botje11

AUDHKD Possible trend Change, Inverse H&S

Long
botje11 Updated   
OANDA:AUDHKD   AUD/HKD
Trying to play a long term trend change here. Had a dropping trend channel from the start of 2018 and this month we have had the first breakout of this channel. We had a nice double bottom in Oct which already reached it's target. At the moment it has dropped but it could potentially make a right shoulder for an inverse H&S. I am going to scale in several orders. Doing two 25% of a normal position at those yellow circles and i will increase on the way.

So risking a small amount here with the potential of a very big win when playing it right.

Comment:
Second entry has also been hit and so far it is looking good, but most certainly still a dangerous play. I have drawn a potential H&S on the right, where we could be making the right shoulder at the moment. Because the higher time frame usually has more weight it's still worth the try. I have drawn 2 more entry points to add the other two 25% of my normal size there on the way up. After we break the neckline of the big inverse H&S, i will double my size AFTER the breakout and the retest of the inverse H&S

Comment:
Going perfectly, very strong convincing move, increasing the chances a lot now! I have my third entry in as well now, moving stops up as well.

Comment:
All entries are in now. I have stop around average entry now.
Now it's time to be show patience, i want to see it move higher, make a correction and around the yellow zone i will double my position and move stop to average entry. So risking only profit for a potential huge win :)
Doesn't always work, but when they do, it can cover 10/20 loosing trades

Comment:
We broke up and are now a bit lower than we should have, but nothing extreme yet. I am still waiting to increase my position here, but i want to see us break above the previous high first.

There is a chance we might make a small H&S (blue lines), but i am going to give it a bit more more, putting my stop around break even.


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