GBP/JPY nice EP gave us a trade
Here is a perfect example of a classic CD-X Pitchfork giving us a bounce of the lower parallel (LP) in combination with an INS (daily support&resistance) line, thus creating an energy point (EP) and increasing probabilities.
The S/L (red diagonal line) as you can see gets smaller and smaller the more price moves on, one of many advantages of this strategy, and is set so we risk 1% in 5pips. Price immediately (0 drawdown) took off for 33pips after that bounce. If excited at the top this could have given you a 6% return on account in a very short time.
The power of precise execution and patience:)
This post (comment) is for educational purposes only. Past trading results DO NOT guarantee future performance.
The S/L (red diagonal line) as you can see gets smaller and smaller the more price moves on, one of many advantages of this strategy, and is set so we risk 1% in 5pips. Price immediately (0 drawdown) took off for 33pips after that bounce. If excited at the top this could have given you a 6% return on account in a very short time.
The power of precise execution and patience:)
This post (comment) is for educational purposes only. Past trading results DO NOT guarantee future performance.
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.