well finally got an entry lol. Not an ideal entry but good enough. Also not really exactly what I want to show for my first trade but I entered it so here goes.
Entry was on the 15 min and you will see most of my entries on the 15 min. I normally look to higher time frames and drop down to get that exact entry. Also this entry was late but a concept I will go into greater depth later. I still wish to start with the most basic and move on from there. I only honestly took this one to make my money back from a loss I took to show someone on another thread how to scale out of a trade. I only trade live and took a loss there (even though if I would have let the trade run it would have gone for nice gains) it was to show something not to trade so I closed it.
As you can see the ideal entry would have been at the swing high. You see the pin bar with the 50% retrace and small stop? That was at the high end of the S/R area I missed that as I was out joy riding on my bike. Came back to see price stall at the lower end of the s/r area and set up another pin bar set up. Again not a recommended point of entry but I will go greater into depth on this at a later date. There is a method to my madness here. As of now I cashed out 1 lot at 26 pips (my loss from earlier this week and moved stop just past BE (to bring in a little for the risk). So no matter what happen I at least break even this week with a little profit. I will let the rest run but seeing as tomorrow is friday I dont expect much. We will see what the market want to give me.
I also hope you got in there. I was looking for the same and it set up nicely but I was at work and could not trade it. I have always followed you. We tend to think the same (somewhat) as you said when you posted a chat the other day mine looked a lot like yours. I love to trade the Aussie I understand the pair (somewhat). Moves when I can trade (not lately for entries and has moved non stop almost). Glad to see you back around I have always liked chatting with the happypips.
Regardless of what your trade was doing, do you think if you where to limit the length of a trade to a certain set period of time… Would your winning average drop or would you be less profitable? It shouldn’t change your entries I wouldn’t think, but if it could change your profitability it would be something to think about. Just food for thought.
Well thats another concept I want to talk about later on. As far as time I let the trade take me out. But in typical Aussie movements you will see some sort of bounce at all session open and closes. Main one I look for is Asia open it generally makes the move of the day. Lately I am thinking due to world events it is not respecting that. I hope it goes back but if it dont its not to big a deal. But it was nice to come home from work take a nap, wake up open trade and make money. We will see I see all going back to normal but it may take a while
Hi Bob
I like this thread
Were there any other confluences around the .80 level, pivots etc to get you in? Or do you just rely on the pin bar method?
From what I see from your chart, it also looks like it was at the sweet spot on the fib(?)
The only problem with the Aussie for me at the moment is that even though it’s making lower highs, it’s also making
higher lows (on the one hour chart).
I’m curious to see how this trade works out.
Nice entry, what was the original stop, how many pips?
Well this trade since did not have much more than just a pinbar on a support level. I know shorting on support level may sound crazy but later on I will explain better as to why I took it. If my entry was better timed I would have got in at OTE with a pivot was in there. This trade since it was late hald a 30 pips stop originally. If I would have got my ideal entry it would have been about a 5 pip stop. This trade got stopped out at just past BE sometime last night.
Hey y’all, just a heads up… AUD/USD is forming what appears to be an inverse head and shoulders pattern on the 4-hour time frame. Do you think this suggests the downtrend is over? Penny for your thoughts?
I’m new here, but I like trading aid/usd. There is a shoulder head formation forming but if the right shoulder falls it’s no longer a shoulder. I would say wait awhile longer before going long. Below 1.000 it’s still likely to be a downtrend. Nothing as of yet changed with Greece.
Well thats good then. Since I have a short floating around in cyber space. Looking like my internet will not be back for about a week. As long as it keeps going down I am good.
Mannn, unfortunately, I got stopped out at breakeven (.9800) when price gapped up at the start of this week. Should’ve held on!
I’m having a great time chatting with you, too! Nice to know we share similar views on AUD/USD. Now if only I could catch a decent retracement for another short entry…
I’m short M3 at .98488. Trading what I’m seeing as a wedge to the downside. In the last few candles some strength but I’m seeing this as retest. Trend is down
Nice try. Momentum is strong to the upside right now. Aussie has been oversold for a while. I would not be surprised to see pairty get broke soon. As we had a rejection off of there yesterday. I would assume the rejection was from profit taking along with bears coming in to short off the figure. Well now there stops are resting above pairty. So I would expect another push for those stops before looking to go short. Unless the daily says otherwise. However 9848 was a good level to get short it just happens
