Broke upper trend line of monthly downtrend, looking to buy after consolidation.
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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.
Comments
Balazs
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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.
Olu
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I cant help but see an inverse H&S on the chart meaning this pair could go to 1.2000
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.