wackypete2
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aud once again approaching to 9910 level. Looking to dive in shortly.
Peter
Peter
I agree with Pete's view that it's forming a nice bullish flag. I think the logical place for the breakout to happen is after it bounces off of support at 1.402. I've put a limit there to try and jump on it from the very start. I will manage it by moving the stop to be when it moves about 20-30 pips into profit (hopefully no more then 2-3 15 minute candles) and taking half my position off the table around 1.408 . This could be a very nice trade, all I have to do now is turn up the volume on my speakers so my "long order filled" alert wakes me up should I get a fill during the Asian session.
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I got in at 0.9909 but I've already got a bit of buyers remorse - I've got a strong feeling that it will retest 0.99 and maybe even poke below it by 10 points or so before it rebounds. That's the thing about trading bounces off of s/r levels, the first approach is the one that is the most likely to get a good response from the market, the second one is usually also trade-able, but the third and later ones are less certain... eventually it will break it. and just as I'm typing it now I've glanced over at the chart and noticed it is at 0.99 lol.
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wackypete2
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b audusd 9916 stop 9905
Peter
Peter
wackypete2
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I'm a bit more conservative too, usually i put it under the nearest s/r level, which in this case is at just above 0.989 however lately I've been taken out by just a few points by spikes that were quickly faded so this time I had a slightly wider initial stop. I've moved it to just below 0.989 now.
wackypete2
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geez...all the up to +9 again then back to be...but I left my original stop this time so I'm still in. Usually 1st target is around +10 or so.
Someone saw me coming today.
Peter
Someone saw me coming today.
Peter
wackypete2
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exit 1/2 @ 9928 +12 move stop to be
Thats more like it!
Peter
Thats more like it!
Peter
wackypete2
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I've noticed more spikes and fades lately too. I've changed strategies a bit by waiting for the spike then enter after it moves back to near original position. I miss out on a few more trades, but I find I'm having a higher percent of winning trades on the ones I do take. As far as my actual gains it hasn't changed much due to fewer trades...but less stress I'm always up for.
Peter
wackypete2
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Anyway, thanks for alerting me to the trade Pete! I was just about to turn Modern Warfare 2 on for an hour and go to sleep afterwards. I usually dont open new trades after 20:00 CET, The market tends to be rather slow until 3-4 am...
No problem. Now you can enjoy Modern Warfare with a few extra bucks in your pocket.
Peter
I've close the remaining 50% at 0.993 for a total of +20 on the whole trade. There is potential for maybe 10-15 pips before a pullback/reversal, but I want to go to sleep now. All in all it's been a good day - got shaken out from a trade by a spike, that trade became a sweet winner later in the day (bought U/J at 0.8105), missed two sweet opportunities in AUD by a few pips, but in the end I've managed to bag couple points for a happy ending. Good night fellas.
wackypete2
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exit 2nd 1/2 @ 9934 +18
gotta run for a few minutes so exiting here.
Peter
gotta run for a few minutes so exiting here.
Peter
Lord Flasheart
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nice trading guys
Closed trade for +3. however if real money had been on the line I'm sure I would have closed at a loss. I read somewhere that trading methods without stops had a higher profit. It's a good lesson in psychology. I absolutely don't have the discipline to trade like that for real though.
