Out at break even on gbpaud again. Waiting for the next pullback. Nothing lost so far, you can't complain at that. If it's going to go it should go with force sooner or later.
When entering a trade do you enter just above /below the tail? I missed the audusd as I wasn't at the computer.
Edit I think I have just found the answer in the book. You go in at market price at the start of the second candle which allows me to take the audusd trade as it is still very close to its opening price.
Ed When entering a trade do you enter just above /below the tail? I missed the audusd as I wasn't at the computer. Edit I think I have just found the answer in the book. You go in at market price at the start of the second candle which allows me to take the audusd trade as it is still very close to its opening price.
Ignored
Hi Les, Yes, I use market orders and it hasn't gone very far so you are still fine to enter.
Unfortunately I was out for a while. I had a stop in place but not a TP. When I got home the price had reversed a lot I got out with just a few pips profit.
Unfortunately I was out for a while. I had a stop in place but not a TP. When I got home the price had reversed a lot I got out with just a few pips profit.
Ignored
I'm holding with the trend anyway. Use the 100 sma as the exit, when that is broken it's time to get out of all trades.
Nothing exciting happened this week then. 2 break even trades and one running with a few pips down. The weekly charts are still valid to trade next week. It's interesting that all aud pairs are setting up for next week. There is still no guarantee that anything will set up properly or follow through to a good trend but I'll definitely be watching to short the aud on the 4 hour charts. Anything that sets up with a classic entry pattern must be worth taking.
Something worth bearing in mind is that such a big variance on the nfp report could well lead to usd strength for the rest of the month. With aud looking weak audusd could well be the right pair to be on. We will see, all we need to do is position ourselves correctly on the 4 hour charts and if the theory is correct then we should clean up. If not then it should be obvious after a few more break even or losing trades.
Yes, way too much. Better to risk 0.5% on each individual trade. Don't forget that the idea is to stack up your profitable trades as the trend develops so over a good trend you will make a good amount but each individual losing trade loses you relatively little.
Saved by the 100 sma earlier but price still pushing up. It's just touching the 0.93 level now, this will either hold it below or it will break. The setup is still valid all the time the price is below the 100 sma.
Out for a loss on audusd. If the price stays above the 100 sma then the setup is invalidated. I'll continue to watch the other aud pairs for possible entries as the weekly charts still suggest aud weakness.
made 30 pips today
Swing Trading with Heiken Ashi and Stochastics - updated
