forex4noobs
Short

Potential short @ 123.96, Stop @ 124.68, Target @ 122.10

FX:EURJPY   Euro Fx/Japanese Yen
9 months ago
If sellers push down to 123.96 on EUR/JPY             I will likely enter short. This is a basic price action reversal setup. I may change my entry, target, and stop before this trade triggers.
9 months ago
Trade active: This trade triggered.

Stop: 124.64
Entry: 123.96
Target: 122.20
9 months ago
Trade closed manually: Closing this one out with -23 pips @ 124.21

After that big spike up that reached near my stop, it is becoming clear that sellers are struggling to gain control. Also, the EUR/USD trade I mentioned in yesterdays analysis has triggered:

https://www.youtube.com/watch?v=QoheoyeF8_E
crudeFX PRO
9 months ago
Glad you see you back!! good call ill keep my eye on this pair!
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Cooke
9 months ago
Glad you're back too! Good luck sir
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Lucid.Trader Cooke
9 months ago
I need to find a trader as good as him, he's made me very profitable. Ever since Ive watched his Youtube videos
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ItchyPong
9 months ago
Been learning from you for a while :) Please keep up the good work it helps a lot !
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ItchyPong
9 months ago
Hi Nick just wondered could you explain why you took this trade I know there was a indecision candle near the area of resistance but it was of the same color as the preceding trend. Is that requirement not always 100% true?
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vjroble PRO ItchyPong
9 months ago
Nick says he doesn't really pay attention to color that much as long as its a viable indecision. I'm sure if that candle closed bearish it would of been a better confirmation but for his trading style i do not think it matters much. Just restating what he said in one of his video webinars before. Hope that helps!
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ItchyPong vjroble
9 months ago
Thanks for the reply @vjroble i sent Nick a message and he said the same just wanted to check :)
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ItchyPong
9 months ago
Hi the indecision candle was near area of resistance but was of the same colour as the preceding trend does this matter? Thanks Neal
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HermanBrummer PRO
9 months ago
Hey guys, thanks for the chart. I don't understand why this should be a valid trade at all, since the RR ration is less than 1:3. That means that if your WL ratio is 50%, you'd actually be losing money in the long run. Personally, I take RR ratio into account in all trades, and track that as a way to check that I am not overzealous, or in love with a setup. It helps me to quantify things and keep the risk versus reward in perspective. Dr Van Tharp has a great video on this: https://www.youtube.com/watch?v=QjFRVPWpEuY
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forex4noobs PRO HermanBrummer
9 months ago
My win rate is higher than 50%, hence my minimum RR of 2. If you take every trade, without discretion, my strategy has a win rate of 60% with a RR of 1, expectancy of +0.19.... I obviously employ discretion, so my win rate is higher than 60%, and my minimum RR is 2. Over the course of 100 trades, my RR averages out to around 2.7
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Lorry.NZ PRO forex4noobs
9 months ago
Nice one Nick. I like the simplicity of your strategy. I think I originally found it on Babypips when I started out trading in Oct 2015. I'm still learning. Cheers.
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Lucid.Trader
9 months ago
Aww,it was a good trade Nick,why'd you close it out so early!
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forex4noobs PRO Lucid.Trader
9 months ago
When you enter a trade, you set a stop, you do not extend that stop afterwards because you want to stay in. This time it would have lead to a profitable trade... but overall, that kind of thinking leads to massive drawdown.

+1 Reply
zaka.bd
6 months ago
It was nice.
Reply
SC_trade
a month ago
The chart looks great.Have u got these (https://www.forex4noobs.com/forex-tools/current-support-and-resistance-areas) set ups on your trading view account to share .Thnx
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