Balazs
Long

Break of Monthly Down Trend - BUY Setup

FX:AUDNZD   Australian Dollar / New Zealand Dollar
49 2 7
Broke upper trend line of monthly downtrend, looking to buy after consolidation.
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.
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:


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.


Reply
I cant help but see an inverse H&S on the chart meaning this pair could go to 1.2000
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out