Balazs
Long

Break of Monthly Down Trend - BUY Setup

FX:AUDNZD   Australian Dollar/New Zealand Dollar
49 2 7
7 months ago
Broke upper trend line of monthly downtrend, looking to buy after consolidation.
6 months ago
Comment: A perfect example of why we don't just buy or sell the breakout, but always wait for the consolidation and continuation pattern for that extra confirmation.
Olu
7 months ago
I cant help but see an inverse H&S on the chart meaning this pair could go to 1.2000
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Balazs
6 months ago
Hope you kept to the rules and didn't buy the instant breakout. Let's re-analyze.
On the daily we saw a double top and completed 2618 trade which so far has reached and surpassed the 1618 target level:
snapshot


But looking at the higher weekly chart, we see another bigger double top and developing 2618. Wait for the retrace and SELL.
PS - on a plus side, the position would be in harmony with the current long term down trend.

snapshot

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