journeyofarookie2.0
Long

Opportunity for next week

FX:GBPJPY   British Pound/Japanese Yen
218 4 10
Not too much setting up for my looking into market opening for next week besides this potential Bullish Cypher @136,13. We are still way off as price has not broken the B leg yet but I always want to be prepared and ahead of the market.

Because of the stop size on this one, I will have to wait for price action tp push a bit lower than D completion to get involved : this might make me miss the trade if price reverse on a dime and pushes up, but it will give me a better risk to reward ratio if I get filled.

Now let's wait and see what will happen. Good luck in the market next week !

Plan your trades and trade your plan !
Trade closed: stop reached: -98 pips - Good trade not much else to say
looks good i might try and catch it on the up
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"I might try" ? Sounds like you don't really have a trading plan ... ???
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you means sell trend is begin ??
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Hi MajidHussain,

Not sure what you mean with "sell trend". Even if this pair has been strongly bearish on higher time frame (going sidesways though since the brexit vote), on the M60 timeframe, the pair is in a bullish trend and I just spotted a potential pattern that I trade.

But from there I have absolutely no clue what price is going to do. It might go down to complete the pattern that I spotted or it might just keep on going up and the pattern will never complete. My job as a trader is to be one step ahead of the market and identify potential opportunities so I will be ready to take the trade if my rules are met, or to skip the trade if my rules don't get met. As simple as that !
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