AUDJPY Cleared the previous high and the next stop will be around 85.40 to 85.80 area. We need look for the price action for this. It's a confluence area of previous resistance, trend line and 78.6 Fib. With this momentum it will reach there by tomorrow. What do you guys think? Please provide feed back or your analysis.
Good Luck!
Comments
gcplau
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I saw quite some of your ideas and get a bit frustrated for you. Reason is that, you had the view with direction right, but the technical execution failed you. To summarize: #1 in the case of above, why not make a zonal entry (multiple entry), afterall harmonic rules says you stoploss is a bit above X. If it fail, you lose one risk of amount, if it success you win at least 3 risk of profit....why? because if the D point holds, that means the retesting into the uptrend fails, and it suppose to fall deeper, reason #2 if it created a lower high against the Xpoint, I tend to think it tend to test all the way swing to the A point. A very safe TP1 will be around fibo 23.6 but looking at the structure, more precisely it should be 82.55 not 82.10....gotta have more room to breath. And in the USDCAD case, another frustration.... you spotted the 1.25 very well, but why set a stop so tight like 1.2480. it came all the way down from 1.46/1.48 to 1.25 without a significant correction....I would suggest a zonal entry like 1.25, 1.26, 1.27 and PT at least 12880, 1.3310, 13330..etc. U see what I mean? And why the Aussie 0.72 entry failed the first time? because you should have waited more PA signals... when it falls from 0.78 to near 0.72...you have to expect a minimum of double bottom with divergence, and with affirmative price action...that's the time you enter... not in the very early dip or sideway consolidation. It took me so many hours to grab this...I hope my suggestion has something for you.
Saravan
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In this trade I entered at D point and closed half at B point. Remaining I closed for BE. But in this trade it never hit the stop loss(above X point) and the price fell sharply after it reached the resistance.I was not comfortable holding it for a long term. Also in USDCAD I did reenter again after my first trade stopped out for 20 some pips, the second trade gave me some 300 + pips. The idea here Is to loose small and win big. Also I do watch for PA at support and resistance levels, but due to time restraint, I cannot monitor it most of the time during my work hours. That's why some times I create entry orders at possible reversal zones.