EUR/USD: Breakout trade, going long on a retracement!
This idea is a direct result from my previous analysis
I will go long after a retracement to get a better entry level. My buy limits are in place but one could also wait for a confirmed bounce off the trendline (or a possible breakout and alternative reversal scenario!).
My 2 targets are at previous structure levels (the coloured channels). SL will be below the current "up" trendline that has formed (which could turn out to be more/less inclined as the one I drew!!), hoping it will hold. The SL is also below a previous structure level and the 1.1200 level (some extra wiggle room).
As long as the up-trend contninues I will be looking to add to my positions (after e.g. a bounce off the trendline).
The red arrow scenario is a possible extension, to be bought into after retracements, only if the current up-trend continues...
Arrows are ofcourse only there for illustration purposes and in now way aspire to be predictions of the possible move up!
I will be watching out for signs of a possible false breakout and reversal scenario, i.e. when for instance the trendline doesn't hold I might be looking for shorts.
I will go long after a retracement to get a better entry level. My buy limits are in place but one could also wait for a confirmed bounce off the trendline (or a possible breakout and alternative reversal scenario!).
My 2 targets are at previous structure levels (the coloured channels). SL will be below the current "up" trendline that has formed (which could turn out to be more/less inclined as the one I drew!!), hoping it will hold. The SL is also below a previous structure level and the 1.1200 level (some extra wiggle room).
As long as the up-trend contninues I will be looking to add to my positions (after e.g. a bounce off the trendline).
The red arrow scenario is a possible extension, to be bought into after retracements, only if the current up-trend continues...
Arrows are ofcourse only there for illustration purposes and in now way aspire to be predictions of the possible move up!
I will be watching out for signs of a possible false breakout and reversal scenario, i.e. when for instance the trendline doesn't hold I might be looking for shorts.
