USDMXN Bullf flag trade

See a perfect bull flag here, the support level is very clear. Shows signs of an inverse H&S confirming the bullish move as well. The entry is a bit more tricky, because it could make a drop again first before breaking up.
The safest way is to play the breakout, so you could wait for the breakout to get. Or try to scale in within this bull flag. I would use the green support of the flag as the stop level.

Trade active:

The neckline has already been broken, the blue zone is the entry zone. Best to scale in if your not in already.
Use the green area as a stop

Comment:

The update above is the wrong one, wrong chart

Trade active:

This trade is also active now, calculate how much you want to risk first.

We will try to scale into this trade. 4 parts of 25%, You can see 4 black lines, we will only buy the first 2 parts and will wait for the price to move up first before buying the other 2 parts. After we see a breakout, we can increase the size of the postion (and move the stop up as well of course).
The red box is the stop loss level.

Comment:

First 2 buys zones should have been hit, not wait for the other 50% until we move up again like i showed yesterday.

Comment:

THis one is still moving inside the entry zone, if your still in with 50% of the pos, wait until the yellow zone breaks to aadd the other 50%. After we break the flag we can increase after the purple zone breaks. Trade still moving inside the bear flag, so still looking good

Comment:

Almost lost the trade, seems the support of the flag was the perfect entry, i just did not want to risk to miss the trade so i choose to wait for a smaller drop. ANyway, looks good now, if your still in for 50%, i would wait for the yellow box to break before adding, and only add more if the flag breaks as mentioned above.

Comment:

Here we can see that trading is about trying to know the direction the market wants to go. That was clearly up so it seems now, so we did not do anything wrong there. But it seems i put the stop too tight :(.

When i gave the trade the bull flag had a certain shape, with the support being horizontal, but the market changed it to a standard bull flag. These kind of things/trades one has to look back at to learn from this and being able to plug some of these leaks in the future.