I opened a long position on this pairing at 1.2516 - currently waiting to see if the trend will make one last move downwards respecting the descending trend-line marked (A), or if it has already reversed and will continue to rise towards the next major resistance line at 1.307. Stops have been moved to account for the upcoming potential movements.
If it makes one last move downwards - I will buy as close to 1.25. On the other hand if this is a reversal - I will wait for it to re-test a black line of support and open a position.
Although the Brexit process has not gone well, we can at least be grateful that the complete failure of the UK government has provided us with an opportunity to enter long positions. Let's take advantage of this uncertainty and catch these bargains.
This is not investment advice - I am simply posting these ideas for my future self to reflect upon and learn to be a better trader. Trade smart and be careful. Good luck!
If it makes one last move downwards - I will buy as close to 1.25. On the other hand if this is a reversal - I will wait for it to re-test a black line of support and open a position.
Although the Brexit process has not gone well, we can at least be grateful that the complete failure of the UK government has provided us with an opportunity to enter long positions. Let's take advantage of this uncertainty and catch these bargains.
This is not investment advice - I am simply posting these ideas for my future self to reflect upon and learn to be a better trader. Trade smart and be careful. Good luck!
Trade closed: target reached