Hi Traders,
For those who are learning, I am no guru as i do get it wrong quiet often but ill share my analysis and interpretation with you all.
I feel that I got alot of room to improve for DT,..but i tend to be more confident in my ST/Multi-day calls as you all may have noticed.
Here is a breakdown of how i picked up and interpreted AUZ and AZY last week
AUZ- My post 24/03:
17356502
As we have often been taught.. although we can trade with probability in our favour.. treat continuation patterns neutrally and with caution till we get confirmation. But when they do breakout, they tend to be more reliable more often than not. However individual candles within the pattern within the pattern can help with our analysis. I got in at 1.4 on Thursday morning as I was surprised to see the amount of buying pressure able to sustain this price within past few days and i had no luck at 1.3. Had my stop to trigger at 1.2. The arvo action gave me some reassurance that it was planning to atleast attempt to tackle down 1.5 whether successful or not so i may be able to get out with a pip profit.
AZY - My post 22/03 :
17338151
I had AZY on my watchlist once the doji kicked in. Bought in two days later on the same day of my post. Was just a small parcel and the risk:reward appeared to be in my favour so was happy to hold for upto two weeks depending on what happens in between. When i noticed the buying support kicking in at 1.6 I decided to hold on. Didn't think much till today and
@mitta mentioned it first and that was when it went to break 1.8.
However, it does appear overbought to some extent (especially on stochastics) .. so without news, i'm looking to sell soon unless the context changes tomorrow.
If you have no idea what you are doing, you are not ready for trading.
If you are unsure, it is wise to stay out of the hotpot.. Alternatively, a good strategy is to place your buys on or around strong support areas (given there is still momentum ) and fixed sells on resistance.
@GotMilk Don't worry mate, not making money is way better than risk losing money by chasing/purchase on impulse . Timing entries and exits is everthing imo so take your time and take your analysis seriously. Trust in your charts more than your emotions. We get these big opportunities almost daily on this thread so you haven't got anything to lose by missing out on a few.
To update you on my AUZ progress today, this is how i traded AUZ today. I use to have a problem with overtrading back then so these days i tend to keep my trades more clear and simple so did two trades today. Without distractions could of attempted 3 but i can't win them all.
Hope this helps
Cheers
