Though, I'm happy about getting triggered, and I am congratulating myself...since this is the first time I was able to patiently await my entry level....I am also a tad disappointed as I got triggered at the end of the trading week. So, I'm kinda in a small dilemma as I would never want profit to turn into losses because of weekend gaps, etc. One of my other downfalls I think as well, is that I am not good at managing trades after I enter them. However, using this new approach I'm pretty confident that the trade will go my favor, unless fundamentally sentiments has changed allowing for the trend to reverse on the smaller timeframes. My trade looks valid for the time being since the 61.8% level held and stochastic was in overbought conditions...I'm not 100% sure about the candlestick confirmation on the H4, but a nice doji seems to be forming on the daily chart....market will be closed in 5 minutes, so I would feel confident to hold this trade over the weekend with that nice candlestick confirmation.....I'll add to this blog with updates as this trade progresses.
Happy weekend to you all!!
On Sunday October 9th, 2011 at 06:05AM by RazorX - Like - 0 People
Hi Pipster
I agree with your analysis there. Had I been long on the NZDUSD I would have exited a few hours before close as it looks like a short is forming. I will bee looking to enter on the 4hr if my system gives the signals. What is your target? I am thinking it will test 76 then maybe 75.
Good luck
RazorX
On Tuesday October 11th, 2011 at 12:08AM by Pipster4lyphe - Like - 0 People
On Tuesday October 11th, 2011 at 12:10AM by Pipster4lyphe - Like - 0 People
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