Although the major area lines up at 0.9300 on my chart the big troubles are around 0.9330. Really hard for price to get through there. Stop was missed again by 14 pips. It really works to hide the stop behind minor areas compiled from lots of traffic.
I'm still confident in my AUDCAD long what brings me to the next point. Yesterday I saw the following EURCAD chart, 2 bar pinbar at minor PPZ but with confluence of trendline and 38.2% and 61.8% retrace. This let me place a sell stop below the 2 bar pinbar and below another minor PPZ at 1.5700. What I saw today when the order was triggered was a different picture, today I saw a hedging position against my AUDCAD.
So I pulled up the EURAUD and found that the EUR is weakening against the AUD and also has broken a trendline towards south. So in plain math it would mean that both orders could work out if the CAD does not move. Needless to say that the EURCAD was closed with a small 22 pips loss because math does work for physics but not for trading.
The first time I did such an obvious hedge but hopefully the last. There are areas and price action and sometimes I find myself in giving a shit on the particular instrument I want to trade.
Stefan.
I'm still confident in my AUDCAD long what brings me to the next point. Yesterday I saw the following EURCAD chart, 2 bar pinbar at minor PPZ but with confluence of trendline and 38.2% and 61.8% retrace. This let me place a sell stop below the 2 bar pinbar and below another minor PPZ at 1.5700. What I saw today when the order was triggered was a different picture, today I saw a hedging position against my AUDCAD.
So I pulled up the EURAUD and found that the EUR is weakening against the AUD and also has broken a trendline towards south. So in plain math it would mean that both orders could work out if the CAD does not move. Needless to say that the EURCAD was closed with a small 22 pips loss because math does work for physics but not for trading.
The first time I did such an obvious hedge but hopefully the last. There are areas and price action and sometimes I find myself in giving a shit on the particular instrument I want to trade.
Stefan.
10 x 100 = 100 x 10, stefx, retired scalper.