GBPJPY LONG Despite BOJ Intervention Threat
I am longing GBPJPY specifically because the currency Strength chart I found on TradingView says that GBP is currently the strongest currency on the Daily Time Frame.
I am expecting JPY to continue its decline despite Intervention by the BOJ, as past data has shown that it has been not effective at containing the weakening of YEN.
I might change my order to Market Buy instead of Limit Buy if I see that GBPJPY buying demand has resumed on the lower time frames, and it is tough for me to buy in at my expected discount price.
Shall see.
1027SGT
21032024
I am expecting JPY to continue its decline despite Intervention by the BOJ, as past data has shown that it has been not effective at containing the weakening of YEN.
I might change my order to Market Buy instead of Limit Buy if I see that GBPJPY buying demand has resumed on the lower time frames, and it is tough for me to buy in at my expected discount price.
Shall see.
1027SGT
21032024
Comment:
First TP = 1R TP
Second TP = 1.58R TP
Second TP = 1.58R TP
Comment:
Price on the 15 Minutes Time Frame, is currently on a lower high and lower low swing, so, I am still holding onto my pending Buy Limit order.
1037SGT
21032024
1037SGT
21032024
Comment:
Entered Market Buy @ 192.558
Price broke out of price consolidation towards the upside, as it hovered around the "The Market Remembers" Support zone on the 3 Minutes Time Frame(which is also visible on the 15Minutes Time Frame)
1103SGT
21032024
Price broke out of price consolidation towards the upside, as it hovered around the "The Market Remembers" Support zone on the 3 Minutes Time Frame(which is also visible on the 15Minutes Time Frame)
1103SGT
21032024
Comment:
Manually exited for a small "win" of +0.05R x2 positions,
because price was very near my BE order, and I decided to exit manually instead of letting the market have a hold of my mental capital, not knowing if price will hit my BE or not. Also, because I want to avoid getting into a "small" loss, because if price does trigger my BE order, I will still have to pay for spread and comms, and it will eat into my capital, and I don't want that. I rather take a small win and use that small win to pay for comms.
You don't get what you want every time, so, expectation management~~~
I used to let my position get closed either by TP or SL because many trainers and youtubers out there says they do it. Who knows if it really works? Trading based on probabilities, 40% win rate you need 2R TP, and all that BS.
Why would you let price hit your TP when you have enough experience to tell that this trade is highly unlikely to be working out in your favour?
Imagine holding that trade from monday to friday, and over the weekends, hoping, wishing and praying, just to have your SL take your position out after 8 days of stress, even tho price is already in the red on Tuesday.
Get that experience you need, to exit when price tells you it isn't going to work out in your favour, exit early, exit quickly. Cut the mental stress out of your equation as much as you can.
You are not dumb, you learned plenty of things, you mastered things others couldn't so why couldn't you master trading too? The reason is because you are mastering the wrong way to trade, the wrong way of thinking, because other supposed "Masters" say they do things in a certain way, and other sheeps follow suit as they are being told.
Exit. Just exit, asap when things are not going in your favour. After a few weeks or months of trading, you would have some inkling when you should exit. Just exit, when you feel it, and see if your experience could lead you to less losses, which results in breakeven or better in 10 trades or more.
Don't let your losses hit 1R.
2004SGT
21032024
because price was very near my BE order, and I decided to exit manually instead of letting the market have a hold of my mental capital, not knowing if price will hit my BE or not. Also, because I want to avoid getting into a "small" loss, because if price does trigger my BE order, I will still have to pay for spread and comms, and it will eat into my capital, and I don't want that. I rather take a small win and use that small win to pay for comms.
You don't get what you want every time, so, expectation management~~~
I used to let my position get closed either by TP or SL because many trainers and youtubers out there says they do it. Who knows if it really works? Trading based on probabilities, 40% win rate you need 2R TP, and all that BS.
Why would you let price hit your TP when you have enough experience to tell that this trade is highly unlikely to be working out in your favour?
Imagine holding that trade from monday to friday, and over the weekends, hoping, wishing and praying, just to have your SL take your position out after 8 days of stress, even tho price is already in the red on Tuesday.
Get that experience you need, to exit when price tells you it isn't going to work out in your favour, exit early, exit quickly. Cut the mental stress out of your equation as much as you can.
You are not dumb, you learned plenty of things, you mastered things others couldn't so why couldn't you master trading too? The reason is because you are mastering the wrong way to trade, the wrong way of thinking, because other supposed "Masters" say they do things in a certain way, and other sheeps follow suit as they are being told.
Exit. Just exit, asap when things are not going in your favour. After a few weeks or months of trading, you would have some inkling when you should exit. Just exit, when you feel it, and see if your experience could lead you to less losses, which results in breakeven or better in 10 trades or more.
Don't let your losses hit 1R.
2004SGT
21032024
Besides that, the next session coming up would be the London Session, and I expect buying pressure for GBP to kick in.
1032SGT
21032024