As you can see from the related idea, a lot of money was made within the previous structure and upon the exit of structure. Textbook moves, very easy to read. (I may have typo'd in the title of related idea lol)
Here we have another very simple move. I don't need to explain much so the simple rules of this trade are as follows if you have not already entered:
- Break of blue line invalidates the idea - Break of the white line is your conservative entry - Red arrow shows general direction, not exact time and price - Hold on to profit, not hope
Sorry for being gone for a while. I was on a cruise.
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2H candle closing under green zone (turns red zone) will be a good signal for bears.
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For above chart, set stops above 0.7435 (above 50% mark) If reaches this point, it's just another opportunity to add shorts
Very quick respond. I think I will like it and keep watching your idea.
fXVolume
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It is retrace to fibo 6.81%. Is there any change to break that fibo level @Renforex
Renforex
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@mrhimsly, there is always a chance it could go the full way to 100, but I guess it isnt too likely. I'll wait and see what Monday brings us
fXVolume
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@Renforex, If Monday is corrective again. Do you think the chance is more higher?
Renforex
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@mrhimsly, If it does then I'll lose the pips I made on the pair this week haha so let's hope not. I am thinking this is as far as it will go though... Aud is always tricky in December and January
@Renforex, you do the same! I think it's about to drop big time now.
calebcruz
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MA's are confirming on the 5min lol
calebcruz
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On your last update, I had the same conclusion. Probably gunna enter another short as it moves down, what are you going to use as confirmation that the retracement is over?