lewglasgow
Short

USD/JPY - Head and Shoulders

FX:USDJPY   U.S. Dollar/Japanese Yen
a year ago
Here we have a nice head and shoulders setup on the 1h chart for USD/JPY             . This is a very simple selling opportunity, we would be looking for an entry below the neckline but I would wait for the close of the candle before getting in!

I will be looking to close out this trade in profit between 111.700 and 111.500, always remember to keep risk low and never get greedy!
a year ago
Trade active: Entered at the close below 112.800.
a year ago
Trade closed manually: Closed out in profit at 112.250, right before the bullish move.
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TradZ
a year ago
Are you still confident in this head & shoulders pattern presented in the 1hr chart? This set-up looks good. Do we have to see the pattern formation in other time-frames for added confirmation Or is this enough confirmation? Would be nice to hear back from you:) Also, what price do you see the neckline? I see it as under the left-shoulder of the pattern set-up around 112.570?
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lewglasgow TOP TradZ
a year ago
Still confident this will drop 100 pips, the formation is also present on a 4h chart. Once there is a close below the neckline that should be enough conformation to enter the trade. Yeah 112.770 or you can go safe for 112.600 like you said :)
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TradZ
a year ago
May 112.6
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TradZ
a year ago
Thanks for getting back and yes I can see on the Rsi on 4hr chart lol I don't have a pip counter how much is 100 pips down from the neckline if you don't mind me asking?
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lewglasgow TOP TradZ
a year ago
No problem thanks for leaving some feedback, your take profit will be in the box area of 111.700 to 111.500 which will be 100+ pips depending on where you entered the trade.
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TradZ lewglasgow
a year ago
Thank You Sir! that was very kind of you. Really glad you responded. I guess I will have to learn pip movements(count). I thought 100 pips would be say from 112.600 to 112.500. Apparently not lol
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lewglasgow TOP TradZ
a year ago
Don't mention it I'm glad I could help! It's a good habit to be able to manually count pips, the example you provided would have been 10 pips so you were close lol! If price was currently at 112.600 then changed to 111.600 this would be 100 pips.
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TradZ lewglasgow
a year ago
Wow! very interesting! will you be willing to point me in the direction on how to manually count pips? And I g0t a little excited in hoped in the trade already(short), do you think this was too early? I was going to wait till it broke 112.6 but as soon as you replied the price was heading down so, I felt it was the time. I just wish I would have gotten in, in the 900's:(
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TradZ TradZ
a year ago
It broke:)
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lewglasgow TOP TradZ
a year ago
That was a huge drop, bet you're glad you got in when you did :)
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lewglasgow TOP TradZ
a year ago
Visit: http://www.babypips.com/school/preschool/how-to-trade-forex/pips-and-pipettes.html

The link above should provide the basic foundation for counting pips. I entered also after the close below 112.770 but I've kept risk low, stop loss is set above the previous high. There is still plenty of room to make some profit ;)
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TradZ lewglasgow
a year ago
That's Funny because baby pips was the first place I started to learn about how to trade the forex lol I will head back there soon:) I was thinking to wait until price reaches around 112-112.100 then place a stop loss in the 300 zone so that can lock-in profit? I like to use alerts rather then stop losses@times so that the broker doesn't try anything:)
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lewglasgow TOP TradZ
a year ago
To be honest I've never used it myself but I know there info is really simple. Yeah always end back at where you started! After it clears 30+ pips I would have your stop loss at break even. Don't need to tell me that twice lol I'm sure we have all been there :(
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TradZ lewglasgow
a year ago
Yes we have! But I am aiming to lock-in profit so hopefully it goes accordingly. Do you believe it will retrace back up to the breaking point(112.657) before heading down further? If so, I would rather take some profit now and get back in where I started:)
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lewglasgow TOP TradZ
a year ago
It looks as if it will retrace into the 112.600 area before making another move to the downside. It is totally up to yourself if you want to take profit then re-enter after the retracement :)
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TradZ lewglasgow
a year ago
You've been a true friend today indeed! I would like to stay in contact with you if that's ok? And If you don't mind, are you waiting it out?
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lewglasgow TOP TradZ
a year ago
Pleasure speaking to you! Of course get me on this or Instagram I'm on there more often, I'll be waiting it out as I have my stop loss in profit so it's a risk free trade in my eyes what about you?
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TradZ lewglasgow
a year ago
I took profit already:( I just couldn't hold lol After hearing you say it was looking as if it was heading back to the 600's and it started to retrace up quickly, I got scared because I hate to miss out on profit I had due to retracing back up near my entry point lol One of these days I will become a swing trader. I am a scalper indeed and I hate it:( I don't use Instagram but just may have to:)
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TradZ TradZ
a year ago
Once I'm in a position where I can lock in profit off the 'stop', set a target, only then will I be able to leave the computer with ease of mind
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lewglasgow TOP TradZ
a year ago
It's a horrible feeling but it is one you need to overcome :) being a scalper is a whole lot easier than a day trader, I just place my trade and walk away because the market doesn't care what you think. Get me on either but Instagram is the way forward! Yeah that is totally understandable, no one wants to incur losses but it's a part of trading I suppose, a cost of doing business lol
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TradZ lewglasgow
a year ago
True! But what makes you believe Scalping is easier? Well, it is if you don't over trade I suppose. I tend to over trade but am getting better on waiting for trades to set-up rather than chase. Like today for instance, I patiently waited:)
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lewglasgow TOP TradZ
a year ago
Sorry I meant to say being a swing trader is easier than a day trader in my opnion. If you can handle looking at charts all day then it's for you :) yeah patience is key I soon learned that myself.
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TradZ lewglasgow
a year ago
Yes I'm still learning patience and yes day trading is hard because when your looking at the charts you tend to panic oppose to just leaving you pc knowing the set-up is in tact
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lewglasgow TOP TradZ
a year ago
Highly recommend swing trading, it's a whole lot easier but I understand what you're saying :)
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TradZ lewglasgow
a year ago
I understand Swing, I just have a hard time getting into tops/bottoms. I believe it's due to me not placing the bets. I tend to observe and while I'm deciding, it's already too late:( Then I become indecisive smh I will get it sooner or later as I am on it everyday!
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TradZ TradZ
a year ago
and is your name the same on Instagram?
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lewglasgow TOP TradZ
a year ago
It's all about trading what you see, not what you think. If the price is confirmed then you're in the trade ;) good to hear it though, you will pick it up as you go along! Yeah my name is the same on every social media platform make sure to message me so I know it's you.
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TradZ lewglasgow
a year ago
Thanks for the encouragement and I will message you when I'm up & running:)
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Nice, at least you got some profit on that bounce. this is what i got, what do you think?
USDJPY WAVE ANALYSIS
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lewglasgow TOP Tecnologia_Financiera
a year ago
Nice chart very well detailed, I'm glad I walked away when I did I was expecting a larger move. I'm actually learning the wave theory at the moment but I mainly trade trends and harmonics.
+1 Reply
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