Borrow A Triangle, Add A Gartley, Top it off With 4hr Resistance

FX:AUDUSD   Australian Dollar / U.S. Dollar
262 12 5
So I've borrowed the Triangle from traderWgun ~~~
Added a Gartley that does not quite fit my rules ~~~
Figured out the 4hr resistance all on my own ~~~
The double bottom measured move was from - I forget ~~~
Ignoring the 1.272 fib ext of A to B and the ab=cd doesn't help ~~~
There is almost a wave count with 4 and 5 to go ~~~
And, I still need the candlesticks to help define my entry/risk.
Where shall I short -- Candles at the trend line should yield a trigger . . .
The world awaits !
(hope I'm not asleep when the time is right)
Finally ! A reason to short at market ~~~~ 4hr chart
A nice shooting star / gravestone doji at resistance with small risk.
Stops just above the star is enough to know if this is right. 94.179
If you want a little more confirmation wait and see if this becomes
an evening star 3 candle combination.
ForceFollower dojitrader
OK. But, reg. "Stops just above the star..." - I think it would be safer to place your stops above the high to the left (X).
dojitrader ForceFollower
Yes, there is a bit of a question on stops.
@ 94.179 that's almost 10 pips above X
So, depending on where one thinks how high
above X the stops should go, this fits both.
I'm defaulting to the star as it's about a 70/80 %
probability of success.
(to tight a stop is my greatest trading weakness)
So, if we take out the star - All Bets Are Off !!!
In my mind.
What would be your suggested stop ?
Thanks for your thoughts !!!
ForceFollower dojitrader
I always place the stops behind the prior (completed) structure, not the ongoing one, that's why my default choice here would be above your X pivot, eg. 0.942.
dojitrader dojitrader
update on the update on the update . . .
Just looked at the sentiment of retail traders
They are Waaaaayyyy to short already !
In the 70 -80% of all positions !!!
Geeezzzzz !!!!
Plus, Aussie has the employment stats out tonight @ 9:30 ET
I probably will not hold this past 5pm ET
How fast one can loose confidence in a trade !!!!!!!
ForceFollower dojitrader
That's correct. Retail traders are mostly short in AU now, which, as a contrarian, I find bullish for AU. The opposite is occurring with the NU.
dojitrader ForceFollower
Yes, for those that have not seen these web pages,
This is my favorite:
Scroll down, it''s on the right hand side. This has been the most
accurate for a contrary indicator that I watch.
This page lists 3 others,including the one you mention, I think.
Got so excited with the shooting star, I forgot to keep
an eye on these numbers.
ForceFollower dojitrader
Cool! Thanks. :)
dojitrader dojitrader
A bird in the hand ?
I'm gonna bail before the employment stats
I'll probably give up 100 pips, but, if the RBNZ can cause
some whiplash think what the employment stats will do.
Perhaps I can re enter tomorrow.
Taking profits on this trade for +20 pips and my AUDJPY trade for +40 pips.
ForceFollower dojitrader
A very good decision. I haven't come out of it unscathed. :(
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out