dojitrader
Short

Bat Points To Resistance Short ???

FX:AUDCAD   Australian Dollar/Canadian Dollar
123 2 0
The strength of this rally and the fact that I've been on
the wrong side of this pair a couple of times lately ----
A test of resistance seems more likely than a quick
reversal at D. And, it will lower the risk.
Can't make much of an internal wave count so I'll
fall back on the candlesticks for a final entry trigger.
May I know the basis of stop loss at 1.02886 please?
Reply
dojitrader Sandeep_Gupta
As placed on this chart they do seem a bit arbitrary.
The idea was any price action over the resistance zone,
which is above the .786 retracement of the entire
swing high to low makes this idea wrong.
So it is about 15 pips above to allow for a little push against
likely stops and a total of 35 above the entry.
(my standard comfort zone for a loss - not very technical choice)
Of course, if the candlesticks signaled a higher entry the stops
could also rise - perhaps to the 1.13 fib ext of X to A or even
the recent highs. But, that is too much for my comfort zone.
For me, anything above the .786 and I no longer have
confidence in the trade set up and want to get out.
Hope you're pulling in those pips !!!!!
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out