To help me (and maybe some of you), I have started my Demo account with 10,000. My goal is to get to 100k risking 5% per trade using my trading system. I will document this process from start to finish for educational purposes. You can always distinguish between these posts and my regular posts by the title - my demo account will always have 'From 10k to 100k'...
HELLO TRADERS - Have you ever heard about Structures before? - This structure is called upward correction. - Keep it in mind that this is not wedge pattern. - In this structure market make bearish channel after bullish impulse. - A good sign that price is now ready to see bearish waves. "Thumbs up and comment if you found this analysis useful"
Price broke below the support we highlighted, however as there was no lower wick on the 1h breakout candle, price had no clear range to move down, so instead of moving to the lower timeframes to look for selling confirmations, I stayed on the 1h timeframe and decided to look for a break and retest setup, as it was not on a lower timeframe my confidence for this...
HOW TO DEAL WITH LOSING TRADES
GBPJPY has created a head and shoulder pattern, however this is not the only reason for entering. Price has tried breaking out from 142.800 however could not, we got a retest and a nice bodied bearish candle. I entered on the Bearish candle on the right shoulder but this is a good opportunity to get another entry in as price is currently just retesting the...
Just playing around
GBP/JPY market is following the above channel so will fall/sell to the downside. Do time your entry and exit right. Warning; trading comes with risks, trade safely and within reason. All charts to be used for guideline purposes only.
As other pairs lag ,i thought it would be nice to do a rundown on the two pairs with similar incomplete wave counts. As seen on both Gbpusd & gbpjpy The extension moved to the wave 2 of the wave. Similar formation both ending at wave 2. GBPUSD GBPJPY
As you can see in the chart we're going ob on RSI, we've a pretty strong resistence at the 147.980 which will be reached in the next few days, these are clues for going short on the GBPJPY. First target may be at 142.45 Stay tuned on this trade!