USDJPY Gartley + ABCD Move Great Potential Buying Zone!!!
Patience is now key as we watch USDJPY approach the green rectangle buying zone.
We have a Gartley pattern completion at the 1.27 extension of the AB leg, and we also have an ABCD move completion at about the 100.00 even handle.
Will also monitor the RSI and MACD when entry time arrives.
Stops should be below X according to your risk rules.
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If position sizes or pip amounts are too large you can always enter smaller positions strategically, as noted in the chart, for example. Never over leverage yourself. It is always smarter to buy into positions and lessen the average price you paid to be long. It is a win-win situation because if price goes up from your initial half position entry, you are making money. If price goes down to your second entry, you are buying at discount and lowering your overall cost for your full position.
**
Stick to your rules and try to think like a trader. A method such as the one described above is much more beneficial than having a tighter stop-loss because you want to enter all-in and cannot afford a large risk amount. Predetermine your risk and THEN adjust your position size. Stops should be placed according to the chart analysis, not how much you want to lose based on how large you want to trade.
***
Cheers and happy trading to all! Hopefully we get filled here in the coming days.
We have a Gartley pattern completion at the 1.27 extension of the AB leg, and we also have an ABCD move completion at about the 100.00 even handle.
Will also monitor the RSI and MACD when entry time arrives.
Stops should be below X according to your risk rules.
*
If position sizes or pip amounts are too large you can always enter smaller positions strategically, as noted in the chart, for example. Never over leverage yourself. It is always smarter to buy into positions and lessen the average price you paid to be long. It is a win-win situation because if price goes up from your initial half position entry, you are making money. If price goes down to your second entry, you are buying at discount and lowering your overall cost for your full position.
**
Stick to your rules and try to think like a trader. A method such as the one described above is much more beneficial than having a tighter stop-loss because you want to enter all-in and cannot afford a large risk amount. Predetermine your risk and THEN adjust your position size. Stops should be placed according to the chart analysis, not how much you want to lose based on how large you want to trade.
***
Cheers and happy trading to all! Hopefully we get filled here in the coming days.
Discord/Indicators:
launchpass.com/jupiter/babylonians
launchpass.com/jupiter/babylonians