Technician
Short

(J) Trade 14 : Renewed downside pressures possible #forex

FX:AUDUSD   Australian Dollar/U.S. Dollar
8345 152 134
Update: Stopped out
Profit= -$600 .
Balance= 31 017 - 600 = $30 417
===========================================================================

Trade 14: SHORTED AUDUSD             @0.7680
Trade Status: Active
S.L @ 0.7730
T1 0.7600
T2 0.7535

For $30 592 Balance, Position size = 1.2 lot ~ 2% risk of capital

===========================================================================

Reasoning
  • Retest of recent horziontal borken support
  • Descending resistance
  • Broken rising trend line
  • Multiple pin bar on retest
  • Negative sentiment surrounding markets, may support lower yielders.

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Technician
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Your stop was way too tight. Why not position above the last high?
+2 Reply
Hey Technician, I believe that if your risk to reward of target 1 was 1:1, then this stop hunting could've been avoided. Since your target #1 was +80 pips away, you could've placed your stop loss also at -80 pips away from your entry point. This would have allowed you to hide your stop loss very close to the previous LH. My intention for writing this comment is not to prove you wrong, I hope you don't it that way. I have always perceived you as a TRUE professional trader. Logically I think the stop loss should have been placed around the previous LH. I would love to hear what you have to say about this in your review for this trade. Thank You :)
Reply
anwar.mashni moneymaking
1 pip away from my sl
AUDUSD
Reply
Few things are worse than being stopped out on a trade that goes on to win not to mention here one that reached both targets. I guess in hindsight a re-entry at the initial trade entry point would have secured a great trade but I guess confidence has to be high to do that!
Reply
Hey Technician, I eventually got back in later on after being stopped out as after doing some research, I knew this pair would short and went along for the ride. The news yesterday definitely put the icing on the cake.. Thank you for your efforts - and look forward learning from you...
Reply
This trade should have been a winner, mismanaged trade. I will write a review for the trade to explain why.
+2 Reply
TahirAli Technician
This trade gave me at least three more opportunities to re enter once I got stopped out but I think I was low in confidence.
First when it broke the main upward trend line.(This was the trend line which stopped us out) .
Second when the pair broke out of a bear flag.(Watch 15 minutes chart around 0.7640 area).
Third (The easiest one) Polarity Principle (Old support becomes a resistance now)
when it broke the support which I think was Tp1(see the two shooting stars in 15 minutes chart a clear sign of rejection) it was too easy to enter in it there and make 80 pips.
But there is always a tomorrow.
Next day and next trade.
Happy trading for every one.
Reply
TahirAli TahirAli
Sorry I forgot to thank you for all of your hard work and efforts.
Reply
TahirAli TahirAli
https://www.tradingview.com/chart/KuQ4h1gk/
Reply
TahirAli TahirAli
snapshot
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