I can hold out as long as the stop maybe40pips higher.I want to be like you I want to study and do what ever it takes to get there im so thankful to but taught by a great person like you.did it take long 4you2 get so good????
Quoting itmeDislikedIn general:
1) due to the difficulty in counting 1 minute waves, a short at .9189 would be advised. It may go up one more time, but the stop should cover that.
2) the more conservative strategy is to wait and hope that it will go up to a new high at about .9193 or higher
3) the most conservative strategy is to wait for it to rise to .9200, and risk losing the trade
My suggestion to turn1to100: pick one of the above strategies and act accordingly. I think if you hold on and can endure more dipping into your cash reserves, this trade will come around and end up positive before too long. It may already have turned the corner.
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Previous comments:
AUD/CAD Update for Thursday December 28 at 14:00 ETThursday December 28 at 14:00 ET
According to my Q system, .9160, .9175, .9185 and .9210 are high probability reversal points. The recent high is .9178.
According to Elliott Wave theory, we may have already reached the high for this trend, or again we may see one more high. The wave count is uncertain.
A short at the recent high of .9178 with a stop at .9226 would have a risk of 47 pips and an initial reward of 169 pips for a RRR of 3.6, but a much higher medium term RRR. This trade has a better than 50% chance of success, in my opinion.
The conservative strategy is to wait for another rise and enter at the top of the 5 wave pattern.
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Previous comments:
Thursday December 28 at 5:30 ET
AUD/CAD approaching possible reversal point
AUD/CAD is approaching a potential trend reversal point at about .9147 - .9160 according to my analysis.
Stop should be .9215
The first target is .9000
The second target is .8840
Confidence level: good
Accuracy: good
Reward / Risk Ratio : fair
Note: This trade looks much better at a price close to or at .9200, which is a very high probability reversal point.Ignored