Wedges and trendline breaks

[pocrel]

Bearish wedge on aud/usd




rule here is we are going down

going to short it here at the 30 area

just did nt get the follow on from that pattern but yielded a few points, i think it will line up again

 

[pocrel]

much clearer wedge pattern here on cable so on the 1hour, i may have been a bit premature with the aud/usd yesterday as it is still forming

this is a bearish pattern so hopefully we are going down

 

[pocrel]

update on the aud.usd wedge forming, reversal area and suppose targets (redline)

 

[pocrel]

Morning, disappointing day yesterday and got stopped out of cable, saw 50 points come back to bit me

the aud/usd went down 50 points aswell but came back, such is life and i am trying to learn to hangon for the big moves perhaps this will be my down fall but if i can survive the draw downs and when the big moves come i am in then for hundreds of points instead of samll amounts

if anyone wants to add to this or thinks i am been mad trying to do this please tell me all advice welcome

pat

 

[fiatmoney]

Morning, disappointing day yesterday and got stopped out of cable, saw 50 points come back to bit me

the aud/usd went down 50 points aswell but came back, such is life and i am trying to learn to hangon for the big moves perhaps this will be my down fall but if i can survive the draw downs and when the big moves come i am in then for hundreds of points instead of samll amounts

if anyone wants to add to this or thinks i am been mad trying to do this please tell me all advice welcome

pat

Hi Pat,

I'm really enjoying your journal.
In my opinion 50 pips when you are day trdaing is a big number and I would be protecting that gain by putting my stop down to the the previous swing high and trying to lock in some gain.
The hundreds of pips your are after don't happen that often when day trading. Just my opinion and the best of luck.

 

[pozzyp]

Hello mate,
Just to chuck in a bit as you asked. Think you want to look for more solid setups mate, maybe only trade major trend lines as you’re looking for big moves. I just don’t think you are going to get that on little triangle breakouts on the 15-1Hr chart. Also you can pretty much draw a diagonal line anywhere on a chart and link 2-3 points together there’s nothing wrong with that but you’re not going to get massive explosive breakouts as they just aren’t important enough levels. Maybe take your levels off the 4hr and daily for breakouts and if you want to take bigger winners and longer positions trade the trend and compound in. Just thought that might help.

Journals looking good though mate. Hope you have a better day.

 

[pocrel]

thanks for the advice guys and think perhaps i am pushing for to many points on a full position and i need to rethink that also perhaps seeing to many wedges on the 1hrs and need to look at the 4hr and daily charts a bit more to give me sounder signals

also had a good chat with pozzyp today and he has given me some good advice on back tesing so cheers for that mate

appreciate all the comments and sujestions

cheers guys

pat

 

[brettus]

Here mate. This is a 2hour chart that i was looking at earlier. Also Fxstreet.com have called this opportunity to sell. Resistence coming in around 0.8450 - 0.8500. It may not make it here, but i suspect it will.

 

[pocrel]

sounds like a very interesting area, it had some run this morning, thanks for the heads up i will watch for a reversal pattern

 

[brettus]

sounds like a very interesting area, it had some run this morning, thanks for the heads up i will watch for a reversal pattern

Are you in mate? Lets hope it falls...

 

[pocrel]

Are you in mate? Lets hope it falls...

going to short it here at the 60 level hopefully this is the reversal we have waited fo r

 

[pocrel]

some great examples this morning of support becoming resistence this morning

cable is a great example



another examle is eur/usd and also aud/usd all came into resitence and turned

need to sit on my hands and put my orders in for these levels

could be up 100 on cable now with very little work

 

[pocrel]

eur/usd nicely range bound this morning

 

[pocrel]

eurusd just popping out of its range so a pullback to resitence then for price to go again

 

[pocrel]

well price de3cided to reverse before we got into it, retails sale were poor so peoples risk appetite reduce so money flowing back into the dollar for now

looking for a short with a 123 pattern here

 

[pozzyp]

Much better trading on that EU though mate. didnt rush in and waited for confirmation

 

[pocrel]

thanks mate, your nice confirmation pattern saved me there, but i was wary of retails sales to so will let things settle down before taking anything on

any chance of showing me your 123 reversal set up?

cheers

 

[Blaiserboy]

Guys try www.shareanalysisonline.com for analysis of DOW on a daily basis. Pretty accurate based on elliot wave.

well, I did have a look at that page. there are better charts on the board here...

I am wondering if you are just promoting that site..............???? you seem to have the same message in a few threads.

 

[pocrel]

nice pin bar on cable 15min came up into resistence and is now heading back down



well it was only good for 20 points all you would expect off the 15min chart, the lower the time frame the more unreliable the signals are so you need to be nimble

 

[pocrel]

just looking at the this chart aud/usd and will be interested in price action around the 87 level if we get there

here you have 50% retracement and old support becoming resitence so if price action looks right then i would be looking for this to turn around here