dojitrader
Short

Is The Rally Over . . . ?

FX:AUDJPY   Australian Dollar / Japanese Yen
152 8 0
Still time to get in on this Cypher , but,
I'm just not sure if this Aussie rally is over.
If the candlesticks produce a bearish signal
with low risk I'll give it a try.
Stops above X are larger than I'm comfortable
risking with the Aussie rally breath still in question.
Watching for now.
ok i am lost now . i thought it should go down after 91 . what are your thoughts ? i have feeling they are trapping bulls for nfp .
Reply
dojitrader booze765
"Should" ? or might go down.
Nothing in trading is ever a should
but a most likely place for something to continue or change trend.
In this case 91 was the next area of resistance and as you can see
the market did stall around that price, but, if a trader was thinking this
was a likely place for a trend change --- and it continued going up ----
that tells you the market is still bullish. Simple as that !
The next possible sell point, or potential trend change would be the patterns
shown by JesusDiaz @ 91.50/91.65 area.
This is a great example of why the first question any trader should ask is:
Where is this idea wrong and I get out IMMEDIATELY !!!
In other words a trader must always use hard stops without question
Otherwise a trader can get caught with a trade that never stops until
his account is gone. The secret to survival in trading is knowing where
to get out with a small loss and live to trade another day.
Take the little hit and move on to the next trade.
So, I repeat !!!!!
The first question any trader must ask - Before He Places The Trade ---
Where is this idea wrong and how much will I lose.
If the risk is too much or larger than the reward you simply do not
take the trade. Risk management keeps you in the game.
There is a saying I heard several years ago that makes an important
distinction:
The market never goes against the trader . . .
The trader has gone against the market !
Once I understood this distinction I started
to make more pips than I lost.
Until that point all I did was wonder why the market
never did what it was "supposed to do".
Best of luck to you in 2014 !!!
(not sure this all made much sense. if I can further
clarify I'll give it another try)
Reply
i have a resistance at 90.85 .(monthly chart) .so far holding . normally when it goes down it goes down with huge spike .so i think we should hits the stops out at 91.
Reply
The only technical area I can think of is around 91.00 for the end of this correction
and I can't remember what is was at the time.
In other words I'm just waiting for price action to give me a clue.
for now I"m not really sure and standing aside
Best of luck for 2014 !!!
Reply
JesusDiaz dojitrader
Another possible area
snapshot
Reply
dojitrader JesusDiaz
Yup, that would be the next logical target should it close above 91.00
Reply
wow you made the right decision .. i am stuck with couple of shorts . the last high was at 90.72 , so all the stops are taken out by now . wondering how long will they keep this momentum going up .any thoughts ?
Reply
I'm tempted because of the low risk, but, a spinning top and a
candle that a lot of folks would mistake for a shooting star are
just not bearish enough for me to jump in with confidence.
Still watching . . .
Reply
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