Breakout after a pullback towards the local trend
The market broke out C and managed to hold above it. I assume the downtrend on D is reversing. I opened the position at "A" break out, Stop loss is set under one of the 4H candles lows. Profit target before September high (B).
*I allocated 50% of my normal risk in this trade. Other 50% belongs to an almost identical position in AUDCHF. The idea is to diversify risk and to observe till what extend these pairs are correlated.
*CADCHF chart is in the range state so it's quite hard to say which currency has stronger prospectives.
*I allocated 50% of my normal risk in this trade. Other 50% belongs to an almost identical position in AUDCHF. The idea is to diversify risk and to observe till what extend these pairs are correlated.
*CADCHF chart is in the range state so it's quite hard to say which currency has stronger prospectives.
Trade closed: stop reached:
trailing stop reached