dojitrader
Short

Retest Double Top Trend Line Break ? ? ?

FX:EURAUD   Euro Fx/Australian Dollar
131 7 1
Have not hit the measured move yet so perhaps this is a chance to enter a short trade
for a retest of the break. Stops are large to make this a sensible trade, but, always
hoping the candlesticks will give me a trigger and stop location of smaller risk.
Yet, the reward is about 250 pips ~~~~~~~ maybe an a-b-c wave will helpfully develop.

dojitrader
3 years ago
Drilling down to the 30minute chart there is some decent harmonics shaping up
for an overall a-b-c where A = C @ 1.5317. With the holiday's over perhaps
this will hold up instead of falling apart at the last as so many did last month.
Best of luck and skill !!!
snapshot
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dojitrader
3 years ago
Looks like I did not size the chart correctly but, the idea is there.
Click to enlarge and it all appears.
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dojitrader
3 years ago
Knowing I'd be getting some sleep and not wanting to miss out, like I did on the technicians
EurCad trade. by getting to smart for my britches, I kept my order at 1.5305, and that's where I'm in. Instead of having stops waaaaaayyyy above 1.5464 I'll set them just above the A = C
for much more reasonable risk.
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dojitrader
3 years ago
Price action has varied enough from my projections that it
has me thinking this may turn out to be a b wave or even an X wave.
thinking I'll take half off at the bottom of the channel +62 pips - on the 30 minute chart -
and move stops to break even +3. If this makes another trip to the resistance line,
I could live with giving back +60 pips, but, not an extra - 25. Take the second half
out at 1st or 2nd target to be determined. Moving stops to break even +3 anyway.
Re entry is not out of the question.
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dojitrader
3 years ago
Took half off @ 1.5231 for + 60 pips or so --- moving target 2 to 1.5157 and stops to
+23 --- back to bed for me ---- maybe a chance for reentry with target at the measured
move when I'm back to snuff !
Reply
dojitrader
3 years ago
Obviously the market has other ideas rather than a measured move based
on the double top. Out on stops for a total of +85 pips or so.
I suppose the argument could be made that I gave back too many pips, BUT,
there is no way of knowing that the market would not honor the projections.
The reward for a complete pattern was 250 pips *5 to 1 based on my entry
and stops so you have to let it go
and just protect oneself from foolish loses. This trade makes a good example
of why its works to trade 2 halves of whatever position size you trade, taking half
off at some designated level and letting the balance run for the final projections.
This trade could have me looking like I was brilliant if I'd closed it at +100 pips.
Or I'd have looked the fool had it then run another +150 pips to the projections.
1/2 off and let the balance run is the answer for greater profits.
Reply
dojitrader
3 years ago
Huh !!!!
Not sure why I gave up on this trade. Re entry never entered my mind and this was
just a retest of the trend line and the candles gave a great opportunity to try again.
I guess Harmonics are easy - Psychology is tough !!!!
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