MHUA is shown here on the daily chart. It is currently trading at about 90% off its high of the
year. It is in the high volume area of the long term volume profile suggesting there is sufficent
liquidity to support active trading. Recent volume spikes suggest buying volume increases with
the spikes being about 10X relative volume. Price is over the POC...
I'm still having parts of this trade open, as the price is retracing back to the previous demand zone, showing some signs of reaccumulation. We're still aiming at the 1.151 - 1.157 range, but this can take some time, so be patient.
I took this trade and was expecting price to move 3R in my favor. However, after hitting 1R, the price just collapsed back.
Even though I might loose this trade - but because of my risk management plan, this trade is already risk free for me (after it hit 1R).
I cannot express enough - HAVE A RISK MANAGEMENT PLAN that works for your attitude!
Risk management...
Hello everyone. just showing an update the previous trade idea. i secured and 42 pip partial profit. the pair may continue down. if the buy candle stick closes with the same body length or more, signal for a reversal.
I was looking for a clean drop down. +42 pips in account is still good. :)
