Dislikedany feedback on this strategy?
1) short 1 lot now with a 100 pip stop;
2) short 2 limit order at 50 pips north with the same stop
3) short 4 limit orders at 85 pips north with the same stop
risking at most (260 pips => 1*100 + 2*50 + 4*15) with a target of 9700-9500Ignored
From, here it will go to .9840, and that will be 60 min wave 3, after when it retraces from there to form wave 4, it will be get to atleast .9985.
If it does that, you will be very close or even stopped out of your trades.
The worst thing is that, after that , it will go right down to your target level .9700/.9500 area....
I might be wrong, l would like to see other fellow aussie traders think on this
PPP - Patience Pays PIPS