To help me (and maybe some of you), I have started my Demo account with 10,000. My goal is to get to 100k risking 5% per trade using my trading system. I will document this process from start to finish for educational purposes. You can always distinguish between these posts and my regular posts by the title - my demo account will always have 'From 10k to 100k'...
I am a firm believer that when I’m stopped out of a trade it’s for 2 reasons. Reason 1: a deeper pullback has occurred. This does not mean the trend has changed. Price just pulled back a bit more than expected. Reason 2: a reversal has occurred. At this point I’m stopped out of the trade and the direction I was once trading in reverses. In this GBPJPY 1 hour...
📚 LEARN MORE 💰 EARN MORE Inverted Head and Shoulders Definition: A head and shoulders pattern is also a trend reversal formation. It is formed by a Valley (left shoulder), followed by a Lower Valley (head), and then another Higher Valley (right shoulder). A “Neckline” is drawn by connecting the highest points of the two Peaks. Neckline resistance...
Price broke below the support we highlighted, however as there was no lower wick on the 1h breakout candle, price had no clear range to move down, so instead of moving to the lower timeframes to look for selling confirmations, I stayed on the 1h timeframe and decided to look for a break and retest setup, as it was not on a lower timeframe my confidence for this...
GBP/JPY market is following the above channel so will fall/sell to the downside. Do time your entry and exit right. Warning; trading comes with risks, trade safely and within reason. All charts to be used for guideline purposes only.
As other pairs lag ,i thought it would be nice to do a rundown on the two pairs with similar incomplete wave counts. As seen on both Gbpusd & gbpjpy The extension moved to the wave 2 of the wave. Similar formation both ending at wave 2. GBPUSD GBPJPY