Shorted GBPJPY while the CADCHF trade is running in drawdown.
JPY pairs in my watch list includes, CADJPY, GBPJPY, CHFJPY, NZDJPY, AUDJPY, EURJPY.
However, I removed the CADJPY and CHFJPY.
I chosen the GBPJPY because it has been known to be a dragon that moves alot of pips, alot of the time. Not sure about now though.
I scan the watchlist by going to the Daily Time Frame first. Look for immediate previous day's candlestick that broke out and closed strongly in the direction of the breakout. That is a Continuous Bar.
Once I have my watchlist based on the Continuous Bars, I apply the 60SMA on the 4H, then the 1H and 15 Minutes. If price is all in the same direction based on the 60SMA, I will place this product into my watchlist for setup detection and trading purposes.
And that was what I did with the GBPJPY.
I entered the GBPJPY on a Push Wave aka Impulse Wave. The chances of the Push reversing into a Pull Wave aka Retracement Wave are 50 50. Is that accurate? I am not sure. But, if the Push becomes a Pull, I wouldn't get stopped out, because I have No Stop Loss.
I use DCA to add positions into my losses. I am not sure if I will be profitable at the end of it, but I do know that I have lifted off the stress on my shoulders. A huge chunk of my trades are in profit, and most of the losses is due to commissional loss (a term I made up to mean that I am in a net loss due to commission after breaking even on the trade.)
If I do go into a drawdown, I gymnastics to make sure I either end up profitable or at least breakeven. I might go into a net loss also depending on how the trade plays out and what correct or wrongful decisions I make. But all in all I think I will do fine because I limit my risk to 0.01 lot size.
1310SGT 27112024
JPY pairs in my watch list includes, CADJPY, GBPJPY, CHFJPY, NZDJPY, AUDJPY, EURJPY.
However, I removed the CADJPY and CHFJPY.
I chosen the GBPJPY because it has been known to be a dragon that moves alot of pips, alot of the time. Not sure about now though.
I scan the watchlist by going to the Daily Time Frame first. Look for immediate previous day's candlestick that broke out and closed strongly in the direction of the breakout. That is a Continuous Bar.
Once I have my watchlist based on the Continuous Bars, I apply the 60SMA on the 4H, then the 1H and 15 Minutes. If price is all in the same direction based on the 60SMA, I will place this product into my watchlist for setup detection and trading purposes.
And that was what I did with the GBPJPY.
I entered the GBPJPY on a Push Wave aka Impulse Wave. The chances of the Push reversing into a Pull Wave aka Retracement Wave are 50 50. Is that accurate? I am not sure. But, if the Push becomes a Pull, I wouldn't get stopped out, because I have No Stop Loss.
I use DCA to add positions into my losses. I am not sure if I will be profitable at the end of it, but I do know that I have lifted off the stress on my shoulders. A huge chunk of my trades are in profit, and most of the losses is due to commissional loss (a term I made up to mean that I am in a net loss due to commission after breaking even on the trade.)
If I do go into a drawdown, I gymnastics to make sure I either end up profitable or at least breakeven. I might go into a net loss also depending on how the trade plays out and what correct or wrongful decisions I make. But all in all I think I will do fine because I limit my risk to 0.01 lot size.
1310SGT 27112024
Note
Add : Besides the strength shown in JPY, I am also selling GBP because it has made news headlines saying they are ready for war.I believe the people do not want war. Who wants to go to the frontlines to die? Not even those who supports the war. But this stupid decisions and statements made by the NATO governments who wants to go to war causes a ripple effect in their currency.
That of course, is just my biased take.
1314SGT 27112024
Note
Add : My 1st position's take profit is small af. But if we go into drawdown, then the profit and loss starts to build up. Potentially causing a bigger profit in the end.1317SGT 27112024
Note
shifted 1st TP to 190.390.Note
Added position into my losses manually, halfway before my first limit sell gets triggered because,1st - Price tanking at trendline high
2nd - price overbought on 1H TF
I pondered for abit before I entered.
Entry : 191.920
TP : 190.985
SL : No SL
TP pips : 93.4pips
1325SGT 28112024
Trade closed: target reached
First and second market position's TP triggered.1st - 91cents
2nd - 82cents**
** I manually entered this position halfway through between the first position and 1st limit sell order.
We were so close to having our 1st limit sell order triggered but it didn't.
Minus 1cents SGD x 2 commission : (82+91) - 2 = SGD$1.70 #profit
Our CADCHF trades are still running and am in drawdown, and it is a mood dampener.
If I were to close all the positions on CADCHF now, we would be in 28cents SGD profit for the week. But I want to see it to the end.
1155SGT 29112024
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.