Originally Posted by stocks1984
guys look into NZD/USD. I bought it earlier today and went long. The daily is showing a perfect doji and long entry due to the weakening of the downtrend. Im expecting this one to go back up late today or by tomorrow to form the morning doji candlestick pattern, jmo
IMO a good read there on the chart--I am also expecting the same kind of rebound effect on AUD/USD...and its an even nicer pattern IMO. Last nite I was forecasting the pair to dip to .8435 area or lower before it bounced up and I had a LONG order in to trigger at .8445...but it only went down as far as .8460.. It still bounced and I had to revise and bought Long at my secondary entry level of .8495 instead...I think it will get back to .8600 easily....
Try not to get too bound by "time" for a move to occur--I sometimes get screwed by that still.. Look at what the charts tell you 'should' happen, and check the news/fundamentals for any catalysts that could help or hinder the possibility--and weigh the move from there to decide if its gonna do it or not. But try not to put a time limit expectation on it to occur--if it is going to happen then it will, but may take longer than 24hours or so.. I have sat in some pairs for a whole week that have retraced when I was positive it was gonna continue a move--and it finally did but it just took longer then I had "wanted" or expected--such is the nature with Forex. Had I exited against my plan cause it didn't do it when I wanted--and I missed an opportunity I had seen for simply being impatient. Being right and being out of a trade you saw coming cause you were impatient is frustrating.. Several of my plays I will enter in on Sunday or Monday with a wide stop (I play for longer terms) and ride it out--ya gotta build up to doin this cause its nutz....but often for me it works very well.. But you have to be able to endure the swings if you do it this way. Not easy--and sometimes it can piss you off...but it can be super profitable if it works out and the read you did was accurate.. If you don't wanna sit in a trade against you til it hopefully does what you think it will--look for validation levels in prices met--to help you out..
EUR/USD for example--I am forecasting it to trace back lower still to 1.3550 down possibly to 1.3475.. I got in short overnite at 1.3655, and all day it is pressing against me to my main noted resistance area at 1.3690 and if it breaks over it may trip my stoploss above 1.3730...its nervewracking but I also like long term plays for several days so I factor in the wider stoploss.. I believe from my reads that it will fall to those levels and fail before it breaks and stays over 1.37 again... If it does I will win--and if it stops me out then I look at for what I missed, learn from it and move on to the next trade.. I would love it to have done it overnite as most often do--this one its just taking longer than desired..
But other plays--some work out perfectly and others take their sweet time...and then you have those that just stop you out for spite or ignore everything in favor of a news release or speculation move..