USDHUF breakout after retrace to resistance zone - am I correct?
Hey guys, I'm new here, but just wanted to confirm some of my recently learned knowledge. Based on the first kiss (Naked Forex) principle, I went back on the charts and found this pattern on US dollar v Hungarian Forint.
I noticed that between the 28th of April and the 18th of May, this pair was consolidating. A very strong support and resistance zone was created with a few touches at the top and bottom of the zone.
When it finally broke out, you could see it touched (last kissed) the top of the zone, and then continued the uptrend, like the first fakeout made it seem to be.
Don't know how deep the last kiss can be in the zone, but I think this is kinda the right signal for a long. (Which I didn't take, because I retraced it in the past)
Do you guys agree? And if not, what could I have missed that could be of importance in my next trades? Thanks!
Jasper
I noticed that between the 28th of April and the 18th of May, this pair was consolidating. A very strong support and resistance zone was created with a few touches at the top and bottom of the zone.
When it finally broke out, you could see it touched (last kissed) the top of the zone, and then continued the uptrend, like the first fakeout made it seem to be.
Don't know how deep the last kiss can be in the zone, but I think this is kinda the right signal for a long. (Which I didn't take, because I retraced it in the past)
Do you guys agree? And if not, what could I have missed that could be of importance in my next trades? Thanks!
Jasper
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