Alexander_Nikitin
Short

Gartley pattern to short audnzd

FX:AUDNZD   Australian Dollar/New Zealand Dollar
Hello, traders. Three impulse in one direction separeted by corrections give us a trend. Trend remains active untill priceaction gives a sign of reversal. I picked up this Gartley to initiate my short position in anticipation of downtrend to continue. Stops are above X. Target is a retest of A-point. Good luck
Looks a bit dangerous to short it.
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the worse scenario is a loss. I'm not afraid of loos, so it doesn't look dangerous for me, mate)). I just follow my signals. If I don't try I will never find out if it turns to be a winner o loser).
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IvanLabrie PRO Alexander_Nikitin
Indeed. That's the way to go, just stating my opinion. NZD looks worse than AUD overall.
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Yes, I shorted nzd yesterday selling nzdcad. Now I longed nzd selling audnzd. So, I hedged kiwi))
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I like when pair move different ways. The distrubution of my wins and losses is quite smooth. When they move synchronized I either have a big stream of winners or a big stream of losers. I like more my equity to move smoothly)
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AUDNZD is pushing strongly upwards. Could this be enough to change the trend? It has been oversold for a while.
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Alexander_Nikitin TOP VonRayVillahermosa
the sign of reversal is a nsh above the last impulse's initial point. Simply speaking, it is an impulse to the upside. So as long as we trade within the last impulse's range - the movement is considered to be a correction. The impulses on my chart are marked by red trend lines.
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Alexander_Nikitin TOP VonRayVillahermosa
Here on the chart, the trade is ok until we have a new structure high above X. That's why I placed stops above that point)
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VonRayVillahermosa VonRayVillahermosa
that's enlightening. thanks! :)
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Alexander_Nikitin TOP VonRayVillahermosa
you are welcome. Check my other ideas to see how this kind of setups work. That will empower you with confidence enough to trade this setups.
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Alexander_Nikitin TOP VonRayVillahermosa
This particular one turned to be a loser. Well, you never know until you try.))
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VonRayVillahermosa Alexander_Nikitin
woahhh... she's still not done... this is one big burst...
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The assessment was correct at the time it was made. Hindsight bias can now come into play quite imperceptibly. It matters not if this trade turns out to be a loss. Traders may lose individual 'battles' (some 50 or more percent of the time). I think our objective is to win the war!! (i.e. consistent profitability).
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