Morning all,
I hope that you had a fantastic weekend.
So on Friday I placed my first ever risk entry within a tight flag on AUD/CAD and because I'd recently backtested this pair and I therefore had documented notes on how it behaves and I knew that it'is fairly reliable where one hour flags are concerned. So I therefore knew from my testing that taking a risk entry within a one hour flag was a risk worth taking. I also observed during my testing how this pair seems to pull back unexpectedly what with it being a somewhat corrective pair, so my notes also told me that I should move my stop loss to break even a little quicker than I normally would with many of the other pairs that I trade and since the market was winding down for the week this made even more sense given that many traders close their positions before the end of the trading week. So I moved my stop loss to break even and that's exactly what happened.
So my AUD/CAD trade tagged me out for break even and that's now been documented and journalled and that's me still in profit for the last month.
My forecast requirements for today I've listed below...
Have a great day!
AUD/NZD:
• If price impulses up above our previous high, it does so in a convincing manner and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/GBP:
• If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it.
• If price only pushes down to and ideally just below our lower rayline and the last part of the move is corrective, then I'll again be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it, but I'll be hiding my stop loss below the lower descending trend line of our most recent piece of structure for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
I hope that you had a fantastic weekend.
So on Friday I placed my first ever risk entry within a tight flag on AUD/CAD and because I'd recently backtested this pair and I therefore had documented notes on how it behaves and I knew that it'is fairly reliable where one hour flags are concerned. So I therefore knew from my testing that taking a risk entry within a one hour flag was a risk worth taking. I also observed during my testing how this pair seems to pull back unexpectedly what with it being a somewhat corrective pair, so my notes also told me that I should move my stop loss to break even a little quicker than I normally would with many of the other pairs that I trade and since the market was winding down for the week this made even more sense given that many traders close their positions before the end of the trading week. So I moved my stop loss to break even and that's exactly what happened.
So my AUD/CAD trade tagged me out for break even and that's now been documented and journalled and that's me still in profit for the last month.
My forecast requirements for today I've listed below...
Have a great day!
AUD/NZD:
• If price impulses up above our previous high, it does so in a convincing manner and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/GBP:
• If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it.
• If price only pushes down to and ideally just below our lower rayline and the last part of the move is corrective, then I'll again be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it, but I'll be hiding my stop loss below the lower descending trend line of our most recent piece of structure for extra protection.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.