A trader knows to not trigger a position until certain parameters are met; hence, a trader knows to wait – so I waited. A lot have not happened since I posted MEGAPHONE AND RISING CHANNEL ON AUDJPY PROMISE OVER 150 PIPS TO THE BEARS. Since price didn’t meet some important conditions, I did nothing but stayed put although price declined a little. While I was waiting (away from my chart), I could not spot a fine setup on EURJPY until it was far gone.
EURJPY, on 4-hour time frame, looked to not have been trending for some time now. Successive Highs and a Low led to the formation of an Ascending Channel. This was marked out by the blue lines.
On 1-hour time frame, Bullish Flag formed. The body of the Flag was marked out by the red lines. The supports of the two setups converged at a point, at which level, price bounced from. This would have been a really good buying point.
I would have went Long immediately after the bounce, set Stop Loss below the most recent swing low (about 40-45 pips) and Target at the other side of the blue channel. This is about 150 pips or more.
This event beckons thought like: Could I have acted differently? Each time, I often arrive at a cold reality that thrusts the truth at my face – Yes!
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