So far price has broken above the long term trend line and tested it once. It has returned to the trend line and will either respect it or fall through it. If it respects it I am long for a run up to the next long term resistance around 115.50, I believe. If it falls through the resistance and breaks the trendline, continuing it's down trend from before then I will go short with a target of around 108.80. Both these targets are the last untested highs above and below current price. Happy Trading to you all. I will probably be trading small at first, maybe .1 lot and will pyramid up as price moves towards my targets, to both minimize risk as price may reverse for no reason, but also to maximize gains if my targets are met. I will increase every 25-50 pips by .1, then another .1lot, then a .2, .3, .5 for a total of 1.2 lots if my final positions/ targets are met. I will manually move up my stop loss, starting from roughly 50 pips from my entry and keep it withing 30 pips after the second or third position scaling in.
I am open to questions if my meaning is not clear, please let me know and I will try to clarify.
I am open to questions if my meaning is not clear, please let me know and I will try to clarify.
