FX:EURJPY Euro Fx/Japanese Yen
Hey, traders. Sorry I'm a bit late with posting this trade. the entries are already triggered. But if priceaction returns back to entry point before it hits 0,382AD then the setup is stil valid. the idea is to catch the secon impulse of the new uprend. So targets can be beyond A-point. As usual stops need to be placed below X.
Trade active: hey, traders. those of you who was late to enter this setup welcome on board. priceaction returned to entry point before it hit 0,382AD giving you a second chance.
Trade closed: target reached: Hey, traders. This was a wonderful painfree trade. priceaction never came to X-point. As our initial target of A-point retest was reached, I close half of my position and breakevened the other half. Now enjoy the risk free trade to see if it hits 1,272XA extention))
Trade closed: target reached: Hey, traders, the second par of my position closed in profit. Congratulations to all of you who participated in this trade. Cha-ching))
AS You said Discipline and Patience of course and the results is there to see. I wish. I was tempted to enter the trade myself when the price went past the X zone because I thought if He is still i n the trade maybe it would be still OK but I didn't do it after You told me not to. Even this is discipline isn't ? There is always another one coming up after all. Would be possible to receive a mail form You informing when You a the trade? Thanks
Yes, you were absolutly right when decided not to enter. The logic of patterns presupposes price never hits X. If it hits then the pattern is invalid. If you will trade patterns long enough you will notice that those patterns that touch X usually go further ending up being a loser. On the other hand if you would enter this trade and it turned to be a winner then you would install a belief saying that touching X doesn't invalidate a pattern. This is the worst scenario possible because you install false beliefs instead of true ones. You were very disciplined to stay ot of this trade. In the long run this discipline will pay you good)