Thread: Slow and steady

AUDJPY


longer term trend DOWN

AUDJPY

Downward 4h trendline (blue) hit again from under...

AUDJPY - close up of trendline and 61% fib...


open = blue
stop = reddish
limit = green

Hi Mosaic,

Great to see your ribbon is still progressing....

Recall the below? GBPAUD. Support, Resistance and Trend Lines functioned perfectly.I'll be shutting it shortly to walk off with a decent number of pips.

Great luck with all the long should you proceed.

Cheers

Originally Posted by ;

Hi HTP,

Thanks. . .at least someone's reading this !!

Not sure I am qualified to be providing advice. . .but I'll present my 2cents worth yet.

If I understand you correctly, you wish to go brief gbpaud once market calms down after NFP. So maybe at 2.5100 (blue line) Limit at 2.4700 and cease at 2.6000 (red line).

Logic for the transaction will be return to trend line. Bounce off of previous level of approximately 2.500 and 2.5000 is a nice round number, which often creates amounts of resistance/support.

I'm unable to have definitive risk reward ratios. . .it all depends. But to risk 1000 pips for 400. Bit rich for my blood. Also I feel I would be choosing on a top except the latter 2 reasons given over which I don't feel are strong, having nothing to encourage it. I will probably wait until it gets back down to the fashion line at around 2.47, start going back up and go long. . .so hopefully will soon be opening as long since you close your brief for 400 pips !! (BIG triangle).

Surely wouldn't brief until I saw a clear turn down below 2.5000.

Good fortune.

Cheers

Hi Mosaic,
Every day I look in the screen chart initially before reading the following articles .
Please if possible post your anlysis charts for many majors eveyday for newbie like me to study .
Thank you for your fabulous charts.

Originally Posted by ;

Hello ,

Good to see your ribbon is still progressing....

Remember the below? GBPAUD. Support, Resistance and Trend Lines worked perfectly.I'll be shutting it soon to walk away with a decent amount of pips.

Good luck with the long should you proceed.

Cheers

Hello HTP,

Thought your trade many times while viewing gbpaud move sideways for awhile and then especially thought your trade when it plummeted down and hit your limit so well !! Thank goodness I didn't take the long at 2.47...

Would really like to learn how your s/r/tl suggested the possibility of this movement down.

Well done !!!

Cheers

Originally Posted by ;

Hi ,
Every day I look in the display chart first before reading the following posts .
Please if possible place your anlysis charts for all majors eveyday for newbie like me to examine .
Thanks again for your fabulous charts.

Hi Newbie...

Took me awhile the other afternoon, but I shall try. Pleased you are helped by it.

Cheers
John

Morning Mosaic,

Thanks.

I entered the commerce based on the following.

Both the Daily and 4 hour charts show that the pair had made three unsuccessful attempts to break through and foundation above the 2.5 price.

I do not have access to the charts this morning but if I recall correctly the first effort was back in April 05, then finish of March 06 and the 3rd more lately mid / late May.

This is the 4th attack and although the pair is experiencing a multi-level up tendency based on previous price action at this degree a fall was likely.

2.53 (approx) also is a Fib degree in the high June 04 and reduced July 05 which would help explain the resistance. I put my discontinue above just above this level at 2.545

I do believe that the upward trend will continue and a 5th more vigorous effort will be made but that I would rather brief and will probably be staying out for now.

Issues with my charts this morning mean that I can not attach anything to assist demone....fruing.

Love the trading day....

Originally Posted by ;

Hi HTP,

Thought your commerce many times while viewing gbpaud go backward for awhile and then especially thought of your commerce as it plummeted down and reach your limit so well !! Thank goodness I did not take the long at 2.47...

Would really like to know how your s/r/tl indied the possibility of this move down.

Properly done !!!

Cheers

Thank You HTP.. .would love a picture as soon as you've got things sorted out...

Update...


first update on me...

two things....been a bit busy, and a bit naughty :

needed a small change in the motive of my trading - needed to earn x to actually withdraw $ at month end. MASSIVE change in emotion/egy/discipline etc.. Quite amazing. . .and also rather than looking to see whether anything was being signaled by them, I had been trying to find a sign in the graphs. Read this. . .its fundamentally different. Have let my excellent mentors (RB, PI and JH) down badly in the last few days, but will pick myself up and get posting. The slow and steady egy that's exactly what this thread was about got nailed. Silly me.

Second, update on charts...

will update some of these a little later... (definitely now)

bye for today