josemarcucci

Triangle but continuation or not?

FX:AUDCHF   Australian Dollar/Swiss Franc
60 11 3
There is triangle formed and even if the it usually indicates continuation, in this particular case is not clear whether if the price will continue going up or finally it will find a resistance that has stopped many times the price already. Just keep in mind as it could be a nice move for this or next week.
Trade active
I did enter almost 50 pips lower hope will be OK it is only demo at the moment..
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Hi I did enter this trade maybe earlier not sure were should I put the Sl if I may ask? Would that be at 7509 or the last HL? By the way did You enter the trade?
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josemarcucci RalfDiana
Hello, yes I did enter as well :-) I left a pending order at the 0.7300 level with a SL at 0.74200 and TP 0.71300...
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The retest the broken level as expected and there such a nice sell transaction :-)
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what about retesting, what can I say following a smaller TF like the 4 hour or even the 1hr chart or the retest has to be always following the daily as in this case. In other words if I intend to trade as an example weekly chart the retesting has to be in the weekly one and not lower TF and so on
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so you always wait for the close of the daily candle even if the price can go further down at during the day. sorry for asking but I am not an experienced trader just starting a few months ago
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josemarcucci RalfDiana
No problem ;) yes indeed I usually wait for the daily close and wait for an eventually retest of the broke level...
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thanks
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Hi what if the price goes down to 7290 would it be too early to sell or better wait for a retest
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josemarcucci RalfDiana
I wouldn't sell till a daily close below 0.73000... The price seems to be reacting in this level right now and for me is a bit risky
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