As a few of my close friends here on TradingView know... I LOVE TRADING this currency pair! Why you may ask?? The chart says it all, this is one of the strongest trends LIQUID EMEA Currency Pairs available. Hehe
What am I waiting for to jump back in LONG once again? Well when it concerns exotic currency pairs I only compound positions or jump back into the trend on deep retracements. Due to the high I shallow retracements tend to trap trend following traders into a bad position thus triggering their stop loss orders. To prevent this from happening I only enter the deeper retracements allowing me to place a wider stop accounting for any future .
I'll remind you that there is a negative swap if your long this pair. This should be calculated to your risk models when considering position sizing. Also, thus being said there is some additional alpha playing the short side of this pair collecting a positive swap rate (although not recommended I don't trade against strong trends such as this, I simply sit patiently and wait for an entry that fits my personal criteria).