I was away from my desk today and missed this this consolidation break down for a nice 200 pip run. Such is the life of a Forex trader..... just remember, trades are always there, patience in waiting for the right trade pays off. To me, this was a very nice set up. Sorry I was away from my desk!
Consolidation made it's squeeze going into the Asian session. Broke the short term trend that formed the wedge, and then broke the psych level of 149. These are the breaks I like to look for. If action holds below, this when I'd enter the trade, and set a 50-60 pip stop. Once it moved 50-60 pips is when I move the stop to break even. Then just follow the price action down. At 148, would have cleared half my entry for 100 pips. For me, when you have 100 pips in hand, take it. Depending on price action, I may have cleared all, but this was making a nice clear run down. I honestly can't say when and where I would have cleared the rest, but it did turn out to be a nice move from the consolidation break, and break of the bull trend.
Now it is ranging between 147 and 147.74. Next key move might be it breaking back above 147.74, just before, or at the London open. Might want to keep an eye on it.
Consolidation made it's squeeze going into the Asian session. Broke the short term trend that formed the wedge, and then broke the psych level of 149. These are the breaks I like to look for. If action holds below, this when I'd enter the trade, and set a 50-60 pip stop. Once it moved 50-60 pips is when I move the stop to break even. Then just follow the price action down. At 148, would have cleared half my entry for 100 pips. For me, when you have 100 pips in hand, take it. Depending on price action, I may have cleared all, but this was making a nice clear run down. I honestly can't say when and where I would have cleared the rest, but it did turn out to be a nice move from the consolidation break, and break of the bull trend.
Now it is ranging between 147 and 147.74. Next key move might be it breaking back above 147.74, just before, or at the London open. Might want to keep an eye on it.