#AUDNZD: Double Bottom on the Run

23 thg 2, 2015

Long on second bottom to catch my scenario of a LONG rallye.

Double bottom in progress + pinbar showing rejection
Gave a bit of a room for stop loss because of small pinbar tail
Entry on pullback over previous pinbar top
Divergence on RSI

Currency Strenght Cross-Analyse : NZD seems to meet a lot of resistence on several pairs : CAD, JPY, USD.
AUD is neutral on a range. It confirms our LONG scenario.

Entry : 1.03662
SL : 1.02732
TP 1 : 1.05647
TP 2 : 1.07461

Will see what will come out of it !
Cheers
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Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
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My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences (BRN, major S/R, Div, Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action (pinbar, inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses

Wish you great success !