Just shorted AUDUSD with a potential continuation pattern.
Before we jump on the trade idea here is the actual process based on that PDF above of how we started this day:
I prepared my day using the exact process that is shared in the videos and the PDF I shared with you all:
The first thing I did was prepare:
- my position sizing (conservative, moderate & aggressive)
- My profit & excess profit targets for the London session (5% and 10% of balance)
- My 7.5% trading halt limit (if reached, trading stops)
Once that was done I took complete responsibility for my trading & results by agreeing to create my day and not be a reactive little boy to what is happening. And that means now my day can only end in 1 of 4 ways
1. Big profit
2. Small profit
4. Small loss
No matter what, if I end in one of these 4 levels my day will be a success
Now that all that is out of the day... lets start the analysis process
Check momentum using 13 and 30 DC
Locate key levels
Check for any of the 3 candles we use
Scout for patterns
Locate precision trade!
HERE IS A TRADE EXAMPLE: AUDUSD SELL
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Momentum is as price is below 13 and 30 DC
Decent rejection and indecision candles the last few hours and price is stuck to 5EMA and below 20EMA
contraction pattern-finding resistance at 38.2% of recent high and low
MY PROFIT TARGETS CAN BE SEEN ON THE 10MIN CHART
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