EURAUD Trade on Oct 23, 2018 21:01 from stewartcelani: Tradervue User Stock Trades.

Higher Time Frames

Monthly

• Last month closed at bearish high test doji of W 1.631, this month is high testing but bearish, looking to close as another doji.

Weekly

• Bullish trend since the start of 2017 (up 20%)
• Moving sideways between 1.61 and 1.635 for past 8 weeks
• Last week closed as a bearish low test

Daily

• Rejected W 1.631 4 times over past 6~ weeks
• Recent double tops on 5 and 10 October before falling down to reject 50 EMA + W 1.61 last Friday
• Monday and Tuesday (today is Wednesday) doji high tests with yesterday being a perfect high test doji.
• Slight bearish MACD divergence

Intradays

• On the intradays this price action is a bit messy on the 1H but cleaner on the 4H. showing a breakdown after the 10 October double top into a lower low (which rejected W 1.61 and D50) but has now pulled back and created a lower high rejecting 0.5/0.618 region.
• The 1H PA is nowhere near as good though with the pullback mentioned above creating higher lows and higher highs before breaking down yesterday. Provided a messy/discretionary CBO which coincides with the back of the upward sloping 1H trendline rejecting 1H50 & 4H50 before continuing to break down.
• 1H bearish MACD divergence, 4H also has bearish but its longer-term from the double tops and not recently

Target

• D50 & W 1.61
• Risk/reward: 1.28R

Stop

• 55 pips
• Above 0.618 and 1H 50, P, 4H 50
• Better protection would have been 60 pips above R1 and 0.75 which would also put it above an intraday level (where you see a few tops on the 1H but that would have changed RR to 1.18R and since this is a CBO and we are also protected by 4H

Entry

• Late entry as I missed the proper entry and caught as I was going through charts
• Ended up being a swing entry (5 pips below yesterdays low) and due to the strength of yesterdays candle and the HTF price action decided it was worth a >1.25R

Negative Confluence

• Entered right above INTRA 1.617
• The 'CBO' didn't pull all way back to 0.382 + pivot

Notes

• Already live in EURUSD S

Review

• Honey dicked barely (less than a pip) on momentum from news announcement (EUR PMIs / med level). Decided to manually close after watching price for an hour and deciding the evolving RR (from Tom Dante's course) was not worth it (risking breakeven etc just for ~0.2-0.3 more R. Price did what I wanted it to do and just got the TP slightly wrong -- even though it is looking like it will continue to TP.
• Takeaway is to set TP at least 3 pips above the level I'm going for. Can actually see a real nice level a few pips up that matches prior lows. Losing a few pips of R is, over the long run, will come out on top versus barely missing TP and having a trade reverse for breakeven or a loss.
• Price did go on to hit TP not long after and drive further.