FX:NZDJPY New Zealand Dollar/Japanese Yen
Hey, traders. We had a series of impulses in one direction forming the structure of NSH's and HL's. This is called trend. A trend is active untill we have a sign of reversal. In other words until priceaction breaks the structures. As you see on the chart above priceaction instead of making a HL made a NSL thus signaling us about the end of the uprend. I expect further movement to the south. I'm going to use this as an entry technique. As usual for stops need to be above X. My target her is about 1,272 XA extention (it is the same 1,272 if you invert fibs from A to X when using fib line tool)
Trade active: Hey, traders. Priceaction reached our entry-point so the sell was triggered. Right now we are slightly negative. Let's see if this trade turns a winner or loser)
Comment: technically the pattern was invalidated by priceaction hitting X-point. But I'm still in because my stops were not triggered.
Comment: Pattern traders, those of you who take the first target at 0,382AD - chaching. Priceaction already hit this level.
Trade closed: target reached: Hey, traders. priceaction hit my initial target level, which is A-point retest. I closed half here and breakevened the other half. Now enjoy the risk free trade.
Trade closed: target reached: Hey, traders. cha-ching. Both targets were hit. this trade gave us some pain first. Some quited it. But we were patient and followed our rules no matter what. So the discipline was rewarded. Congratulations to all of you who participated in this trade.
I, personally, don't place stops based on round numbers. I prefer to consistently follow my rules that were tested and verified. If there's a round number nearby it's not "good" for me to enlarge stop. But if my stop being placed according to my rules accidentally goes beyond round number - then it defenitely better))