eur aud...
seems to have completely broken through the resistance line which has held for a little while now.
I'd wait for a rebound down to, and then proceed up off the line then go long...
eur aud...
seems to have completely broken through the resistance line which has held for a little while now.
I'd wait for a rebound down to, and then proceed up off the line then go long...
Hello John,
Dont anticipate the Motion. Determined by what you see happening, not what you believe will occur. You entered the gold trade prior to having experienced a confirmation of a new down-swing having already been launched. Additionally, your price target is big. Dont look for home-runs that are complete, meaning the swing. Also pay attention you place them there to receive info.
Hi WTB,
Hmmm, one of my big weaknesses. I have it in my plan to await confirmation of this movement rather than only expecting it, also entering based on that. I agree with you. . .should probably have waited for more of a recession. I favor moving ceases and having biggish limits. But perhaps you are correct, this is reaching too far...?
Thank you for the input. Its comment on my transactions!!
Main thing is to not attempt to exploit the entire swing's lenght, which is basically trying to pick tops and bottoms also that work. The trick is to attempt to create your pips off the center sector of a swing. By waiting for the motion to be initiated instead of anticipating it, you also make sure the swing has assembled some downward inertia, which is generally visualized by Moving Averages crossing over each other trendlines to split and indiors such as MACD to cross. Wait until the tech indiors (whatever you use) start telling you the down move is confirmed and set up, and from there start drawing trendlines and hunt for a short entry at the pull backs.
Once in a trade, dont misuse it and dont give in to greed. Bear in mind, you haveta exploit the sector of the swing. Dont wait for the move to start getting over-extended to exit your positions out. Be conservative with your profit targets.
J.H.
Thanks JH. Wise words indeed.
It appears the gbp/jpy has broken down. . .so today to await a bounce down off the green line, or before it gets to the blue line and turns around...
Again, to take the advice above. Before opening the trade !! one needs to see the turnaround first
A question ... would you use whatever technician indiors on the exact same timeframe, or try to find MACD/MA crosses on shorter time frames ?Originally Posted by ;
Due
USD JPY...
Bounce off up green trendline.. .support becoming resistance, and 50% fib. Confirmed 'bounce' down ( so it appears to my objective eyes).
Open 112.13
Stop 112.57
Limit 111.42
Gold trade.
A question to you all out there. . .should I transfer my take profit up from 618 to 628. Already have ceased ahead of break even, so its a risk free transaction right now...
Am I being to impatient or greedy ? OR should I adhere to my limit ?