pound aud possible breakout swing trade

Just a quickie trade update for you all on a possible swing trade. Problem is its already up huge (several hundred pips). So, being that it is extended there are 2 ways to get in.  First buying on pullbacks as it pulls down towards 1.7400 or so and scaling in to get a good price, then waiting for a breakout that may or may not happen. This is anticipation.  OR, we could wait till the breakout begins and go long over the daily high put in right now.  Say, 1.7530 or so (fresh new money into the market for this to happen). This is called “paying UP, for confirmation”  Then setting a stop at the daily low of the candle, whatever that happens to be at the time of the breakout (which is NOT known yet, as this candle is a brand new baby and has over 20 hours to go).  Pound crosses have been on a tear lately (aka pound swissy amongst others.)  So, if you try this trade, my suggestion is to peal it off in quarters as it goes north, say every 50 pips up, moving the stops up as well.  Till next time, happy trading. Michael Storm aka robinhood.

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