In the British community. A pastime is going on a ramble. Meaning, it is a, what we Americans call, a hiking trip. The pair has been on this "Ramble" for quite some time, but the past week or two
GBPJPY
has had some trend exhaustion. We have seen swing highs this pair has not reached in several years. As an experienced trader, you will learn that price, always pullback. It may not do so when we plan on it. But it will, eventually. So we have to prepare ourselves for these occasions. In this particular trade, I did NOT go with the trend. I entered at a break of structure inside my zone. It was an overall bull market. So why get in the market? Well as the director of my own show, I had to make an executive decision, with three (DAILY, 4H, 2H) or more confluences in synchronicity. A 4H Fibonacci in the golden zone, AND REJECTION FROM THE 21-DAY MOVING AVERAGE 3 TIMES. Yeah, I took the trade, confidently. It was easier to get down the hill than up the hill :)
In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I allowed price to follow my trading rules.
WHAT DID I DO WELL?
1. Traded In My Zone
2. Set A TP.
WHAT CAN I DO BETTER?
1. Let The Stop Loss in Profit Breathe..
WHAT DID I LEARN?
1. Price with this pair respects the 4H and Hourly timeframe.
DID I PREPARE PROPERLY?
YES, I waited for a confirmation..
WHY DID I TAKE THIS TRADE?
I identified trend exhaustion in the larger timeframes.
Bearish Engulfing (4H & 1h)
Bos (Break Of Structure) of Hourly Uptrend
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
The Pound Versus The Yin moves like an anaconda. Set entries in your zone ONLY.
This particular trade has increased my portfolio by 45% today!
GBPJPY
has had some trend exhaustion. We have seen swing highs this pair has not reached in several years. As an experienced trader, you will learn that price, always pullback. It may not do so when we plan on it. But it will, eventually. So we have to prepare ourselves for these occasions. In this particular trade, I did NOT go with the trend. I entered at a break of structure inside my zone. It was an overall bull market. So why get in the market? Well as the director of my own show, I had to make an executive decision, with three (DAILY, 4H, 2H) or more confluences in synchronicity. A 4H Fibonacci in the golden zone, AND REJECTION FROM THE 21-DAY MOVING AVERAGE 3 TIMES. Yeah, I took the trade, confidently. It was easier to get down the hill than up the hill :) In conclusion, I'd like to share my trading journal entry...
DID I FOLLOW MY PLAN?
Yes. I allowed price to follow my trading rules.
WHAT DID I DO WELL?
1. Traded In My Zone
2. Set A TP.
WHAT CAN I DO BETTER?
1. Let The Stop Loss in Profit Breathe..
WHAT DID I LEARN?
1. Price with this pair respects the 4H and Hourly timeframe.
DID I PREPARE PROPERLY?
YES, I waited for a confirmation..
WHY DID I TAKE THIS TRADE?
I identified trend exhaustion in the larger timeframes.
Bearish Engulfing (4H & 1h)
Bos (Break Of Structure) of Hourly Uptrend
GIVE ME A BRIEF SUMMARY IN 1-2 SENTENCES:
The Pound Versus The Yin moves like an anaconda. Set entries in your zone ONLY.
This particular trade has increased my portfolio by 45% today!