Hi Mike,
I was wandering about your opininon about the EUR/GBP trade story and how you would have traded it, if at all.
EURGBP has been on bullish trend on the daily chart. It came back from the bottom of a large box (Approximately between 0,7000-0,7500) and it broke the midpoint and has been pushing higher.
Last week it printed daily bars that have almost identical high points and was moving over an ascending trendline. It is forming a bullish wedge.
Today a bullish bar broke the level at US open, retested and shoot higher.
My questions are:
1) Would you enter right after the break or wait for a retracement? Or would you put a limit buy order there before it breaks?
2) Where would you put your SL? Is an SL below the break bar would be too tight?
Thanks.
I was wandering about your opininon about the EUR/GBP trade story and how you would have traded it, if at all.
EURGBP has been on bullish trend on the daily chart. It came back from the bottom of a large box (Approximately between 0,7000-0,7500) and it broke the midpoint and has been pushing higher.
Last week it printed daily bars that have almost identical high points and was moving over an ascending trendline. It is forming a bullish wedge.
Today a bullish bar broke the level at US open, retested and shoot higher.
My questions are:
1) Would you enter right after the break or wait for a retracement? Or would you put a limit buy order there before it breaks?
2) Where would you put your SL? Is an SL below the break bar would be too tight?
Thanks.