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.

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 !!!!
Reply
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
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
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.
Reply
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.
Reply
Looks like I did not size the chart correctly but, the idea is there.
Click to enlarge and it all appears.
Reply
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
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out