EUR/AUD H4 chart. I'm still in this trade. Price found support from rising trend line. Hopefully it will find some resistance from the descending trendline and make a descent break to the downside.
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I see this one went agaist you a bit after entering short . How do you work your stops ? Thanks for posting these sir.
I see this one went agaist you a bit after entering short . How do you work your stops ? Thanks for posting these sir.
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Hi Decades, thanks for your interest.
Because I am waiting for price to complete a pattern (such as head & shoulders, wedges etc) I usually place my stop above or below a price that would make that pattern null and void (e.g above a shoulder, head or major trendline). I then just leave my stop at that place until my first target is hit. Then I generally move my stop to break even and let price run until my second target is hit (or price comes back and hits break-even)
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Joined May 2006
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Status: 4xpipcounter
|139 Posts
Fuse, I'm seeing a huge cluster R event at 1.6150. That should contain for the drop that heads to at least the mid 1.5900's.
BTW, you got a nice thread. I hope you continue with your views.
Fuse, I'm seeing a huge cluster R event at 1.6150. That should contain for the drop that heads to at least the mid 1.5900's.
BTW, you got a nice thread. I hope you continue with your views.
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Thanks 4xpipcounter.
GBP daily chart
I have taken a short trade @ 1.61182 SL 1.62050 -based on price entering major supply zone and bouncing off trendline forming a bearish wedge (well hopefully!). In a H1 timefame price also hit ascending trendline. TP open at this stage.
XAU/USD Daily chart. Price entering previus demand zone and touching major ascending trendline. If price bounces off here, it will form an inverse head and shoulders. Could be good time to go long?? I will moniter closely.
GBP/JPY H4 chart. It's amazing how often this pair re-traces at the 0.764 fib!! It will be interesting to see what happens when price hits the 0.50 fib and previous demand level. My guess is we may see a bounce from here.
AUD/USD Daily chart. Price has made a descent retrace off trendline and previous supply zone. It will perhaps find some support at the 0.236 fib retracement. I'm holding short for the moment.
NZD/USD Daily chart. Nice bounce off previous supply zone and trendline. I will continue to hold short.
Price currently in a previous demand zone. Also trendline may come into play to offer some support. Will monitor closely. RBNZ rate decision also out later this week (thurs kiwi time)
