continiuation trade after consolidating a breakout of the trend
update: broke out of consolidation lets look for a .618 retracement for a long position
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Good day to you traders,
Just saw the 2nd breakout last night so i looked for a trading oppertunnity.
I have been waiting for a consolidation above the trendline because, after a second breakout, i think this is a pretty good confirmation that the price will go higher after a very long down trend.
IF the price breaks out ABOVE the consolidation THEN i think this is a pretty good oppertunity to long this pair.
IF the price retraced .618 THEN i will long till previous structure @ 0.67410.
Stop loss will be @ 0.66423 just under the consolidation.
edit: RSI isnt overbought yet
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These are my trading plans its on your own risks to follow me.
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Good day to you traders,
Just saw the 2nd breakout last night so i looked for a trading oppertunnity.
I have been waiting for a consolidation above the trendline because, after a second breakout, i think this is a pretty good confirmation that the price will go higher after a very long down trend.
IF the price breaks out ABOVE the consolidation THEN i think this is a pretty good oppertunity to long this pair.
IF the price retraced .618 THEN i will long till previous structure @ 0.67410.
Stop loss will be @ 0.66423 just under the consolidation.
edit: RSI isnt overbought yet
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These are my trading plans its on your own risks to follow me.