Hello Traders,
i am starting this journal with a demo account of 10,000 $ which will be attached to this thread, so everyone can see the trades i take. I will be taking the same trades on my live but using only 1/10th the lot size as the demo. I am using alien's rsioma and delay stochs, ideas given by great north with wm reuters benchmark rates and also fibs and EW(the little that i know). My preferred pairs are EU,GU,UJ,EJ,AU and UCAD. As and when i do find an opportunity, i will update the thread and provide my 2 cents of analysis. Trades are taken off 1hr and 4 hr. Most analysis is done on daily. My charts will be self explanatory so no worries about that.
This is my analysis on EU:
1) According to the idea given by Great North, ( thread can be found here: http://www.forexfactory.com/showthread.php?t=526105 )
the reversals can occur at 14.6%,38.2%,61.8% and 85.4%. I have drawn fibs with the benchmark rates given for EU and at this moment, there is a huge daily bear candle after price closed below the 61.8.
2) according to EW, the last bottom we saw on 13th of march (1.0464) was labelled as wave 3 and the ongoing correction is the wave 4 of which we have seen the a and b leg and the c leg is ongoing. Has it completed the c leg is what we need to find out. if we count the individual waves of the C leg, it seems to have done the minimum requirement for 5 waves up, so we assume we have finished the wave 4 and now we have the start of wave 5 down. Besides this i have a confirmation from point (1) as well.
3) The Rsioma and delay stochs are pointing down on 4H and both has crossed as well. So the best possible trade here is a sell but i will put a sell stop at 1.1175 as this is just below the low of friday and if this trade triggers, i am expecting a 161.8% ride down to 1.0950 as my TP. My SL is 1.1287 which is the high of the 2 nd wave. SL is high but RR is 1:2.
Lets see how this plays out next week.
GU is a little confusing at the moment, so i will skip it for the next week. Next analysis on AU
i am starting this journal with a demo account of 10,000 $ which will be attached to this thread, so everyone can see the trades i take. I will be taking the same trades on my live but using only 1/10th the lot size as the demo. I am using alien's rsioma and delay stochs, ideas given by great north with wm reuters benchmark rates and also fibs and EW(the little that i know). My preferred pairs are EU,GU,UJ,EJ,AU and UCAD. As and when i do find an opportunity, i will update the thread and provide my 2 cents of analysis. Trades are taken off 1hr and 4 hr. Most analysis is done on daily. My charts will be self explanatory so no worries about that.
This is my analysis on EU:
1) According to the idea given by Great North, ( thread can be found here: http://www.forexfactory.com/showthread.php?t=526105 )
the reversals can occur at 14.6%,38.2%,61.8% and 85.4%. I have drawn fibs with the benchmark rates given for EU and at this moment, there is a huge daily bear candle after price closed below the 61.8.
2) according to EW, the last bottom we saw on 13th of march (1.0464) was labelled as wave 3 and the ongoing correction is the wave 4 of which we have seen the a and b leg and the c leg is ongoing. Has it completed the c leg is what we need to find out. if we count the individual waves of the C leg, it seems to have done the minimum requirement for 5 waves up, so we assume we have finished the wave 4 and now we have the start of wave 5 down. Besides this i have a confirmation from point (1) as well.
3) The Rsioma and delay stochs are pointing down on 4H and both has crossed as well. So the best possible trade here is a sell but i will put a sell stop at 1.1175 as this is just below the low of friday and if this trade triggers, i am expecting a 161.8% ride down to 1.0950 as my TP. My SL is 1.1287 which is the high of the 2 nd wave. SL is high but RR is 1:2.
Lets see how this plays out next week.
GU is a little confusing at the moment, so i will skip it for the next week. Next analysis on AU
STING