USD/SEK - DON'T BE FOOLED BY THE BREAKOUT
Updated
The pair is currently still correcting and we could get one more strong move to the upside. Bear in mind though that in the bigger picture (Monthly chart - which i will post as an update) we are still within a Zig-Zag correction (wave 4 to be exact) therefore I would be very cautious and lock in profits as soon as possible. Note how leg C looks like it's carrying a lot of momentum, but so did leg A before turning. In addition we are seeing an ending diagonal form which is a very common occurrence for the leg C of a Flat & Zig-Zag correction.
My personal details:
Long @ Entry: 8.2677, SL: 8.2565, TP: 8.5180, RR:22.34
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
My personal details:
Long @ Entry: 8.2677, SL: 8.2565, TP: 8.5180, RR:22.34
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Note
The Monthly chart forming an ABC Zig-Zag
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