FX:AUDJPY   Australian Dollar/Japanese Yen
176 18 3
anyone has a clue why target 2 is 128 pips away from my entry?
ForceFollower
2 years ago
Do you expect this recent trading range to double to the up side? Or is it 50% of the prior swing up, (March 26th - April 4th)?
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poap ForceFollower
2 years ago
I expect the move atleast to 94.32 without a problem since nothing to stop it to reach up there.
then I set my first target at the recent high of the range,

on the higher time frames this range could be B, C and D point,
so I set my target for bat completion up there.
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ForceFollower poap
2 years ago
That's OK. I'm fine with your target 2, as long as the market goes up again.
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poap ForceFollower
2 years ago
from my entry to set my trade into B/E I am speculating,
from B/E to either target I am gambling,

you get the difference in my approach?
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ForceFollower poap
2 years ago
You're gambling, when you don't know how much you risk (or you know but you risk too much) and when you don't know the odds that your trade is going to be successful. If you manage your risk properly and follow your strategy, you're just speculating. :-)
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poap ForceFollower
2 years ago
well there are many approaches for that saying,
but I would say that I am speculating till the point where I see market would have no problem to reach,
and from that point I am gambling on targets but since my stoploss is @ B/E I don't mind gambling ;)
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ForceFollower poap
2 years ago
When your position is still open, and you've got your SL at BE, you have what is called "free trade". However, since few things actually are free (as M. Freedman said "There are no free lunches"), such trades are hard to get, unless the market is in a really strong trend (volatile swings up and down are likely to shake you off the position, hitting your BE stop loss and going back where you wanted it to go). That's why I rarely place my SL at BE. Rather, I'd trail my SL at logical levels (above some swing highs or below some lows).
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poap ForceFollower
2 years ago
I prefer B/E trade than a loser.
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poap
2 years ago
My stop moved into B/E now.
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ForceFollower poap
2 years ago
Very well, poap. Are you going to keep it there, even if market goes back against you?
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poap ForceFollower
2 years ago
yeah, that's my protective stop, what would I ever wanna move protections?
+1 Reply
poap
2 years ago
Got my target 1 filled +38 pips, now waiting for target 2.
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ForceFollower poap
2 years ago
Yes, indeed, target 1 hit. Are you still in?
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poap ForceFollower
2 years ago
yeah, I am in, even that my stoploss is being under attack
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poap
2 years ago
stopped out at breakeven with target one in my pocket.
+1 Reply
ForceFollower poap
2 years ago
Congratulations! Looking to re-enter long?
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poap ForceFollower
2 years ago
no, actually I don't,
I don't trade from C to D, only if C is terminated on a pattern so i'll try to shoot for extended targets.
if i'll see another valid bullish pattern I'll take it,
I don't see anything forming right now anyway.
+1 Reply
ForceFollower poap
2 years ago
Sure. Follow your strategy.
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