Friday, June 24, 2011
22 Jun 2011
This pattern is validate by a 0.886 retracement of XA at B point and 0.500 retracement of AB at C point.Convergence of 1.618XA and 2.618BC at 82.70 limit the PRZ Zone.
Trade Details :
Entry 1 : 82.49
SL : 83.10 (61 pips)
BE : 82.10
TP : 81.75 (74 pips)
Price action made a rally to 82.60 before start to stall. I had entered 2/3 of my position on entry 1 as price action not yet retest the PRZ Zone at 82.70. Entry 2 will be triggered if price action needed to retest 82.70 area. However this trade not produce good risk reward ratio. I will not be scaling to exit in this trade because TP 1 should be at 82.10 while TP 2 should be at 81.75. Despite that beakeven level is put on TP 1 at 82.10. By this i can get at least 1:1 risk reward ratio.
23 Jun 2011
Add 1/3 of my position on second retest of PRZ Zone.
Entry 2 : 82.66
SL point and TP same with Entry 1.
Exit Entry 2 at 82.72 with -6 pips loss. Price action start to show lacked of reversal strength.
Reduce SL for Entry 1 to 82.95 (46 pips).
Update : Exit Entry 1 at 82.92 with -43 pips loss.
Total : -49 pips loss
24 Jun 2011
Followup on CADJPY.
Sharp reversal after stoploss had been hit and reach my TP level already. It is frustrating when i'm faced a position like this. Just to watch my position had been stopout and price action quickly reverse after that.
Any comment on this is welcome...
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2 comments:
Great patterns! As for the CADJPY crab, did you review the trade to see if your D was the true D of the pattern?...Seems like that was the reason you got stopped out, then price reversed. Very frustrating, but it's a learning process for all of us!
Hi, thanks,
I believe D point is correct, critical PRZ in deep crab is 1.618XA. One reason i find i'm lost here is i'm not patience enough. Entry is before price action test PRZ, when price action test PRZ after my entry i'm afraid PRZ will not hold.
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