This is the trade which I have been waiting for a very long time.
Prior to this I have already vowed to hit as big as I can for this trade.
This will be a very good opportunity to up my game and move up to the next level
Prior to this I have already been following closely EURAUD for many months and have begun to develop a very good sense of price for this pair.
I feel that it is a very technical pair, playing out most chart pattern and seems to work well with very key levels and the usage of boxes.
This is the current setup that i am monitoring: a technical analysis classic of testing the head and shoulders neckline.
ON h1 I have already initiated 2 early feeler shorts to help to tank subsequent positions that I will be progressively entering, at the indicated levels.
However, I will be waiting for tuesday’s cash rate for confirmation.
A trade checklist
Points will definitely increase as the setup unfold.
A trade checklist has now evolved. Orders for this market is : SELL on RALLY. Hold no stop loss. Market is down ! down! down!
Scoring 14 points and this market is a sell on rally.
I had shorted many times throughout the week, but there were a few number of times i was not able to hold it.
Monday, what i did right was to hit the big positions , I had managed to accomplish the goal of trading my A trade position size intended.
Tuesday- Aud cash rate, I was jittery. I took out a partial position before the news.
when news spike up I cleared one itm position. i added some positions after the news, at ard 6pm
Thurs- Aud unemployment news , not jittery but instead felt calm as price was just at right shoulder of the complex hns and there was unknown feel that price would not break this level. When AUD news was eventually out at 930 with extremely green news, it was ALL CLEAR for me that AUD became the strongest at that moment. I hit some a few smaller pos for that momentum ride and tp-ed for some 30+ pips , since rapid entry=rapid exit.
Unfortunately some positions were taken out during
ecb draghi speech, when price spiked up. somehow I had access to my comp and therefore shifted break even, which eventually was reached. My A trade positions were vapourized within 15min.
Nearing to 857pm and when price recovered *I was angry for the spike taking out my BE positions and I hit back the same position size @ 80 pips below. it was wr2b level so I had no qualms with that. I felt a sense of calm at 9pm close as I saw EURUSD plunging down from 1.999x spike. It was a strong sense of confidence.
I exited this position with some profits since it was a considerable size, about 50+
Friday 8am : I hit again but smaller position on a slight retracement. by evening price started moving down and i was able to capture the 4th leg of movement.
at 9pm I exited before the minor spike and at 9+ i hit my final pos which has remained, along with another smaller pos @ 1.489X.
* note the emotion here and I will do a separate reflection on how I need to refrain from doing actions of rage due to this emotion of ‘revenge’. However, I also seek to harness this strength of fearlessness when feeling vengeful to hit the big trades on my strongest edge.