I don't enter this trade because my internet connection problem, also, as you may know, I lost confidence in my analysis so I was just observing how the market was developing in time and it seems that my analysis was accurate enough. Knowing the way I am, probably if I enter this trade in that day, that could ended as a lost. Where to put stops are so important too.
A small comment about timeframe and stops:
I'm not really sure how to manage a trade. It seems (to me) that if you trade in a large timeframe stoplimits are far away from my comfort zone. By example, in daily charts (like posted), using only pattern to estimate a limit, the position should be 140 pips aprox. in the trade that I missed. Usually I used to define a fixed stop of 30 pips... maybe too short I could say now. As counterview, small timeframes using same pattern analysis, limitstops are closer to market action, but as I told before in previous post, be aware about scalping and too small timeframes... just too much noise.
By now, AUDUSD looks like is in an uptrend... but we have divergence in MACD. That's strong enough to tell me that it's going to retrace... not sure where. In future posts I'm going to follow these two charts from now, and maybe if it's possible, another pair or two. Actually I'm seeing 10 pairs now.
I tried to post this entry yesterday but I couln't. Tomorrow I will try to post any update about these two pairs.
