Price is below the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and decent RRR. 2 Potential entries (it is one or the other, not both) Entry = 0.6916 Stop = 0.6931 Risk = 15 pips Profit target = 0.6879 ( The projected daily low ) Reward = +37 RRR = 2.4 - 1 2nd Entry = 0.6896 Stop = 0.6916 Risk = 20 pips Profit target = 0.6856 Reward = + 40 Pips RRR = 2-1 I would appreciate if you leave a comment or like as a thank you Have a great week ! Allen
Order dibatalkan
⋅
Surprisingly, AUD is holding it's ground against USD. Accordingly this trade is cancelled.
awesome this trade was a winner... but why did you canceled? did you stated in your trading plan!
AGold54
⋅
@elvin30ca, Hey Elvin, thanks for liking and following me. Take a look at my response to Prophet4Profit just below. and hit me with any followup questions :)
elvin30ca
⋅
@AGold54, no problem. very clear the explanation. although sometimes we need to take some heat on a trade or else you will keep missing winners, I mean its just though. still great call . I liked it very much.
Prophet4Profit
⋅
hindsight being what it is.... It was a winning trade! your logic to get out is understandable... The AUD has not done well for sometime... However in terms of futures (if my figures are correct) it is just now hitting a fib point. There is a futures low at .6825 however currently at .6888 and possible point for a rebound upwards. Iron ore got more expensive and I thought that would have bolstered the AUD today... It didn't .... I anticipate the AUD will take a turn to the upside soon!
AGold54
⋅
@Prophet4Profit, I understand where your coming from and I appreciate it but understand I want high probability trades with good to great RRR. That is the very basis of what my trades set-ups are about and if the market changes and eliminates that. here for instance the short was not triggered during the London session, prime trading hours, the probability of success goes down. I am more then happy to sit on the sidelines (especially when the other 2 trades rocked!! :)
Prophet4Profit
⋅
@AGold54, Just to clarify... as I wrote your logic to get out is understandable.... I meant to convey that your reasoning was solid and with purpose. You watch the stream and if it does not conform to your expectations sitting on the bank without a line in the water is just fine. Observing is essential for winning ways... Further into my comment to you I brought up the AUD and my projection that a turn in its futures price would occur... There is no guarantee however further study of fundamentals may reveal additional insights.
FabioCv
⋅
Still a great call, doing the ranking as you explained me in the past seems a strong baseline for trade setups.
If i got right this one, you cancelled it because the pair didn't move fast enough after the the first 2-3 hours of the european session? Probably if the pair isn't reacting well at the session's beginning the risk isn't worth it.
Thanks for help me understand. I'm following you every day.
AGold54
⋅
@FabioCv, you are spot on Fabio. when I am looking at the market and certain currencies are driving the market, except the one I am looking at better to just stay out. Absolutely, coming into the Day USD was strong and Aud weak but if it's not moving, a couple of hours into the session, no reason to force it. this is a perfect example, as I am pretty sure it would have clipped the trade in and stopped it out. There is something else, I am looking at for this pair possibly later on tonight or tomorrow am.
FabioCv
⋅
@AGold54, thanks for being explanatory as usual. Have a great day.