I have no idea what this pattern is called...
...and I'm not even sure if other traders use this, but it works for me and HATE writing with my hand, so here's just another journal entry of mine, being made public so I know for sure I'm not talking out of my rear end. Feel free to comment because I'm still learning...
Pure technical analysis of previous support levels. Experience shows they are respected in the JPY pairs. Let's see what happens. Break out of a box with TP being box's entire length.
5% trigger for entry out the box (breakout).
SL making sure the Risk/Reward ratio is at least above 4
TP just before the opposing pivot (for short positions it's the historical pivots from September and for long position it's a recent pivot with fib taken into account)
Total risk: $ 468.66 USD
Total profit: $ 1,930.11 USD
Pure technical analysis of previous support levels. Experience shows they are respected in the JPY pairs. Let's see what happens. Break out of a box with TP being box's entire length.
5% trigger for entry out the box (breakout).
SL making sure the Risk/Reward ratio is at least above 4
TP just before the opposing pivot (for short positions it's the historical pivots from September and for long position it's a recent pivot with fib taken into account)
Total risk: $ 468.66 USD
Total profit: $ 1,930.11 USD
Trade closed: target reached:
+33 pips, or almost $2k