EUR/CAD, GBP/USD and CHF/JPY on watch for me today.
Hi guys and girls,
Just three pairs on watch for me today.
I was triggered into what I forecasted last night on EUR/CAD at just shy of 2:00 BST after I'd placed my order and gone to bed, after a three touch structure break above a daily double top, a retracement back below, a so-called retest back above it and another retracement back below it which has left as with tweezer tops on the daily chart catching the support and resistance traders the wrong side of the market where they're likely to close their positions in unison, a four hour retrace on the four hour chart and a confirmed evening star formation on the one hour chart.
You might notice some subtle differences in my chart work and this is because yesterday I analysed some improvements which I could make to my trading which had I implemented them previously would have made me even more profitable, in part because they would have increased the number of trading opportunities that would have been available to me and that's another reason why it's always important to remain neutral, because you're never too old or inexperienced to learn new things and to make improvements when it comes to things which you're already good at.
My long trade on CAD/JPY has now been documented and journalled and my short trade on EUR/CAD trade is now running at just shy of +0.5% profit, so let's see how it plays out.
Have a great day folks!
EUR/CAD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
GBP/USD:
• If price impulses up, it does so in a convincing manner and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CHF/JPY:
• If price pushes down to and ideally just below our rayline, then I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
Just three pairs on watch for me today.
I was triggered into what I forecasted last night on EUR/CAD at just shy of 2:00 BST after I'd placed my order and gone to bed, after a three touch structure break above a daily double top, a retracement back below, a so-called retest back above it and another retracement back below it which has left as with tweezer tops on the daily chart catching the support and resistance traders the wrong side of the market where they're likely to close their positions in unison, a four hour retrace on the four hour chart and a confirmed evening star formation on the one hour chart.
You might notice some subtle differences in my chart work and this is because yesterday I analysed some improvements which I could make to my trading which had I implemented them previously would have made me even more profitable, in part because they would have increased the number of trading opportunities that would have been available to me and that's another reason why it's always important to remain neutral, because you're never too old or inexperienced to learn new things and to make improvements when it comes to things which you're already good at.
My long trade on CAD/JPY has now been documented and journalled and my short trade on EUR/CAD trade is now running at just shy of +0.5% profit, so let's see how it plays out.
Have a great day folks!
EUR/CAD:
• If price corrects and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
GBP/USD:
• If price impulses up, it does so in a convincing manner and a tight one hour flag forms, then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
CHF/JPY:
• If price pushes down to and ideally just below our rayline, then I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with a reduced risk entry on the break of the flag.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.