Price has broken out from 4Hr trendline - Confirm breakout, look for Bullish signal. Zones have been drawn up for reference.
Always use proper money management.
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What may happen
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Just an update - This may take time as price is consolidating - I believe that a rally will come - You can manually close your trade for now if you are not comfortable with minimal loss or with minimal profit and trade above the price indicated on the chart. As of now, I will slug it out and ride the storm.
Here is the link of a slow consolidation that followed by a strong rally in AUDNZD
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I'm still holding this position
Apply money management
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Closed at b/e - Will assess tomorrow Took off 50 pips on 1st position
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Opened 2 positions at the open of 4 Hr candle see chart (Entry and Chart) Placed SL on the 1st position at b/e as it is now up 60 pips. Second at with a 80 pips SL
Still in Horizontal consolidation and the spike down of the 4Hr candle did not close below the black line.
Sticking to this trading Plan. A more conservative approach is to go long outside of the consolidation box.
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Took profit of one position for 94 pips at the break of 1.70179. Second position closed at b/e.
Daily candle close shows a fakeout move.
Will monitor this again.
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GoldHunter
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thank u for making it clear
GoldHunter
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longed now at 1.6950 , SL 1.6925
piptamil
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@Andrew as always your charts are worth reading...Thanks mate.