Looking at the bigger picture, I would be more comfortable to increase the lot size if the price is able to sustain the rally back to 1.14 level. That is the March 2020 Low.
In the 4H chart, we can see price is retracing back to 1.12 level. Then, it may rebound again , possibly going sideways in the range between 1.12 to 1.149 before deciding to break down or above.
The red dotted line is where Pound hits the lowest in 1985 at 1.05 level .Notice how the price pierced through it and went lower to 1.03 before rebounding back to the 1.05 level. Assuming you took a LONG position at this level, then you would have made nearly 10% from this move.
Of course, in hindsight, everyone can become a guru and make forecast and that perhaps is the FUN part of it. I prefer to wait a while longer ,no longer obsessed with catching the absolute bottom since past experiences has proven it to be a costly and futile experiment.
Please DYODD
In the 4H chart, we can see price is retracing back to 1.12 level. Then, it may rebound again , possibly going sideways in the range between 1.12 to 1.149 before deciding to break down or above.
The red dotted line is where Pound hits the lowest in 1985 at 1.05 level .Notice how the price pierced through it and went lower to 1.03 before rebounding back to the 1.05 level. Assuming you took a LONG position at this level, then you would have made nearly 10% from this move.
Of course, in hindsight, everyone can become a guru and make forecast and that perhaps is the FUN part of it. I prefer to wait a while longer ,no longer obsessed with catching the absolute bottom since past experiences has proven it to be a costly and futile experiment.
Please DYODD
Comment:
www.scmp.com/ne...er-just-6-weeks?module=lea...
