jojofang0901

AUDUSD Look for bearish continuation

Short
OANDA:AUDUSD   Australian Dollar / U.S. Dollar

Hello traders:

Paying close attention to AUDUSD for the sell setups.

We see price has reached to the top of the HTF wedge structure, and a strong reversal impulse to push the price down.

Naturally after a strong impulse phrase, the market will be correcting, and we are seeing exactly that.

I would wait for this LTF correction to complete, and look for the sell entry down to the previous lows as a first TP, then look for further bearish price action to sell.

Thank you
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Comments

nice analysis ... i agree with u
+3 Reply
jojofang0901 MMFXSignals
@MMFXSignals nice to hear thx
Reply
B0000000 MMFXSignals
@MMFXSignals, good
Reply
Hello fellow trader,

Can you define what HTF wedge structure and strong reversal impulse means? Also, I understand how vitally important defining the market structure is for analysis and determining the possible direction it will travel. I also understand that us retail traders (I assume you are an individual trader) are up against the big money. The big guys have the money to move the market in their favor whether it is by trapping bulls/bears in a false breakout or triggering many limit orders or stop loss orders and then turning the market against us. Do you ever find that your analysis often goes wrong due to the sheer force these institutions have and the power they maintain in the markets? Do you believe that if individual traders analyze their charts in very similar ways to the rest of the community, that these guys will take advantage of it because they know what we are looking for and how to turn it against us?

Looking forward to hearing your response and if I said something that does not make sense please do let me know so I can clear it up. Thanks!
+2 Reply
jojofang0901 bhtradingllc
@bhtradingllc, hey, well first in terms of structures and impulses, make sure to checkout some lessons/videos that I have on these topics so you get familiar with them. I will put them below.

Regarding what you are saying about all the institution all that, I mean that sounds like you are afraid of them chasing your money or "stop hunting" you. MY suggestion is, make peace with the market itself. If you feel or scare of bigger player pushing the price, then instead of getting upset, negative or scared, try to find ways around it. No point complaining about you being wrong because the market doesn't go your desire direction. IS it really the bigger player pushing the price, or is it you, your strategies, mindset and emotions that is at fault that need to be adjusted ? Shouldn't just right away point fingers at someone just because we were wrong at our analysis or trades. I think that is a poor minded thinking, if you every want to be consistent and sustainable in this industry, stop thinking about the things you can not control, rather, focus on the things you can control, such as trading plan, risk management, trading psychology, mindset/emotion..etc. Hope this help thx

stop loss hunting


Risk management


Multi-time frame analysis


forecasting


Continuation/reversal structures/correction
Reply
bhtradingllc jojofang0901
@jojofang0901

Hey thanks for your reply!

I was not intending to point fingers. I was expressing my thoughts on it and I was simply asking your opinion and you did nail it spot on - I often feel scared by the forces I can’t control in the market. I really appreciate you making the point that I should be focusing on what I CAN control rather than what I CAN NOT. I’m not a complainer. I am very methodical to my approach. I analyze my bad trades and try and see what went wrong and how I can avoid them. I don’t blame the market necessarily. I keep a journal as well (as should all traders). The fact does seem to be that in the Forex market, the majority of liquidity comes from the big players (banks, institutions, etc) but of course we can not forget about the power that retail traders do hold as well. I myself want to prove that individual traders who treat the markets seriously can make money or even a living! That’s why I like to comment on other traders analysis/content and see what they think as well.

Thank you very much for the links and content you provided down below. I will take a look at them as soon as I am off work!
+2 Reply
jojofang0901 bhtradingllc
@bhtradingllc hey no harm intended my friend :) just trying to make a valid point and guild you on the right track. Too many traders, beginner/newcomers often will blame the external factors and without digging deeper into themselves. More often it’s not the external factor that is the issues rather its the internal aspects. Glad to hear your response and perspective on trading, you are on the right track to move forward :) keep it up
+1 Reply
bhtradingllc jojofang0901
@jojofang0901

Can I ask a more personal question about your trading career?

How long did it take you to become profitable (assuming you are a profitable trader)? And also one more question, do you use trading as a side income or do you make a living from this?
Reply
jojofang0901 bhtradingllc
@bhtradingllc, this year is my 8th year trading. Well, trading is a passive income, so its best when you can be consistent to have more passive income generated.
Reply
bhtradingllc jojofang0901
@jojofang0901, do you believe trading can be a full time income?
Reply
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