Short

4.26% AUD/USD Plunge: Short and Win!

Updated

Technical Analysis:

Trend Line Breakout

Focus on Targets:

It is advisable to monitor the targets and their progress.

SL Touch and Re-entry:

In case the stop-loss (SL) is reached, and I decide to re-enter, I will share the details of my re-entry.

Feedback is Welcome:

Please feel free to provide your valuable feedback.

Note

I Defiantly Hold My Shorts, Riding the Direction I Know With Certainty! No Retreat, No Surrender!

Trade closed manually

MY BIGGEST FAILURE : I realize that not implementing my stop loss was a significant mistake. However, after revisiting the analysis, it became evident that AUDUSD is currently experiencing a strong bullish trend on higher time frame charts. It has already completed a significant breakout, spanning 800 pips. Nevertheless, it is important to note that breakouts on shorter time frame charts, such as the one-minute chart, may not hold the same validity when considering longer time frames like days.

Additionally, I still observe a pullback on the 12-hour time frame chart, and the current price is within the zone of the 12-hour chart, indicating a potential counter trend entry. This analysis highlights two primary issues. Firstly, I deviated from my usual strategy of focusing on key price breakouts and instead experimented with a trendline strategy, which was new to me. Secondly, I made the mistake of not executing stop losses in a timely manner, resulting in a 5% drawdown that I have already resolved.

To rectify these problems, I must adhere to a crucial rule: never enter a trade unless a key breakout is clearly visible. This particular oversight has trapped me in this situation, which is a first-time occurrence compared to previous trades I have posted on my ideas wall

Note

I hope now you know what i meant here : I Defiantly Hold My Shorts, Riding the Direction I Know With Certainty! No Retreat, No Surrender! , and yes i took the short and recovered 2% of my drawdown already

Note

I have also taken long positions on AUDUSD, but now I am observing a potential short opportunity indicated by this chart: tradingview.com/x/RM8dxSBT/. If the red line is crossed by a 4-hour candle, I plan to go short and target a 380-pip move on AUDUSD. Although I will be monitoring this on a one-minute chart, I will apply a different strategy for executing the trade on one minute chart.

UnknownUnicorn14930146

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