trendlines?
Personally I entered long on the first break of the red trendline I drew, and i have held the position...I find the price projection of the short is to small to break the long, and I also feel the pair is bullish for some other reasons...i realize my decision is subjective and was curious as to what some other traders would be doing!!
Ignore the Aquablue lines, and forgive the picture if it doesn't turn out it is my first uploaded file, I usually don't get this into threads....
Attached Image