BigShouldersTrading

gbpjpy h1 bounce from m15 rsi extracted levels and 4h bat

Long
FX:GBPJPY   British Pound / Japanese Yen
77 views
8
At this point this is not a trade, it is an expected market movement. This is also my first published idea so I am still working out the proper presentation format.
All trade expectations incorporate multiple time frame analysis . In this case the green lines represent projected levels from m15. 138.7 is the minimum where market conditions will be evaluated for a long position. 137.9 is the ideal price for the same evaluation process.
The red lines are retracement levels from h4 and potential targets for long.

Trade execution will occur IF a specific set of rules are met between the green lines. The lower dashed gray line is the general stop-loss level while the middle dashed gray line will be used for position management.
Order cancelled: This idea will get scratched as is, given the gap down all the way into the general stop loss level. At this point gbpusd is reacting slightly with a 5m setup. While large time frame bullish harmonic patterns are still in play on h4, d1, I will wait for a valid setup on m15/h1 to update this trade.
Comment: So our expected movement was somewhat confirmed by the market. However, we are traders, we do not care about being right about the market; we care about profits. Anything I post now about this trade is pointless now because it is in the past. The long setup on m15 did form but at 2 a.m. our local time so we missed it. Based on each trader's rules, one could use a breakout approach on this long. The way we trade, we focus extensively on generating a minimum of 3-1 reward to risk so breakouts are a last resort to catch some of the movement.
The next expected market movement is down with a reaction here and an ideal setup at the red lines. Will update the short as a new idea.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out