HUFUSD trade ideas
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
USDHUF (short scalp)Probability: ~41%
Aggressive entry info:
Entry: 358.551 // OANDA Feed
Stop loss 358.786 /// OANDA Feed
Take profit 1: 353.319 Risk to Reward: 23
Take profit 2:352.330
Conservative /ideal entry info:
Entry: 360.396// OANDA Feed
Stop loss 360.988/ OANDA Feed
Take profit 1: 353.319 Risk to Reward: 15
Take profit 2:352.330
Take profit 3: 337.830 RR: 6.2%
Precision of entry: Medium / Low
Additional comments: If sellers fail then buyers will take the price to 367.330 and ultimately to 369.733 (price will follow the red scenario/arrow highlighted on chart)
Note: setup will be invalid if target 1 is achieved before the setup is triggered
Probability of a 4% long straddle from current price >50%
USDHUF - How to play the dollar long ?One vehicle how you can short or long the dollar is the USDHUF.
The USDHUF mirrors the DXY moves pretty well.
Though watching the FIB retracement we are at no man's land : the Fibonacci 61,8% is still 10 HUF away:
we have important levels at 354.738, 352.993, and 351.248.
I don't think price will break these levels at the first try. If we can bounce from here price will tag the 50 EMA and 200 EMA at 378-380.
USDHUF Swing Price Analysis Long 1MThis is a price prediction for USDHUF pair on monthly chart. The price retrace to the monthly orderblock then it will push to the upside from cca.320. If it makes a new swing high(break of market structure) the bullish trend can continue, if not(fails to create a new higher high), a swing market shift will happen.
USD HUF Good morning to everyone and Happy New Year!
As you can see we are investigating the USD/HUF.
I strongly suggest you finish your short position on USD due to the fact that technically and also fundamentally we HUF went way ahead way too fast under the current circumstances.
We are looking for the dollar will get stronger and we will retest the 400 levers in the next 2-3 weeks
Thank You - ELGatoTrade
USDHUF Buy after re-tap of PWL.OANDA:USDHUF
Price has been funneling hard. It did a brilliant move to downside for a false breakout which took out all buy-side liquidity. Watching for price to tap PWL before making a move upside to take out all sell-side liquidity as all buy-side has been exhausted.
USDHUF // correction may endAfter yesterday's FED contribution, price has finished a 1-2-3 wave right into the previous south breakout on the daily, meaning the correction may end here, and price can first make a correction of the correction, then long trend may resume and in this case, further target zones become valid.
Trade safe! ⚪️⚫️
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ANYWAY, a lot of Qs about the direction of the price. But it doesn't matter.
WE JUST REACT!
Remember that trading is a business.
SIZE your TRADES according to your risk aversion!
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