This pair is right in an area of former support and resistance. This could be a good area to get long with a nice risk reward. As long as you manage your trades, you can be wrong more than you are right and still make money...... Hard to believe I know. I will watch price action on this pair and look at getting long. I discuss this trade and more in this weeks Weekend Preview. Check it out here: youtu.be/Pt3tHfHETeI
Comments
dopey99
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Hi, will you be looking for price to break the downward trend line before initiating your long entry?
Thanks.
TradersClassroom
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You can play it one of two ways. You could have either bought at the double bottom and played the countertrend trade (which is what I did) or you can wait for confirmation on the move with a break of the downward trend line.
OR....... You could wait until price action gets to the trendline and trade with the trend. It's all about your trade plan and how you manage your money. Sorry for the confusion. Good luck!
Thanks.