Yup, I missed a nice trade while I was asleep...it happens...and I am learning to tell my brain that ....it happens...
Note to Self: Missing on a trade just before you shut-down for the say doesn't mean that you have go crazy and force an impulse trade the next day. It might seem logical, but sometimes my brain doesn't work that way.
Back to business and something I have never done before: I am waiting for 3 setups on 3 different timeframes - all going the in the same direction on the same currency pair $AUDUSD. G'day $AUDUSD!
Actually waiting for setups is something I have never done before - at least up until the mind-blowing Bossilator course.
Setup 1: 1M $AUDUSD - Trifecta - Trend - Buy
Bossilator is at 291 so it looks good for entry.
Looking to buy when $AUDUSD closes above Fib levels 23 ($AUDUSD @ 0.9550) and 33 (9531). The target is Fib 0 (9596). I might also wait for the EMAs to sort themselves out. I like it when they are in a nice order - at least when price is above EMA13 for a buy.
|$AUDUSD 1M 5OCT11|
As I write, $AUDUSD was testing the 9500 at Fib50, it didn't touch the SMA800, so I'm still good to wait for the setup. If it touches the SMA800, I'll take this off my watch-list.
Setup 2: 5M $AUDUSD - Stochastics - Counter-trend - Buy
Bossilator at 999 as I write - good enough for counter-trend.
Looking for a buy when the Stochastics get to 20 and above.
I'm just waiting to see a place where I can get a significant low that will provide a nice enough risk/reward. 2:1 according to the rules.
|$AUDUSD 5M 5OCT11|
Setup 3: 15M $AUDUSD - Stochastics - Counter-trend - Buy
This is my favourite because the Bossilator is so hugely extended (1700 and above now). This was also the trade I missed last night. It may or may not setup again because the trade is already in play. I am also aware that $AUDUSD may be twitchy so if I do get into this trade; I may just take out the planned 30pips or close to it since I may not be able to sit in the trade for that long (I have "ants in my pants" syndrome when I am more than 20pips in profit - I really am trying to work on this.)
|$AUDUSD 15M 5OCT11|
If you can't tell from the tone of my voice, I am taking it slow today since I did well yesterday. I am too cognizant of my ability to think I can rule the world after a couple of quick wins. I took another trade last night but had to make a quick exit to run some must-do errands - that added 9 pips to the pool for a total of 29 for yesterday. Not a bad way to start the week...even if I say so myself.
That's it for the morning. Sorry for the long post. I really need to have my morning cuppa Joe now....