tntsunrise
Short

AUDUSD short at inverse 1.618 + Mental Strength in Trading

FX:AUDUSD   Australian Dollar/U.S. Dollar
5957 48 138
Sorry i posted it late coz busy with bank's work this morning.

Last Friday we have a loss trade which lost 50 pips
(from 0.7490-0.7540), we made a very straight cut loss at 0.7540 so that we wont' lose more money.
Should we be scarred? should we be nevours just by one
losing trade? Absolutely not!
because alough the previous trade lost 50 pips,
but look at other trade: Gold             win 300+pips,
GBPUSD             win 450+pips,
USDCAD             win 1450 pips,
GBPJPY             win 600+pips,
should this 50 pips loss worry you?
no! Don't be so greedy that you can win every trade!
Win Big and Lose Small , that's fair enough.

I just short AUDUSD             at 0.7590 this morning,
The amazing Inverse 1.618, similar to Gold             , similar to OIL             ,
and now is 0.7546 already, the loss of 50 pips is arleady
covered.
The Question is: Can we stay calm and trade consistently
with our plan, and not affected by emotion and losing trade?
Follow your plan, follow your strategy, and do the right thing only.
The result will take care of itself.
Good luck to every one.
Comment: Trading is about two thing:
Trading Plan and Execution
A lot of people will have problems of the execution part
because of lack of mental strength.
My experience is: Plan your trade in human being's way, but Trade your Plan in robotic way.
Comment: Now is 0.7507, +83 pips
Comment: Two Targets For AUDUSD
TP1: 0.7300
TP2: 0.7120
Comment:
snapshot
Comment: NOW 0.7443, +150 pips
Comment:
snapshot

Trend trader will join the short
Comment:
snapshot
Trade closed manually: Trade Closed 2/3 postion before FOMC meeting, The remaining Position hit protective stop loss at 0.7560
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i was waiting to see your views after focm. was going to hedge last night but started dobting since i had such a nice entry. market deffinetly has reversed a lot though.i have more patterns for a bear but sometimes market just doesnt care about your analysis hahaa saw a butterfly on the weekly/zoomed out daily, elliott waves and more but seems market has extended more than your typical head and shoulders. i saw this bull coming just not so strong. eurgbp wants to drop but that extended move up got me wondering too. gbp pairs that ive seen seemed to form a libra pattern. what do you see on eurgbp?
Reply
tntsunrise TOP DAVID_GIRALDO
for fundamental events the best way is to hedge or close some position to avoid risk. the trade is arleady in money 150 pips before the meeting, it is helpful to close some position and let the balance position B.E. and luckily I did that, now all the position closed with profits.
Reply
SmilingSword tntsunrise
Hello tnt any perspectives that audusd will go down again after hitting rs?
Reply
Sir what now? Will go up after FOMC news?
Reply
Still waiting for a retrace to get in but at least I'm being patient rather than jumping in.
Reply
SmilingSword ifty78692
Which point of retrace u waiting at?
Reply
ifty78692 SmilingSword
Double top but after this FOMC I will keep an eye out for 0.7630 (R1). However, there is news out in 3 hours (RBA's Debelle speech) so also need to be careful.
Reply
Neatttt :)
Reply
Thanks Jack. I had missed the original entry. Got in now. Thanks
Reply
thanks for you ideas!!
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