Quote:
Originally Posted by cosgrove
Long AUDUSD at 0.8729 (breakeven after a retracement of yesterday's gains, we'll have to see what happens)
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The MONTHLY chart has that little indecisive doji too - just like the USDCAD did. "Indecision Ahead" is what it is warning us, and indeed both the Weekly AND Daily charts are looking more like developing the Fish-net pattern each day. The daily is looking very indecisive.
There is a good chance (maybe 70% at a bush-man's guess) that the January candle may be green too, so I wouldn't close my position until it begins to show its hand.
Of course, the risk is that there will be a correction, and wipe your pips away.
In such a situation, as you already have an open trade, you COULD accept that risk, with the probability in your favour of a further rally, but at the risk of current pips+.
However, this is one for your own discretion ... I think the Fish-net Rule would cover it, and say: "CLOSE IT"
Stay cool - there are heaps more pips ahead ... and it is far better to scoop these into the bucket and move forward in search of more fertile pip-ground!
At this point I have refrained from pointing out trades as they set-up. This is for no other reason than I would rather comment on what folks are putting forward. I think this is better - dig for your own gold!
More next post.