During my last post there were signs of possible market reversal based on the momentum indicators. I had a position that was against this direction. Instead of closing the position to secure profit, We just move the stops to let the market close the position itself.
Even though the market declined down a little bit, even triggering a new short entry, the market actually did not proceed with the reversal but suddenly went back sideways to up again. If I exited the trade earlier just because of what I perceived, I could not have had secured more profit from it.
The newly triggered short trade is still moving sideways and that trade is still alive. Momentum signals still point out to a downward movement due to the peaking overbought conditions in the daily chart. To what degree of movement? I really don’t know and I could be very wrong about it but judging from the way the AUDUSD continues to behave and the momentum indicators, we’re hoping for it not to stop us out then start a decline once(or if) the lower time frame momentum does another bearish cross.
Keep posted and happy trading everyone!
0 comments:
Post a Comment