USDJPY Cypher near completion on Daily

7. Mai 2017

Watching the 4H and Daily for Completion.

7. Mai 2017

Anmerkung

On Completion
open 2 positions short
Check RSI for very overbought conditions (65+)
P1 Targets at 1R (60/60)- Trail P2 to breakeven.
P2 Targets at T1 382, T2 618 (60(0+3)/*let it ride, watch for reversal conditions at key fib levels, keep an eye on RSI for oversold conditions)

10. Mai 2017

Anmerkung

In Trade @ 113.84,
strong bearish candle on lower TF and RSI overbought

10. Mai 2017

Trade ist aktiv

10. Mai 2017

Anmerkung

I trade patterns, and structure, looking for Reversal and Continuation patterns, Double tops/bottoms, wedges, consolidation (boxes) and Advanced Pattern completions (Bat and Cypher mostly).
I focus on Majors and JPY pairs, due to lack of time to follow too many charts and markets.


Position Sizing:
I open 2 trades, each 1% of Equity (Total 2%E).
I never have more than 2 positions open on same day. so its possible to have as much at 4% Risk on a given day. Although I prefer to keep it to 2%. Depends on quality of trades, I take only my highest probability on Daily/4H charts. I use all TF as I do top down analysis, and open trade from time frame that is one higher than the TF that is out of sync. RSI, or seeing divergence. I go up 1 TF, then look for my trade setup conditions to be met using RSI and Tom DeMark trend lines.

11. Mai 2017

Order storniert

Market Sentiment is holding this pair in consolidation, with bullish bias rising.
Manual Exit, Trade invalid for small loss.

11. Mai 2017

Trade wurde manuell geschlossen

Market Sentiment is holding this pair in consolidation, with bullish bias rising.
Manual Exit, Trade invalid for small loss.