I'm looking to fade this rally based on the above information. I'm going to let this trade run its course, and trail 50% of my position to the moving averages, if primary target is hit. The next support is highlighted in the smaller area between 1.285 and 1.29. This is where I will watch for any reversals.
Of course, if it doesn't work out. I get stopped out and then we either stay in a range for a bit longer, or continue higher (if USD breaks down further).
Comments
metalhe4der
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I like to cut losers swiftly. At the moment, price action seems quite bullish, bouncing off of support. Fading moves in general is a riskier trade than the average trend trade. Another trade for another day!