I like to look at big pictures and when a trade setup stick very nicely to high timeframe levels, I opened eyes big.
This is what I meant, with EURAUD example.
Big picture analysis – long term trendline
ED channel – probably a movement within this ED
Hopefully a retracement higher could open up a better price.
Updated on 28 Sep 2015 5.53pm
I’ve mentioned previously to wait for a higher retracement price.
Below chart shows a possible resistance zone at around 1.6000-1.6050, and I’m waiting for a 1234 pattern with pt 4 towards that zone. Alternatively below 1.58 will be bearish to open up resistance at ED bottom.
EURAUD resistance level
Update on 30 Sep 3.19pm
Filled some sell limit on top as I mentioned in previous update.
Again, I don’t expose all my risk into limit orders, I only expose not more than 30%.
EURAUD sell limit
Updated on 1 Oct 2015, 4.01pm
Some additional support to note, modified ED base on new price high. Support will be around 1.5650-80.
EURAUD new ED base on new high
Update on EURAUD 2 Oct 9am
Wins from students, thanks for sharing.
EURAUD winning trade
Money in pocket is my money. That’s always what I believed.
There wasn’t a day close below 1.59 (round number) or even a close below 1.5850 (previous low, marked in chart below). Seems that this invisible level is holding well. I’ve decided since it’s friday, to lock some profit.
I’ve locked in at 1.5910, with some profiting 45 pips, another batch 140 pips, another batch 210 pips (yes, I entered on batches, mix of limits and market order).
I’m still “hoping”that 1.5700 (ED low, support) will come, but will plan for a higher entry.
Won’t be updating into this blog post on EURAUD trade, will only update TerraSeeds students via G+ or facebook.
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