AUDJPY : waiting for Long on eliott wave
TRADE IDEA CLOSED
Waiting for pull back on IV Eliott wave, entry on reversal Price Action with momentum.
Strong support at 98.
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Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
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My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN , major S/R, Div , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action ( pinbar , inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses
Wish you great success !
Waiting for pull back on IV Eliott wave, entry on reversal Price Action with momentum.
Strong support at 98.
=============================================
Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
------------------------------------------------------------------------
My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN , major S/R, Div , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action ( pinbar , inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses
Wish you great success !
or the so called new "harmonic E Wave" in this analysis.
I ask because of the 3 inviolable rules of classic EW.
1st being that wave 2 cannot retrace more than 100% or
wave 1 and the 2nd that wave 4 cannot enter the price area
of wave 1 - the exception being a leading or ending diagonal.
So, I was wondering which you're using.
Wishing you lots of pips in your pocket for 2015 !!!!!!
You're right, it's not E wave ! I will correct this, I wanted to show the waves structures by using Ewaves tool.
Cheers