Please before reading this article have a look at my previous analysis on this pair here.
It can be seen in hourly chart above that the trendline was broken yesterday afternoon and a retrace to retest that trendline from below was a confirmation of a short signal.
Trendline strategies go this way, after a trendline is broken then wait for a retest of that broken trendline and after forming a candle in your desired way then go through the market.
So 1.3959 was a good point to go short and around 1.3900 is my first profit target and looking exactly for the price action near 1.3900.I think below 1.3900, Bears will pick the pace up to shoot single currency to around 1.3700.
Good luck.
Great buddy,, I like so much the breakouts and pullbacks. Did you used to trade the breakout or only trade it after the retest?
ReplyDeleteThanks Patricio, Yes absolutely they are great.Yes I do go on a trade when there is a breakout but with tighter stops and profit targets.I like it to retest again that trendline and then go on with 3 positions.
ReplyDeleteThanks for your comment, I really appreciate it.