AUDNZD - Rally - Base - Rally

FX:AUDNZD   Australian Dollar / New Zealand Dollar
378 11 11
I recently went long on this pair with an entry @ 1.03118 with 2 positions. Sold one at TP2. Looking to re-enter and go long at the pullback around 1.04360. I expect some degree of consolidation before resuming its rally again.
Comment: Good hedge for intraday
Comment: Trade the breakout of flag pattern

Comment: Horizontal levels drawn as guide

Comment: Buy limit on chart
Comment: Buy limit @ 1.05090 filled
Comment: SL for 2nd position moved to b/e (1.05090)
Comment: This pair has rallied again - creating a new swing high
Comment: TP1 target reached @ 1.06130
Comment: moved SL to 1.05570
Comment: Added another position @ 1.60000
Comment: *1.06000
Comment: Positions @ entry

1. 1.03118 TS @ 1.05090 (198 pips)
2. 1.05090 (stopped at b/e) (0)
3. re-entered @ 1.05143 TS @ 1.05761 (62 pips)
4. 1.06000 TS @ 1.05761 (-25 pips)
Comment: Closed trade @ 1.05953

1.03118 (283 pips)
1.05143 (78 pips)
1.06000 (-7 pips)

354 pips

Trade closed manually
Nice Andrew, a kind of H&S forming
-Andrew- MANOLIS
Noted my friend - Will trail stops.
it formed bearish head and shoulders, your buy limit is based on fundamental analysis >?
-Andrew- GoldHunter
My strategy is 80% technical (patterns and horizontal levels) and 20% Fundamental - Yes I can see a H&S - it will only be confirmed if it breaks the neckline @ 1.04840 - Daily candle opened well.
-Andrew- GoldHunter
If you look at Gold for instance, Fundamentalist say that it will break 1400 a month ago, I still have my long positions active but the pattern and bearish candles tells a different story, hence hedging my long investments.
+1 Reply
GoldHunter -Andrew-
thanks !
will you update us when to add a position ?
GoldHunter GoldHunter
thank u !
-Andrew- GoldHunter
Sorry realised the level I gave to buy was a bit conservative - AN rally is quite steep, buy on dips on good support line.
+1 Reply
-Andrew- -Andrew-
Will be buying on dips
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