Technician
Long

#AUDNZD: Monitoring For Long Confirmation - Update #forex

FX:AUDNZD   Australian Dollar/New Zealand Dollar
2374 36 15
Update: The price reached near first target then reversed, so i closed position near break-even
Profit/loss= 0

This is a follow-up on my previous idea, where i was looking for my long signal confirmation through a break above 1.0395-1.0400 Resistance level , indeed the price managed to break and hold above it, so i have initiated a buy limit order at 1.0395. For the reasoning behind my trade, check the previous idea on the related links below..

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game

Good luck, keep your stops tight..
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Technician
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There is also a Bearish Cypher on M30, D pt will be at 1.0385. Another Bullish Cypher already at MP. I am Long all the way Up to 1.04
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I closed this position near break-even
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vila Technician
I closed at 1.0449 just before the drop, lucky me
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hehe, thats great. Now, i only have the GBPJPY up and running for a while now, currently attempting a breakout...
Reply
vila Technician
I hope 189, good Luck out there
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Casey_Yeo Technician
why bail out when the structure in H4 still showing HHHL with support around 350?
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vila Casey_Yeo
You are right, I will be long again. We are at 50 Fibo of the last swing on daily, waiting for PA
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I will see if there is a new long signal, i would take it
Reply
vila Technician
I'm long again, nice PB on 60 min. Good luck
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Thank you! Techician for your excellent setup in the longer time frame (daily). It has strong technical reason, clear entry point, stop and targets! Higher probability of winning vs losing! I'm still learning to be patient (not panic) and follow the plan! Famous quote from Jesse Livermore: "Buy right, sit tight."
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