No I don't expect a deep correction because that would change the wave count. If you want to get long then its good to place entry at 103.00 with 102.59 SL. But, IMO is better to play strategy as I explained in my blog. Short 104.50 with stop above the high at 105.43 and two targets, 102.20 and 100.10.
Later today a will post a different strategy, Long AUDJPY. If both positions gets filled, then it is a hedge position. Don't forget to check it out.
ok, understand. selling at 104.50, yen must be strong. the same time buy long the audjpy (at approx. 92.00?), expecting a substantial correction (yen WEAK). The important fact is, that after the plunge of audjpy the correction moves the yen in the oppsite direction of the short usdjpy. otherwise (without correction) both pairs should move in the same direction, right?
All I can explain to you is that JPY is very weak. My initial idea is on betting on strong jpy vs usd is short to medium trade vs. a strong trend.
For that if current strategy plays out and sell usdjpuy gets filled that will mean im in positive territory on audjpy. Selling USDJPY agains a strong trend, it os not that os not a good Idea but I prefere to be hedged.
Hi Three issues 1 usdjpy had a retracement down as I feared. Till 102.40 I believe in the coming uptrend. What is your opinion? 2 audjpy is at 91.75, unfortunately I went long at 92.00, we will see 3 Interesting trade: long GBP @1.6540/1.6550. Do you think is worth? Tx and regards Cris
1.That is why I was looking to sell usdjpy and not buy it. I will sell if it reaches my entry 104.50. Pair has to stay above 102.60 for trade idea to be valid. 2. AUDJPY is behaving excactly as I expected. Stop in place, targets in place. I dont see why bother on that. 3. GBPUSD probably will test 1.6760-80 then it will make a new low.
I will welcome more questions about trading techniques, risk management, trading news, indicators, etc. Things that make you independent trader, which is very important.
76.4% fib retracement reacted well and the stop at 91.00 is still intact. Still long with 50% position and aiming second target at 97.00. Trade if free so no stress about that. On the mean time, it's good to collect yield every day.
Today about 18:00 CET I will post another strategy.
Hi Ardit! I´m sure I can and have to increase my money-/risk management knowledge. For some reasons I recently moved from MT4 to cTrader and there I have some nice possibilities to set stop loss and take profit (see attachement). Could you give as a short sketch of your risk / money management strategy? Thx a lot Cris
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