Re: Giving the long dollar trade another try
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That pair made really nice bottom......lets see how it acts around 1.47 and how it breaks out of this base thats forming. This is a little scary. Looks a little like a cup and handle forming.
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You said you already have around 30% of your position (long UDS in some form, I assume), but the set-ups you've refered to haven't yet been confirmed by price action. I'm wondering what strategy or methology you're using, and in which timeframe you're trading within.
It sounds like you're fishing for a bottom. If you've seen some price action indicative of a bottom or a cup and handle forming on the charts, then why not wait for a confirmation of a reversal? - I believe that would be a far less risk trade.
I'm not familiar with this market's charts as I don't directly trade currencies, but I'm just curious about your methodology and timeframe.
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