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| AUD/USD 4 Hour |
Clearly a down trend with some kind of a correction going in, i'm looking at fibo 50 - 61.8 as a resistance..
Entry
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| AUD/USD Hourly |
Missed fractal no 1 and didn't take fractal 2..
#1. There are three fractals outside alligator mouth with tight pattern, i normally take it.
Break fractal 3, buy at 1.0430, close at 1.0490 (right around 50 fibo resistance), + 60 pips..
Then it starts to correct, and formed a saddle point
#2. Break fractal 4, entry buy at 1.0489 and #3. Break fractal 5, buy at 1.0499,
Then i got lucky, it hit my target point at 1.0600, +111 and +101 pips
Otherwise my back up plan is to use the green line as my stop loss if it doesnt reach my target
If I Got stopped out at 1.0529 (price close below the green line), +40 and +30 pips,
hmm a big difference...
I guess it still hard for me to wants what the market wants hehe.. Hmm... I guess support and resistance really help, been using it for a while instead of waiting the green/red line.
Well i guess it all comes from our belief system and it's all an executive decision, nothing better than other, it all depends on our comfortable level..
Hm, interesting :-)
ReplyDeleteDo you use Profitunity Magic Bullets? If you do, what can you say about target zone for wave 5?
yes, most of the time it will end at 62-100 fibo expansion
ReplyDelete