It was unfortunately to get spike out on stingy and price eventually went the right way.
However I have begun to feel comfortable with Counter trend trades with good setups.
I do not categorize this as A trade as I see it as part of a leg to complete a larger setup., hence small pos has been placed for this trade.
nevertheless, plays like this have validated my theory on AUD crosses as seeming to be technical in this sense, always following the script to play out classical chart patterns.
Trade setup was good, but SL was too stingy. Lesson though
Moving forward, price is pending completion of a right shoulder within right shoulder play.
This will be the type of A trade pattern that I have confidence in.
Basically , risk has been minimized with smaller chart patterns that fit into larger, clearer and consistent chart pattern, which may take much longer time to
All trades exited at neckline. As price have reached the neckline, overall analysis have proven to be as analysed. However, the intricacy will be the retracements within each leg.
Mastery can only come in the form of reviewing my hindisght, and factoring in how to negotitate the minor wave within that can threaten to take out perfect position with best price.
On review, most of retracement usually top out @ fib6. Retracement may not always come in the form of 1234 , penannt , flag, wedge etc.
The BIG IDEA is : Retracement.
My theory will be to see how price action is played out at fib6 and then fib5. Searching for boxed-in consolidated candlestick may offer a clue on how price wished to be played out at key fib levels.
I will continue to research on the boxed-in candles phenonmenon, and how it confluences with key fibs to signal end of retracement.