Trades like this requires me to know what phase of price pattern that I am playing for.
From D1, I see a potential Head and Shoulder in the making. Price is now at neckline but there is no right shoulder yet. I ONLY see this neckline as support now, which is formed from the previous Double Top resistance.
From h4, a decent trigger will be a 2 x h1 box low bear trap which suggests a bounce from this support, potentially going on to form this neckline. Should price continue to tumble and close below the level identified, I will assume it is going into bearish mode.
Should it rebound, i will look to trade long towards a predictive right shoulder.
Since it is predictive, I will look to be nimble and take profit fast.
so the bullish h4 Price Action came as planned. I have triggered 2 pos, although not as perfect as I wanted to be as I triggered it at 2148 hours, before h4 close.
this is not good.
I am just glad the day ended as a hammer. I have a half chance now. I am saying half chance
as a day hammer does not mean it is going to move up soon, so price may revisit the strong support to collect more buy orders before deciding to move up.
I have decided to shift my SL up so as to minimize pip risk, to aovid a tradegy like the previous EURAUD trade. After all, this is still a Counter Trend trade for me, considering the recent downward momentum that lasted 2 weeks.
Although preior long trades clocked up to 130 pips on paper profit, eventually I could not cash in and exited on +2 , +40. Nevertheless, I was satisfied with this trade as I made the neccessary trade management to be nimble on a CTT trade.
After my exit on long, I went short on 10am close to trade on a 3 xh1 wr of 3 days high.
checking the fib, price was resisted by previous week fib6, so there was a reason for price to continue downtrend, esp with +ve aud news out at 0830.
I have traded according to what I see in this flip trade, and I was happy to be fluid and in sync with this pair.
could have done better overall with the short trade, coming out with only +30 x 2 pos
need to persist and stick to my own levels.
Made up for the exit on short by entering on other aud x pairs.
Overall, satisfied with the decision to exit long trade n flipping to short trade.
However, still room for improvement to capture this short movement.
EURAUD is fast becoming my favourite and familiar pair to trade.
ON h4, a bullish expansion after poor AUD news created an upflow.
ON h1, I waited for a 1234 setup and looked to get into long. early at BB , and waiting for a good close of 1234 to get in additional pos.