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EUR/AUD Short - With a detailed explanation of why...

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As you can see the price action went out of the top of the weekly channel. This is okay as I make the channels tight to get the price to hit the top or bottom as much as possible. Here is my thinking First, price action went above channel so it should start bearish on the weekly. As per plan I only trade this pair bearish at this point. Next I had the price action come back into the channel and set up a watch line. A head and shoulders with a retest showed up - Bearish conformation. To set up the trade I used fibs on the last bullish wave (I do fibs on line chart as it is faster for me). Finally I established the place where the price action is most likely to bounce bullish (Safety net so to speak) Setting the bearish trigger under that box increases the chance that the price will continue bearish. I will set this trade in my account and as long as the analysis above holds I will keep it active. If it breaks down and does not trigger I will drop it. If it triggers I will simply wait for it to hit the stop or target. 20 Pip stop or 80 pip target per plan. I do not move stops as I find more often than not I get wiped out of the trade before the target. If it stops out that is fine as I can get stopped out 4 times and win 1 and still break even. This is why better preforming pairs are higher on my list so I trade these more in my real account and this list is adjusted monthly. I have some updated ideas I may try next month to my plan if I use these I will post the updated plan. If I am at my goal ROI of 40% for the month there will be no change. If you guys prefer this type of look at thetrades let me know and I will try to do it more often when I have time :)

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Note the "Wait for line break" is under the 1st shoulder. I also think this pair stopped me out on the retest around the 15th - hoping to catch it this time :)

注释

Here is a picture of the trade with a candle chart