TRADERS´ English I September 2013 - page 62

BASiCS
62
09.2013
Trading Journal:
ruediger Born
In the trading journal traders – beginners or professionals –
present one of their trades that taught them a special lesson.
This time it is Ruediger Born.
16th July 2013 – Long Trade GBP/AUD
»
It was a classic situation in
the afternoon of July, 16, 2013: I
had taken a quick look at all the
important futures and currencies
and the currency pair British pound/
Australian dollar caught my eye.
The price had started the 5-wave
uptrend in the early afternoon and
consolidated from the highs in
the area of 1.64 – this is typical for
a 3-wave down-movement. The
theory says, that you can count on
the continuation of the main trend
direction after the consolidation – in
our case the dynamic uptrend.
Ready, Steady, Go!
The Fibonacci-levels gave the first
solid hint for the end of the correction.
If more of them are close together,
After an impulsive 5-wave uptrend and the following 3-wave down-move I considered a long entry. The
Fibonacci-levels as well as the break of the high of the prior bar confirmed the idea and therefore I entered
long at 1.6355 with a stop at 1.6340.
Source: AgenaTrader
F1)
Perfect Entry Scenario GBP/AUD 1-Minute Chart
1...,52,53,54,55,56,57,58,59,60,61 63,64,65,66,67,68,69,70,71,72,...86
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