#AUDNZD: Monitoring For Long Confirmation - Update #forex
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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..
https://twitter.com/thefxchannel
https://www.facebook.com/thefxchannel
https://plus.google.com/+Thefxchannel0
My best regards
Technician
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..
Be one of the first members of my new trading portal, check my new website http://thefxchannel.com/ , vote and subscribe. Thank you
------------------------------------------------------------------------------------------------------------------------------------------------------------
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..
https://twitter.com/thefxchannel
https://www.facebook.com/thefxchannel
https://plus.google.com/+Thefxchannel0
My best regards
Technician
For More Trade Setups : https://theforexchannel.com/forex-trade-setups
Related Ideas
richeyeo
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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Technician
I closed this position near break-even
Reply
vila
Technician
I closed at 1.0449 just before the drop, lucky me
Reply
Technician
vila
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
Reply
Casey_Yeo
Technician
why bail out when the structure in H4 still showing HHHL with support around 350?
Reply
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
Reply
Technician
Casey_Yeo
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
Reply
BaseTrade
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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