Amidst all my losing predictions that the G/U would come down sooner or later, since it is just a couple hundred pips away from the strong resistance level of 2.0000, I finally did something right!
Not that mistakes are bad, but as a swing trade, I still am waiting for the chance to short G/U again. In any case, one learns most from mistakes, not the successes.
This success, however, is when I longed G/U because it broke out of the consolidation range of 1.9552 to 1.9685. The daily charts also showed a upward trend since couple of weeks back. So I figured if it breaks out of its consolidation, I would long it, and I did.
The long position was opened at 6.30am on 02/04 and I closed it at 10.30pm on the same day. Pips gained was 103.
Upon reflection, having seen it is an upward trend, I would not have place an order to short should the support for consolidation range @ 1.9685 was breached. But would say the same thing when similar circumstances present themself in future?
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