In week 4 , AUDJPY registered a strong bearish closed below 3 weeks low, establishing the Head and Shoulders pattern, and invalidating the bullish flag.
I will now be waiting for a bearish setup.
Resistance could be found in any of the levels- D1, w1 , fib5/6 downflow, so I will let price decide before committing more.
Basically , I am continue to be bearish for AUD,
while I look towards capitalizing on JPY strength, which seem to correlate with the weakening of indices as well.
Since Snp is plunging, it seems to affirm with the theory
of AUDJPY as barometer of risk , which therefore affirms the positive correlation between S&P and AUDJPY
big picture remains, no change
this is a poor and hasty exit for me. Direction bias was correct but timing and discipline was not. I did not check with the initial big picture to obtain a good price as point of invalidity for exit price. Instead i exited in fear of other losing trades which were running on my account.
In light of this, I have drawn up several SOPs to rectify this problem. For one, I am looking forward to full-time trading so I will not being in a haste or hurry to trade. I will not need to trade with impetus just from merely looking at my mobile mt4.
1. using IG account to key in levels to watch out for the identified setup.
2. check my blog for the pre-week analysis at the start of each day. Get acquainted with the big picture for the identified trades of the week.