Hello traders,
As you may have noticed, I haven't posted anything about GBPJPY for a long time as it is in a major consolidation. It may take a very long time but hopefully within a couple of weeks the price will decide to go somewhere, for now I'm trying to watch the SELL ZONE and BUY ZONE and in case of a touch I'm looking for a rebound opportunity on the lower TF.
If the price goes below the BUY ZONE, I will then look for opportunities to sell, and if above the SELL ZONE, I will look for opportunities to buy in continuation up.
IMPORTANT WARNING:
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Rebounds from marked zones created by trading positions of large institutions such as banks or various financial funds may not create new HH or LL and therefore it is very important to collect partial profits at least according to these rules. This will help you to keep your equity curve constantly growing and protect your funds from big drops if the price unexpectedly turns against you. But the decision is only in your hands.
I personally prefer setting up multiple TPs , here's an explanation:
1) 1:1 allows you to take a 50% position and thus secure a balance against loss in case the market turns
2) 2-5 :1 means profit (25% trade volume ), after reaching this TP I move SL to BE
3) 5-10 :1 means bonus money with rest of trade volume (again 25%)
Money is lying on the ground, just bend down for it! Be patient and wait for the price to reach a strong zone and open a position!
As you may have noticed, I haven't posted anything about GBPJPY for a long time as it is in a major consolidation. It may take a very long time but hopefully within a couple of weeks the price will decide to go somewhere, for now I'm trying to watch the SELL ZONE and BUY ZONE and in case of a touch I'm looking for a rebound opportunity on the lower TF.
If the price goes below the BUY ZONE, I will then look for opportunities to sell, and if above the SELL ZONE, I will look for opportunities to buy in continuation up.
IMPORTANT WARNING:
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Rebounds from marked zones created by trading positions of large institutions such as banks or various financial funds may not create new HH or LL and therefore it is very important to collect partial profits at least according to these rules. This will help you to keep your equity curve constantly growing and protect your funds from big drops if the price unexpectedly turns against you. But the decision is only in your hands.
I personally prefer setting up multiple TPs , here's an explanation:
1) 1:1 allows you to take a 50% position and thus secure a balance against loss in case the market turns
2) 2-5 :1 means profit (25% trade volume ), after reaching this TP I move SL to BE
3) 5-10 :1 means bonus money with rest of trade volume (again 25%)
Money is lying on the ground, just bend down for it! Be patient and wait for the price to reach a strong zone and open a position!