AUDSGD: Fine tune an entry of a D1 pattern.
Tweet alerting opportunity to trade AUDSGD
Interest on #aud too especially after data this morning. Particularly the 1234 in $ audsgd d1
— TerraSeeds FX Tflow® (@terraseeds) May 29, 2014
Looking at the D1 chart of AUDSGD
- On the D1 chart, we can see the 1234 pattern mentioned in the tweet. (Note, if you can’t see a pattern, switch to the line chart, sometimes its clearer).
- Possible way of entry was based upon
- WR of Point 2
- Place a pending order to “catch” a re-test of point 2
Zooming into the re-test area on the H4 charts
- At the retest area, you can also see that a smallish 1234 pattern was formed on the lower time frame. (H4 in this case)
- This can be also seen as fine-tuning an entry on a lower time frame of a higher time frame pattern.
There will be Pros and Cons of fine tuning an Entry
Do not chase a trade by jumping anyhow, instead look for the next opportunity.
- Based on Tflow®, there are 2 more possible triggers
- Modified F6 entry
- You can also apply the idea of fine-tuning to this triggers to reduce the size of SL. However take note that rules for 1234 still applies where pt4 needs to be at a strong level of resistance or support.
- Alternatively, if price does another re-test of the D1 point 2 that is also another opportunity though this may be unlikely at this point.