FX:AUDNZD   Australian Dollar / New Zealand Dollar
2317 58 41
Pending long at broken neckline

I am looking for an upside correction simply on a double bottom pattern completion. We have the main descending resistance and the 50-days SMA slightly above current level, where we might see a reactive downside pullback and an opportunity to go long.

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 without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game

Good luck...
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Technician

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We missed this trade by few pips :S . But no harm :)
+1 Reply
ashif030 Technician
yes..... :-)
Reply
Looking at this pair gets me disgusted I swear! I lost more than 3000$ believing it would go up since it was hitting all time low! I held my long position at 1.0220 for a while, it went up and down from there, I was stopped at 1.0050 the first time it hit it, and I would've kept this open if it wasn't for what I kept reading from "big" analysts who swore that this is going down even more for the rate cuts which never happened. Damn company driven analysts and the lies they spread, I should have been making money out of this one instead of losing.

It's a lesson to be learnt; there is no fundamental analysis what so ever for us (normal traders), they would never let out that info. What you get is the lies of what larger banks WANT you to think you know, that's it. It's a very expensive lesson to be learnt, but hope this message reaches out to someone else out there! :)
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Technician TOP MuathAlBulbul
Sorry for your loss. There is one thing that anyone should keep in mind if they want to be successful whether through fundamental or technical analysis, which is : " Have Your Own Opinion and Trade On it" . So to be able to have your own opinion, you have to spend a hell lot of time learning... Good Luck.
+1 Reply
MuathAlBulbul Technician
Thank you Mr. Loay for your kind words. What you said is truly fundamental! HAVE YOUR OWN OPINION, that is really important, but one should also learn from other experienced people who are out there, just like yourself. This is why TradingView is really one of the top trading websites! It gathers normal people, who are kind enough to share their knowledge with others.

Thanks again, and still waiting for your website!
Reply
AndrewKwa MuathAlBulbul
I understand your feeling. Unfortunately big analyst don't really have 100% answers. I always treat that as kind references. They do make good points most of the time.

I do 100% of my analysts myselfs. Technician did a really nice job.

Whats more important is trade management. And always stick to your trading journal.
Reply
MuathAlBulbul AndrewKwa
Thanks for your kind words. The thing is that I do that too, I originally stuck to my plan and kept this open even when it was losing, my SL was a bit below parity. I keep track of news and I have a couple of subscriptions to some big-ass analysts, I also have a friend who's a member of the analysis team in good bank in my country. News and the 2 analysts kept swearing that there are rate cuts coming this month, or the next, and they were 100% sure of it. My friend told me that their team doesn't have a clear opinion on this pair, but he confirmed that all news and big analysts are talking about a rate cut. I don't know if you got my situation, but it becomes really hard to stick to your plan when everyone else is saying otherwise, especially if you were losing!

I didn't listen that much, it just affected my SL, I moved it above for a 50 pip consolidation, and I wish I didn't!

I know I wrote a lot! lol, I just wanted to share my story hoping that it might reach someone out there, to learn what they can and keep reading, but have an own opinion to decide, and stick to what they believe in.
Reply
Hey technician, the market has reached 80% of the target without triggering entry, buy limit closed.
Reply
Technician TOP moneymaking
Yes mate, i cancelled order too. But that doesnt mean that i wont look to long if i see a pullback and confirmation. GL
+1 Reply
Hey technician, is this trade still holding? The first target is at 120 pips and the market has moved 90 pips till now. So we haven't reached the 80% of the target yet. You still holding on to your limit order?
Reply
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